Mideast Stocks - Kuwait shares rise on broad-based gains; others little changed

ADCB to lay off 400 employees - sources

  
Kuwaiti investor points to computer screen on trading floor of Kuwait Stock Exchange. Image for illustrative purposes.

Kuwaiti investor points to computer screen on trading floor of Kuwait Stock Exchange. Image for illustrative purposes.

REUTERS/Stephanie McGehee

Broad-based gains pushed Kuwaiti shares higher on Tuesday, with financial stocks leading the pack, while other major bourses in the Gulf were little changed ahead of Eid Al-Azha.

In Kuwait, the index leapt 2.6%, as most of the stocks on the index ended higher including National Bank of Kuwait, which was up 3.5%

Kuwait's government has set a road map and a time frame to improve the country's credit rating, a statement issued after a cabinet meeting on Monday said, without giving details.

Saudi Arabia's benchmark index edged up 0.1%, supported by a 0.8% gain in National Commercial Bank.

Dubai's main share index added 0.2%, with blue-chip developer Emaar Properties rising 1.6%.

In Abu Dhabi, the index eased 0.2%, weighed by a 2.3% fall in Abu Dhabi Commercial Bank (ADCB).

The United Arab Emirates' third-biggest lender is laying off 400 employees, Reuters reported, citing two sources familiar with the matter, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis. 

In March, the bank had declared "no employee will be made redundant during 2020 as a result of the COVID-19 pandemic".

The Qatari index closed up 0.2%, helped by a 3.6% rise in Commercial Bank.

The index's gains, however, were capped by a 2.2% decline in Industries Qatar shares.

On Monday, the petrochemical firm reported a net profit of 485.3 million riyals ($133.32 million) in the first half, down from 1.46 billion riyals a year ago.

Egypt's blue-chip index slipped 0.1%, hurt by a 5.2% fall in investment bank EFG Hermes.

SAUDI ARABIA was up 0.1% to 7,459 points ABU DHABI eased 0.2% to 4,324 points DUBAI added 0.2% to 2,065 points QATAR was up 0.2% to 9,372 points EGYPT down 0.1% to 10,569 points BAHRAIN rose 0.6% to 1,289 points OMAN was flat at 3,558 points KUWAIT leapt 2.6% at 5,489 points

($1 = 3.6400 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru; editing by Emelia Sithole-Matarise) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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