Kuwait touches another record high

STELLAR RUN: Kuwait's main index has touched a fresh record high, helped by gains in KFH and NBK. (Getty Images)

Kuwait's main index ended at a record high on Sunday, helped by gains in shares of Kuwait Finance House (KFH) and National Bank of Kuwait (NBK).

KFH gained 0.68 percent after its subsidiary bought a 28 percent stake in Jordan's Deera Investment & Real Estate Development Co. for 24 million Jordanian dinars ($33.9 million), while NBK climbed 1.06 percent after it bought a stake in a Saudi rental car firm.

The benchmark added 0.29 percent to 15,597.70 points

"Expectations of positive second-quarter company results for the banking sector is helping the index but also small caps are contributing to the movement," said Abdulmohsen Al-Bahar, director of asset management at Noor Financial Investment.

Saudi Arabia's main index ended higher, helped by gains in Saudi Basic Industries Corp. (SABIC) and Saudi Industrial Investment Co.

SABIC added 0.5 percent, after it agreed with China's Sinopec Corp. on Saturday to expand a $2.5 billion joint-venture petrochemical project, and Saudi Industrial Investment climbed 3.66 percent.

The benchmark gained 0.34 percent to 9,801.99 points. It is the worst performer in the Gulf Arab region this year, losing more than 11 percent.

Dubai Islamic Bank and Emaar Properties helped lift Dubai's main index to a higher close.

Shares of Dubai Islamic soared 4.05 percent after the lender set up a 2 billion-dirham joint venture property firm with Dubai government-owned developer Nakheel, while Emaar rose 0.9 percent. The benchmark gained 0.73 percent to 5,598.96 points.

Abu Dhabi National Energy Co. (Taqa) and Emirates Telecommunications Co. (Etisalat) dropped 4.02 percent and 0.5 percent respectively. The benchmark declined 0.34 percent to 5,039.06 points.

"Bank Ajman is mainly drawing the liquidity as some think they could make quick profit out of it," said Alaa El-Din Moustafa, chief dealer at EFG-Hermes.

On its debut on the Dubai bourse, Ajman Bank rose almost four-fold over its offering price to 3.96 dirhams.

Qatar's main index ended higher, helped by shares of Qatar Gas Transport Co. (Nakilat) and Qatar Islamic Bank.

Nakilat and Qatar Islamic added 2.44 percent and 2.07 percent respectively, pushing the benchmark up 1.48 percent to 12,268.74 points. It has closed lower the past three trading days.

"The market is having a technical rebound today after last week's drop as there is a psychological support level at 12,000 points," said Samer Al-Jaouni, general manager at Middle East Financial Brokerage Co.

Ahli United Bank and Gulf Finance House declined 2.31 percent and 2.35 percent respectively, dragging Bahrain's benchmark 0.93 percent lower to 2,847.97 points.

Shares of Bank Muscat surged almost 4 percent, pushing Oman's benchmark to close higher.

Bank Muscat and Raysut Cement Co. gained 3.42 percent and 1.21 percent respectively, pushing the index up 0.85 percent to 11,601.71 points.

The index is the best performer in the Gulf Arab region this year, gaining more than 28 percent to Sunday's close. It is down more than 4 percent from a record high it hit on June 12.

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