x Abu Dhabi, UAEFriday 28 July 2017

Kuwait and Bahrain unrest hits trading on bourses

Market Update: Regional stocks decline at the open as civil unrest continues in Kuwait and Bahrain - with video.

Civil unrest in Kuwait and Bahrain pushed regional indices lower at the open, brokers said.

Kuwait's measure declined 2.3 per cent to 604.10 at 11:20am, led by Kuwait Finance House, which tumbled 8 per cent to 285.00. Kuwait International Bank lost 6.4 per cent to 290.00. National Bank of Kuwait declined 4.3 per cent to 1480.00

Bahrain's measure declined 0.2 per cent to 1471.58. The country's credit default swaps, the cost of insuring sovereign debt, has surged 30 per cent in the last week amid protests.

In the UAE, the Abu Dhabi Securities Exchange General Index lost 1.1 per cent to 2654.53. Dana Gas lost 4.4 per cent to 65 fils.

Abu Dhabi Islamic Bank lost 4.4 per cent to Dh3 a share. The Dubai Financial Market General Index declined 2 per cent to 1562.25. Emaar Properties, Dubai's biggest developer, lost 2.8 per cent to Dh3.08. Union Properties, a Dubai developer, declined 6.2 per cent to 31 fils. Aramex, the middle east's largest courier company, declined 3.7 per cent to Dh1.78.

The Saudi Tadawul declined 1.5 per cent 6383.88. Qatar's measure lost 2.2 per cent to 8505.00.