Kuwait contines bullish run

Elsewhere in the region, Abu Dhabi, Bahrain and Qatar also closed the session higher while Dubai’s measure and that of Oman, the Gulf’s best-performing of the year, both fell.

In Saudi, the Gulf’s largest market by value, it was Al Rajhi Bank and Saudi Basic Industries (Sabic), that dragged the benchmark lower. Al Rajhi slipped 3.04% while Sabic declined 1.94% to pull the worst-performing index down 1.67% to rest on 9,553.26 points. As of the day’s close, Saudi’s measure had declined over 13% for the year.

Oman, the Gulf’s best-performing index, also fell, pulled lower by Bank Muscat and Oman National Investment Company. The two dropped 1.2% and 3.47% respectively while the benchmark retreated from another record intraday high to finish slightly lower on 11,478.44 points, down 0.1%. After two consecutive record highs earlier in the week, Oman has rallied more than 27% for the year.

Dubai also traded lower as Emirates National Bank of Dubai shed 2.5% and property giant, Emaar, dipped 2.16%. The benchmark slipped 1.17% to finish the day on 5,636.65 points.

News was better in Abu Dhabi as telecom provider, Etisalat, and property developer Aldar both rallied. The two rose 1.2% and 2.07% respectively to drive the capital’s measure up 0.22% to 5,016.16 points. The index closed higher for the third consecutive trading day.

Kuwait also piled on gains for a fifth straight day. The index nudged higher by 0.14% to 14,979.90 points after Al Ahli Bank and Agility climbed 1.79% and 3.09% respectively.

Over in Doha, Qatar Islamic Bank and Industries Qatar pushed the Gulf’s second strongest measure to a higher close. The two lifted 2.31% and 0.44% respectively while the benchmark ended the day on 11,929.30 points, up 0.17% for the day and over 24% for the year.

Bahrain slipped 1.09% after Ahli United Bank and United Gulf Bank slid 2.99% and 3.61% respectively. The index closed on 2,850.58 points, down 1.09%.