Gulf bourses end mostly lower as Egypt hit by spike in pandemic cases

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Gulf bourses end mostly lower as Egypt hit by spike in pandemic cases

On Sunday, a gauge of Gulf burses had rounded off the day lower with Kuwait leading the losses in the Mideast, while beyond the Gulf the Egyptian bourse was slumped following an uptick in pandemic cases. In point of fact, while a majority of Mideast stock exchanges had closed lower, the Kuwaiti index tottered as much as 3.2 per cent after the tiniest Mideast nation’s lenders had been quoted saying that they would not be able to pay out the dividends for 2020 amid a pandemic-driven recession.

Besides, as the Kuwaiti bourse had reported its worst intra-session loss in more than two months, the National Bank of Kuwait ended up the day 4.0 per cent lower and the Kuwait Finance House tumbled 3.8 per cent. Concomitantly, outside the Gulf, the Egyptian blue-chip index had curbed out 0.9 per cent, mostly toppled by a 2.6 per cent plunge in Egypt Kuwait Holding alongside a 4.4 per cent drop in El Sewedy Electronics.

Gulf ends mostly lower as pandemic resurgence frets murmur

Citing statistics, on Sunday’s market closure, Saudi’s main index had curtained off the day down by 0.2 per cent, while the main indices of Abu Dhabi and Dubai had eased off 0.4 per cent and 0.5 per cent respectively.

Elsewhere in the Gulf, Qatari bourse fell by 0.5 per cent and Bahrain retreated 0.5 per cent, while the Omani index has been the only gainer on Sunday’s market, which winded down the day 0.2 per cent higher. In tandem, as beforementioned, leading the losses of the Gulf bourses, the Kuwaiti index had shredded off 3.2 per cent to hit its lowest level since April 10, mostly muddled by the losses of financials’ stocks following reveal of an announcement last week that the Kuwait lenders would not be able to pay off dividends this year. Apart from that, beyond the Gulf the Egyptian bourse fell by 0.9 per cent.