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Kuwait the story of the day on the bourses

Markets Update: National Bank of Kuwait rose on Sunday after the country's largest lender said it did not have exposure to First Investment.

National Bank of Kuwait rose on Sunday after the country's largest lender said it did not have exposure to First Investment, a Kuwaiti Islamic finance company known as Al-Ola and denied a report that it was part of a debt restructuring accord.

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"NBK denies signing any restructuring debt agreement with Al-Ola Investment. We did not take part in this agreement and we do not have any relationship with or exposure to Al-Ola Investment," the lender said in a statement.

Last week, Al-Ola's chief executive Khalid al Sanaousi said the company had signed an agreement with creditors to restructure 92 million dinars.

National Bank of Kuwait rose 1.8 per cent to 1100 fils a share at 11am UAE time.

Kuwait's broader market added 0.4 per cent to 5891.70 points.

Sluggish performance on the country's local bourses, the Abu Dhabi Securities Exchange and Dubai Financial Market, weighed by property and construction stocks.

In Dubai, Emaar Properties lost 0.3 per cent to Dh2.54. Drake and Scull declined 1.2 per cent to 82 fils a share. Arabtec Holding was down 0.7 per cent to Dh1.30 a share.

The Dubai Financial Market General Index was down 1 per cent to 1370.46 points.

In the capital, Aldar Properties was down 0.9 per cent to Dh1.05. Sorouh Real Estate declined 2 per cent to 95 fils a share.

The Abu Dhabi Securities Exchange was little changed at 2479.16 points.

Elsewhere in the region, Bahrain's index was down 0.1 per cent to 1151.13 points. Oman's index added 0.4 per cent to 5538.79 points. Qatar's benchmark added 0.3 per cent to 8424.38 points. The Saudi Tadawul All-Share Index was up 0.9 per cent to 6164.60 points.

 

halsayegh@thenational.ae

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