Mideast Stocks - Major Gulf markets mixed; S&P revises Kuwait's outlook

Kuwaiti index retreated 1%, as most of its stocks traded in negative territory

  

Major stock markets in the Gulf were mixed in early trade on Sunday, while the Kuwaiti index underperformed the region after S&P Global Ratings revised the Gulf state's outlook to 'negative' from 'stable'. 

The ratings agency said it expects Kuwait's main liquidity buffer, the General Reserve Fund (GRF), to be insufficient to cover central government deficit.

Saudi Arabia's benchmark index edged up 0.2%, helped by a 3.5% leap in Jabal Omar Development and a 2% gain in Saudi British Bank.

But oil giant Saudi Aramco dropped 0.5%.

Talks over the sale of a 20% stake in Reliance Industries Ltd to Saudi Aramco have stalled over price, Reuters reported, citing four sources familiar with the matter.

The Kuwaiti index retreated 1%, as most of its stocks traded in negative territory. National Bank Of Kuwait dropped 1.1%, while Mobile Telecommunications Company was down 1%.

Meanwhile, the country's 91-year-old ruler Emir Sheikh Sabah al-Ahmad al-Sabah was admitted to hospital on Saturday for medical checks, and its crown prince will temporarily carry out some of his duties, the state news agency KUNA reported.

Dubai's main share index added 0.2%, with lender Emirates NBD rising 1.2% and Emirates Integrated Telecommunications gaining 1%.

The Abu Dhabi index .ADI eased 0.4%, driven down by a 0.9% fall in First Abu Dhabi Bank and a 0.8% drop in Abu Dhabi Commercial Bank.

In Qatar, the index gained 0.4%. Qatar Islamic Bank, which reported on Wednesday a marginal rise in first-half net profit, rose 1.9%, while petrochemical firm Industries Qatar was up 1%.

(Reporting by Ateeq Shariff in Bengaluru;Editing by Elaine Hardcastle) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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