ArabianBusiness.com - Middle East Business News
Thursday, 26 November 2009 21:10 UAE time

YOUR DIRECTORY /

| Share |

Kuwait market closes lower after gov't walkout

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 26 November 2008
SHARES LATEST: Kuwait's benchmark slipped in trading after the government resigned on Tuesday. (Getty Images)

Kuwait's benchmark closed down after the government resigned on Tuesday, although shares reversed some of the earlier losses.

National Bank of Kuwait and Ahli United Bank led declines, falling 1.37 percent and 4.55 percent respectively as the index closed down 0.79 percent to 8,615 points.

"The market is weak, there is no trust, especially with the political developments yesterday," said Naser Al Nafisi, general manager at Al Joman Center for Economic Consultancy. "It will have some impact on the stock exchange."

The government resigned after tensions with parliament over a request by three legislators to question the prime minister over the visit of an Iranian Shi'ite cleric, accused of offending Sunni Muslims.

Story continues below
advertisement

Kuwait's emir will not decide immediately whether to accept or reject the resignation, the state news agency said on Tuesday.

"Everyone is waiting on the state fund to buy into the market next week," Al Nafisi said.

Arabtec shares closed almost 15 percent up for a second day after it said on Tuesday it would raise its capital through a bonus share issue, lifting Dubai's main index, while Abu Dhabi slipped on thin volumes.

Arabtec ended 14.79 percent up at 3.88 dirhams helping reverse early declines on the benchmark. The index closed 0.53 percent to 1,872 points.

In Abu Dhabi, thin volumes ahead of the holiday season helped push the index 1.65 percent lower to 2,685 points.

Emirates Telecommunications Corp. (Etisalat) and First Gulf Bank weighed, closing 2.81 percent and 9.93 percent lower respectively.

Bahrain's index finished down more than 1.76 percent to 1,913 points, led by Gulf Finance House, which fell 3.42 percent.

Saudi Arabian shares fell lower as oil prices hover around $50 and negative investor sentiment continues to sway the banking sector.

The index closed 1.47 percent lower at 4,424 points. Samba Financial Group and Riyad Bank led declines falling 5.49 percent and 6.09 percent.

Shares of Qatar Islamic Bank led marginal gains in Qatar after the country's second largest lender said on Tuesday it planned to buy back 10 percent of its shares.

The stock, down almost 37 percent this year, jumped six percent as the index rose 0.75 percent to 5,579 points.

Bahrain's index was unchanged at 1,947 points.

Oman's benchmark is closed on Wednesday due to a national holiday.

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

more ยป MIDDLE EAST MARKETS DATA

ADX

Last Price:

2,910.16

+16.29+0.56%

25 Nov 2009 10:00 GMT
(Market Closed)

RELATED STORIES

Marketsreport
3 stories
  1. Saudi index ends higher before Eid break
  2. Savola leads Saudi index to higher close
  3. Dubai index rebounds from 10-week low
Abu Dhabi Securities Exchange (ADX)
| 184 stories
  1. Dubai index posts biggest one-day gain since Feb
  2. Property shares weigh heavily on UAE markets
  3. Banks to provide details of Saudi exposure
Bahrain Stock Exchange
| 122 stories
  1. On the REIT track
  2. Broad rally across Gulf stock markets
  3. UAE bourses hit fresh four-year lows
Dubai Financial Market (DFM)
| 308 stories
  1. Kuwait's Zain slumps to new 24-week low
  2. Emaar leads gains as Dubai closes higher
  3. Property stocks help UAE markets advance
Kuwait Stock Exchange
| 170 stories
  1. Aramex surges 5% as Dubai index closes higher
  2. Real estate, banks lift Dubai to higher close
  3. Kuwait bourse seals tech partnership with NASDAQ OMX
Muscat Securities Market
| 125 stories
  1. Profitability of Oman's listed firms fall in 2008
  2. Qtel helps Qatar bourse to buck Gulf trend
  3. Oman vows to push on with $350mn market fund
Qatar Exchange
| 131 stories
  1. Bank shares among biggest losers in Qatar in H1
  2. Bahrain spoils positive day for Gulf exchanges
  3. Vodafone Qatar launches IPO for local investors
Saudi Stock Exchange
| 138 stories
  1. Saudi index suffers biggest one-day fall since June
  2. Saudi stock exchange delivers 16% boost in H1
  3. ME stock markets need to be more open - report

 EMAIL ALERTS

  1. Abu Dhabi Securities Exchange (ADX)

  2. Bahrain Stock Exchange

  3. Dubai Financial Market (DFM)

  4. Kuwait Stock Exchange

  5. Muscat Securities Market

  6. Qatar Exchange

  7. Saudi Stock Exchange

  8. Financial Markets


CURRENCY CONVERTOR

Tell us your story

READER COMMENTS

  1. Deal sought on Dubai World, Nakheel debts 19
    26 Nov ' 09 at 19:52
    I had never heard of this term, 'Standstill of Debt' before now. Usually, when we don't pay our EMI on our car, the vehicle is likely...   More  »
  2. UAE real estate market has now hit bottom - analysts 04
    26 Nov ' 09 at 13:07
    Sadly, more wild statements from so called "experts" and "analysts" in the hope that their so called titles will hype the market and...   More  »
  3. Moody's cuts Dubai GRI ratings amid debt delay 02
    26 Nov ' 09 at 19:51
    Dubai World better change its slogan & reposition itself - Dubai LTD.   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM