Mideast Stocks - Kuwait falls on broad-based losses, property shares hit Dubai

Etisalat gains on higher Q2 profit

Kuwaiti investors watch the price index boards at the Kuwait Stock Exchange October 7, 2008.

Kuwaiti investors watch the price index boards at the Kuwait Stock Exchange October 7, 2008.

REUTERS/Stephanie McGehee

Dubai's stock market ended lower on Wednesday, dragged down by property shares, while the Kuwaiti index dropped to a 9-week low as investors shunned stocks across the board.

Saudi Arabia's benchmark index added 0.1%, with Saudi Telecom Company rising 2.3% and Al Rajhi Bank up 0.4%.

After trading hours, Saudi Telecom reported a second-quarter profit of 2.72 billion riyals ($725.31 million), down from 2.85 billion riyals.

In Kuwait, the index slid 3% as all its constituents ended in negative territory, including Kuwait Projects Company, which was down 2%.

Kuwait's 91-year-old ruler Emir Sheikh Sabah al-Ahmad al-Sabah was admitted to hospital on Saturday for medical checks and underwent successful surgery on Sunday morning.

His office, in a statement carried by state news agency KUNA, did not specify what kind of surgery he had.

Dubai's main share index dropped 1.1%, with blue-chip developer Emaar Properties shedding 2.2% and its unit Emaar Malls losing 2.8%.

Elsewhere, Emirates NBD Bank retreated 1.5%.

In Abu Dhabi, the index edged up 0.1%, helped by a 1.9% rise in Emirates Telecommunication Group (Etisalat).

The telecoms company reported an increase in second-quarter net profit. 

The Qatari index slipped 0.1%, hit by a 1.9% fall in Qatar Insurance Company and a 0.4% drop in Qatar Islamic Bank.

Separately, Qatar Airways is seeking at least $5 billion in compensation from Saudi Arabia, the United Arab Emirates, Egypt and Bahrain for blocking it from their airspace, the state-owned carrier said on Wednesday.

Outside the Gulf, Egypt's blue-chip index fell 0.9%, with Commercial International Bank declining 2.2%.

Egypt's economic growth will slow to 3.1% in the fiscal year 2020/2021 that began this month due to the coronavirus pandemic, a Reuters poll showed on Tuesday, down from 3.5% forecast in a similar poll three months ago.

SAUDI ARABIA rose 0.1% to 7,428 points ABU DHABI added 0.1% to 4,262 points DUBAI 1.1% to 2,065 points QATAR slid 0.1% to 10,295 points EGYPT down 0.9% to 10,460 points BAHRAIN dropped 0.8% to 1,293 points OMAN gained 1.3% to 3,522 points KUWAIT was down 3% at 5,260 points

($1 = 3.6728 UAE dirham)

($1 = 3.7501 riyals)

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

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