Mideast Stocks - Kuwaiti market rebounds on reopening after Emir's death

Saudi Arabia's benchmark index was down 0.3%

  

Broad-based gains pushed Kuwaiti shares higher on Sunday as the bourse reopened after a two-session break following the death of its Emir, with other indexes subdued in early trade.

Kuwait's 91-year old Emir Sheikh Sabah al-Ahmad al-Sabah died on Tuesday, plunging his country into mourning. 

The Kuwaiti index jumped 2.7% as all but one of its constituents rebounded from Tuesday's losses, with heavyweight National Bank of Kuwait (NBK) gaining 2.9%.

State-run Kuwait Petroleum Corporation, meanwhile, agreed a 1 billion dinar ($3.27 billion) loan with NBK and Kuwait Finance House, NBK said in a bourse filing. 

Kuwait Finance House was up 3.3%.

On Saturday the Kuwait central bank affirmed its commitment to the strength of the dinar and stability of its exchange rate, it said on Twitter.

Saudi Arabia's benchmark index was down 0.3%, with oil giant Saudi Aramco shedding 1.4% and Al Rajhi Bank losing 0.6%.

Dubai's main share index slipped 0.6%, pressured by a 1.2% fall in sharia-compliant lender Dubai Islamic Bank and a 1.4% drop for Emaar Properties.

The Abu Dhabi index traded flat. The country's largest lender, First Abu Dhabi Bank, firmed by 0.2%.

In Qatar, the index eased 0.4%, weighed down by Commercial Bank's 2.3% decline and a 0.8% drop for petrochemicals company Industries Qatar.

($1 = 0.3060 Kuwaiti dinars)

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

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