Kuwait extends record rally, Abu Dhabi slips again

RECORD RUN: Kuwait's main index has set yet another all-time close, helped by gains in NBK and CBK. (Getty Images)

Kuwait's bourse ended at another all-time high on Monday, extending a week-long rally that has seen it hit seven consecutive record closes.

Elsewhere in the Gulf, Abu Dhabi dropped for a fifth consecutive session and Bahrain slumped for a sixth straight session, Oman and Qatar edged higher for a second day, while Saudi Arabia and Dubai ended lower.

Gains in Kuwait were led by National Bank of Kuwait (NBK) and Commercial Bank of Kuwait (CBK).

NBK and CBK gained 1.05 percent and 1.35 percent respectively, helping the measure up 0.11 percent to 15,615.30 points.

In Abu Dhabi, real estate companies paced the losses, dragging down the UAE capital's main index slightly.

Aldar Properties and Sorouh Real Estate fell 1.13 percent and 0.63 percent respectively, while the benchmark ended 0.04 percent lower on 5,037.28 points.

Bahrain's benchmark edged 0.08 percent lower to 2,845.58 points, led by declines in Ahli United Bank, which fell 0.79 percent.

Oman's main index extended gains, helped by shares of Renaissance Services Co. and Raysut Cement Co.

Renaissance Services and Raysut climbed 2.75 percent and 0.97 percent respectively, pushing the benchmark 0.41 percent higher to 11,649.38 points.

The index is the best performer in the Gulf Arab region this year and has gained almost 29 percent to Monday's close.

Qatar Islamic Bank and Industries Qatar climbed 1.6 percent and 0.82 percent respectively, lifting Doha's index to a higher close.

Shares of Qatar Telecommunications Co. (Qtel) jumped 1.37 percent after the firm said it completed the acquisition of a 40.8 percent stake in Indonesia's PT Indosat.

The benchmark, the second-best performer in the Gulf Arab region, added 0.21 percent to 12,294.45 points.

"Qatar is witnessing a consolidation after a fall in the past sessions and this consolidation phase will continue until the second quarter," said Rami Sidani, vice president of asset management at Shuaa Capital.

Saudi Arabia's main index was weighed on by declines in shares of Saudi Basic Industries Corp. (SABIC) and PetroRabigh.

SABIC and PetroRabigh declined 0.99 percent and 1.96 percent respectively.

The index, the worst performer in the Gulf Arab region this year, edged down 0.12 percent to 9,789.91 points. It was down 11.2 percent this year to Sunday's close.

"There is no news in the market and there is caution ahead of the results of the second quarter, so that's why the market is moving slightly down," said Abdullah Al-Rashoud, chief executive at KSB Capital.

Emaar Properties and Dubai Islamic Bank weighed on Dubai's benchmark.

Emaar and Dubai Islamic Bank shed 1.79 percent and 2.71 percent respectively, pushing the index to lose 1.38 percent to 5,521.93 points.

Ajman Bank tumbled 15 percent after jumping four-fold in value in debut trading the previous day.

"We are seeing low volumes today after listing of Ajman Bank, which attracted a lot of activity," said Rami Sidani, vice president of asset management at Shuaa Capital.

"So today investors are booking profits on Ajman Bank."

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