PHOTO
* Volumes across Middle East dwindle as Ramadan approaches
* Dubai's index edges up, lifted by blue chips
* Banking shares drag on Saudi bourse
* Egypt slips as regional investors cash out
By Celine Aswad
DUBAI, May 29 (Reuters) - Shares in Kuwaiti companies linked with the al-Kharafi family tumbled on Sunday after the multi-billion-dollar sale of another Kharafi-controlled business was scrapped, while other markets were mixed in thin trade.
Investment company Adeptio had agreed in February to buy 69 percent of Kuwait Food Co (Americana)
FOOD.KW
from Al Khair for Stocks and Real Estate, which is run by the wealthy Kharafi merchant family. But Al Khair announced on Sunday that the sale had been scrapped.
urn:newsml:reuters.com:*:nL8N18Q01M
Americana's shares were suspended, but other Kharafi-linked stocks plunged.
National Industries Group
NIND.KW
and National Investment Co
NINV.KW
slid 1.8 percent and 8.9 percent respectively, while Al Mal Investment Co
MALK.KW
was down 8.5 percent and Gulf Cable Co
CABL.KW
fell 3.7 percent. The Kharafis own stakes in all four companies, Thomson Reuters data shows.
Kuwait's index
.KWSE
fell 0.1 percent to 5,393 points.
Elsewhere, Dubai's index
.DFMGI
added 0.3 percent, with main support from blue chips. Dubai Islamic Bank
DISB.DU
and telecommunication operator du
DU.DU
rose 2.9 percent and 1.1 percent respectively.
Dubai Parks and Resorts
DUBA.DU
was the most-traded stock on the bourse. It closed 1.4 percent lower after rising as much as 4.2 percent in earlier trade. The company completed a 1.68 billion dirham ($457.44 million) rights issue last week.
Volumes, which were low on Sunday, have slumped since late April in the runup to the Muslim holy month of Ramadan which starts in early June. But the weaker trend could yet be disturbed, said Marwan Shurrab, director at Vision Investments and Holding in Dubai.
Shurrab said speculation over a possible rise in U.S. interest rates and a June referendum on whether Britain should leave the European Union will contribute to volatility in Dubai stocks ahead of Ramadan.
Saudi Arabia's benchmark
.TASI
fell 0.8 percent, with banking shares particularly weak. Banque Saudi Fransi
1050.SE
and National Commercial Bank
1180.SE
slumped 4.0 and 2.2 percent respectively.
Stocks which had been advancing since the government announced an economic plan in April to diversify the economy away from its dependence on oil also fell, with miner Saudi Mining Co
1211.SE
(Ma'aden) dropping 2.1 percent, its third session of declines.
QATAR AND EGYPT
Qatar's stock index
.QSI
slipped 0.4 percent, erasing the gains of the previous session. Shares which were strong last week lagged on Sunday with oil drilling provider Gulf International Services
GISS.QA
and telecom operator Vodafone Qatar
VFQS.QA
each falling more than 1.0 percent.
In Egypt, the main index
.EGX30
slid 0.6 percent in the lowest volumes in almost seven months, as regional investors exited positions, bourse data showed.
Global Telecom Holding
GTHE.CA
dropped 3.3 percent.
But peer operator Telecom Egypt
ETEL.CA
outperformed the market, and climbed 0.8 percent to 8.39 Egyptian pounds. On Thursday Deutsche Bank raised its target price for the telecom operator to 16.90 Egyptian pounds and maintained a buy rating on the stock.
SUNDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
.TASI
fell 0.8 percent to 6,428 points.
DUBAI
* The index
.DFMGI
rose 0.3 percent to 3,360 points.
ABU DHABI
* The index
.ADI
edged up 0.3 percent to 4,297 points.
QATAR
* The index
.QSI
lost 0.4 percent to 9,676 points.
EGYPT
* The index
.EGX30
fell 0.6 percent to 7,486 points.
KUWAIT
* The index
.KWSE
dropped 0.1 percent to 5,393 points.
OMAN
* The index
.MSI
fell 0.4 percent to 5,890 points.
BAHRAIN
* The index
.BAX
lost 0.6 percent to 1,092 points.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Emerging markets stocks
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Frontier stocks
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^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Nerys Avery) ((celine.aswad@thomsonreuters.com;+971 562 247 653 Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
* Dubai's index edges up, lifted by blue chips
* Banking shares drag on Saudi bourse
* Egypt slips as regional investors cash out
By Celine Aswad
DUBAI, May 29 (Reuters) - Shares in Kuwaiti companies linked with the al-Kharafi family tumbled on Sunday after the multi-billion-dollar sale of another Kharafi-controlled business was scrapped, while other markets were mixed in thin trade.
Investment company Adeptio had agreed in February to buy 69 percent of Kuwait Food Co (Americana)
Americana's shares were suspended, but other Kharafi-linked stocks plunged.
National Industries Group
Kuwait's index
Elsewhere, Dubai's index
Dubai Parks and Resorts
Volumes, which were low on Sunday, have slumped since late April in the runup to the Muslim holy month of Ramadan which starts in early June. But the weaker trend could yet be disturbed, said Marwan Shurrab, director at Vision Investments and Holding in Dubai.
Shurrab said speculation over a possible rise in U.S. interest rates and a June referendum on whether Britain should leave the European Union will contribute to volatility in Dubai stocks ahead of Ramadan.
Saudi Arabia's benchmark
Stocks which had been advancing since the government announced an economic plan in April to diversify the economy away from its dependence on oil also fell, with miner Saudi Mining Co
QATAR AND EGYPT
Qatar's stock index
In Egypt, the main index
Global Telecom Holding
But peer operator Telecom Egypt
SUNDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
DUBAI
* The index
ABU DHABI
* The index
QATAR
* The index
EGYPT
* The index
KUWAIT
* The index
OMAN
* The index
BAHRAIN
* The index
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Emerging markets stocks
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Nerys Avery) ((celine.aswad@thomsonreuters.com;+971 562 247 653 Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))