Kuwait's shares rebounded this morning from yesterday's seven year low after the stock market watchdog said it would extend a deadline on the regulation of investment funds.
More Business news: Editor's pick of today's content
Industry Insights // Moroccan property takes a tumble Morocco's holiday home market was devastated by regional events, including a terrorist bombing, leaving several large-scale developments stalled. Read article
1,000 homes to boost sluggish sales market Aldar Properties has started handing over homes in Al Zeina on Raha Beach, one of the largest developments in the city open to international buyers. read article
[ More business ]
The regulations which were introduced by the Capital Markets Authority in March this year stipulate that investment funds cannot own more than ten per cent in a single security. The deadline to sort out their ownership in financial securities will be March 2012, Kuwait's state news agency KUNA said.
The Kuwait index rose 0.5 per cent to 6008.60 points. Yesterday the index dropped to its lowest since 2004 after the country's central bank governor, Sheikh Salem Abdul-Aziz Al-Sabah, said that the economy is facing "imbalances".
In the UAE, the Dubai Financial Market General Index slipped 0.4 per cent to 1529.64 points and the Abu Dhabi Securities Exchange General Index was flat at 2706.07 on low volume.
Elsewhere in the region, Bahrain's index was unchanged at 1318.31 points. Oman's measure lost 0.1 per cent to 5973.02 points. Qatar's benchmark slipped 0.1 per cent to 8429.65 points. The Saudi Tadawul All-Share Index was down 0.5 per cent to 6423.29 points.
