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| 20 September, 2018

Mideast Stocks: Kuwait positive ahead of FTSE entry; other markets mixed

Saudi blue chips boost market for third session

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

REUTERS/Stephanie McGehee

RIYADH- Kuwait's stock market closed on a positive note on Thursday on expectations of passive fund inflows when it partly joins the FTSE Russell emerging market index on Monday, while other markets were mixed.

Kuwait's blue chip index added 0.8 percent, trimming its earlier gains that reached 1.1 percent.

Telecom operator Zain rose 1.3 percent, Kuwait Finance House was up 2.4 percent and Boubyan Bank 3.0 percent.

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Kuwait will join the emerging market index in two 50 percent phases, on Sept. 24 and Dec. 24, and Kuwaiti stocks in the index can expect inflows of passive funds. Arqaam Capital estimates the inflows in the two phases combined at $1 billion.

In Saudi Arabia, the main index rose 0.5 percent, its third straight increase, backed by gains in blue chips.

Heavyweight al Rajhi Bank and Petrochemical giant SABIC jumped 1.7 percent and 2.5 percent respectively.

In Dubai, the index rose 0.9 percent with 26 advancing stocks and 6 decliners. Dubai Islamic Bank rose 1.5 percent and Emirates NBD added 1.1 percent.

Abu Dhabi closed flat amid weak trading, while Qatar lost 0.4 percent.

Egypt's stock market closed flat, following Wednesday's 3.8 percent plunge to its lowest close this year as liquidity tightened.

SAUDI ARABIA

* The index gained 0.5 percent to 7,768 points.

DUBAI

* The index rose 0.9 percent to 2,764 points.

ABU DHABI

* The index was flat at 4,883 points.

QATAR

* The index lost 0.4 percent at 9,766 points.

KUWAIT

* The index rose 0.8 percent to 5,363 points.

OMAN

* The index rose 0.2 percent to 4,495 points.

BAHRAIN

* The index was flat at 1,340 points.

EGYPT

* The index was flat at 14,083 points.

(Reporting by Marwa Rashad; editing by Andrew Roche) ((marwa.rashad@thomsonreuters.com; +966114632603 ; Reuters Messaging: marwa.rashad.thomsonreuters.com@reuters.net))