World Markets

MIDEAST STOCKS-Kuwait shares rise on broad-based gains; others little changed

Credit: REUTERS/FAISAL AL NASSER

Broad-based gains pushed Kuwaiti shares higher on Tuesday, with financial stocks leading the pack, while other major bourses in the Gulf were little changed ahead of Eid Al-Azha.

By Ateeq Shariff

July 28 (Reuters) - Broad-based gains pushed Kuwaiti shares higher on Tuesday, with financial stocks leading the pack, while other major bourses in the Gulf were little changed ahead of Eid Al-Azha.

In Kuwait, the index .BKP leapt 2.6%, as most of the stocks on the index ended higher including National Bank of Kuwait NBKK.KW, which was up 3.5%

Kuwait's government has set a road map and a time frame to improve the country's credit rating, a statement issued after a cabinet meeting on Monday said, without giving details.

Saudi Arabia's benchmark index .TASI edged up 0.1%, supported by a 0.8% gain in National Commercial Bank 1180.SE

Dubai's main share index .DFMGI added 0.2%, with blue-chip developer Emaar Properties EMAR.DU rising 1.6%.

In Abu Dhabi, the index .ADI eased 0.2%, weighed by a 2.3% fall in Abu Dhabi Commercial Bank (ADCB) ADCB.AD.

The United Arab Emirates' third-biggest lender is laying off 400 employees, Reuters reported, citing two sources familiar with the matter, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

In March, the bank had declared "no employee will be made redundant during 2020 as a result of the COVID-19 pandemic".

The Qatari index .QSI closed up 0.2%, helped by a 3.6% rise in Commercial Bank COMB.QA.

The index's gains, however, were capped by a 2.2% decline in Industries Qatar IQCD.QA shares.

On Monday, the petrochemical firm reported a net profit of 485.3 million riyals ($133.32 million) in the first half, down from 1.46 billion riyals a year ago.

Egypt's blue-chip index .EGX30 slipped 0.1%, hurt by a 5.2% fall in investment bank EFG Hermes HRHO.CA.

SAUDI ARABIA

.TASI was up 0.1% to 7,459 points

ABU DHABI

.ADI eased 0.2% to 4,324 points

DUBAI

.DFMGI added 0.2% to 2,065 points

QATAR

.QSI was up 0.2% to 9,372 points

EGYPT

.EGX30 down 0.1% to 10,569 points

BAHRAIN

.BAX rose 0.6% to 1,289 points

OMAN

.MSI was flat at 3,558 points

KUWAIT

.BKP leapt 2.6% at 5,489 points

($1 = 3.6400 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru; editing by Emelia Sithole-Matarise)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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