x Abu Dhabi, UAESunday 23 July 2017

Kuwait shares rebound from seven-year low

Markets Update: Kuwait's shares rise again after three consecutive days of losses as the Capital Markets Authority extends deadline on a by-law regarding investment funds.

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.

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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.