Kuwait index jumps most regionally
(7/12/2018 7:58:00 AM)
Kuwait’s index saw its sharpest rally in a week, jumping the most in the region on Wednesday even as the Abu Dhabi index continued its good run compared to Dubai.
The Kuwait All Share Index closed 1.11 per cent higher at 5,236.27, after hitting a high of 5,247.40, with the bourse extending its winning streak for yet another session.
The index has gained more than 10 per cent since the beginning of June and is only 3 per cent away from its five-year high of 5,350. “Kuwait is strong in the run-up to the inclusion in the FTSE Emerging Index and the resultant inflows,” Vrajesh Bhandari, fund manager at Al Mal Capital said.
Warba Bank closed 11 per cent higher to 246 Kuwaiti dinars, while Kuwait Finance House rose 3 per cent to 625 dinars. First Dubai closed more than 5 per cent at 46 dinars.
Locally, the Dubai Financial Market (DFM) General Index closed 0.11 per cent lower at 2,892.43 despite a slew of companies disclosing that they had no exposure to embattled firm Abraaj.
“Interest in Dubai is very selective. The fact that most companies have minimal or no exposure to Abraaj is comforting. We hope the second-quarter results would provide a clear direction,” Bhandari said.
DP World closed less than a per cent lower at $22.99 (Dh84.44). Emaar Properties closed 2,16 per cent lower at Dh4.98. Drake and Scull International closed 0.73 per cent higher at Dh0.690 while Emaar Development rose 0.78 per cent to close at Dh5.14. The Abu Dhabi Securities Exchange (ADX) General Index closed 0.5 per cent higher at 4,691.80.
First Abu Dhabi Bank gained 0.15 per cent to end the day at Dh12.55 while etisalat was up 0.1 per cent to close at Dh17.2. Elsewhere Saudi Arabia’s Tadawul index closed 0.35 per cent lower at 8,388.66.
The Muscat MSM 30 index eased 0.95 per cent lower to close at 4,455.54 while the Qatar Exchange index fell 0.43 per cent to end the day at 9,355.02.