Gulf markets: Kuwait bourse gains in early trade, other Gulf markets firm

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Kuwait’s stock market registered moderate gains early on Monday as investors awaited results from global index provider MSCI’s semi-annual review due on Tuesday, while gains in financial and petrochemical shares boosted the Saudi index.

In Kuwait, the index added 0.6%, on track to extend gains for a third straight session, with Kuwait Finance House rising 0.8% and telecoms firm Zain Kuwait up 1%.

The anticipated addition of Kuwait to the MSCI Emerging Market index at the end of November is expected to positively affect the flow of foreign capital in Boursa Kuwait, Kamco Invest said in a research note on Thursday.

The investment group believes that passive flows are expected to reach $2.9 billion in 2020, slightly lower than their previous estimate of $3.1 billion.

Saudi Arabia’s benchmark index gained 0.9%, buoyed by a 0.7% rise in Al Rajhi Bank and a 1.3% increase in petrochemical firm Saudi Basic Industries.

Dubai’s main share index edged up 0.1%, helped by a 1.5% gain in blue-chip developer Emaar Properties and a 0.5% rise in sharia-compliant lender Dubai Islamic Bank .

The Abu Dhabi index firmed 0.4%, as the country’s largest lender, First Abu Dhabi Bank, traded 0.9% higher.

In Qatar, the index rose 0.5%, with petrochemical maker Industries Qatar advancing 1.5%.



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