Kuwait falls ahead of FTSE entry, other Gulf markets mostly rise
DUBAI, Sept 23 (Reuters) - Kuwait's stock market fell on
Sunday, pausing after recent gains ahead of joining of the FTSE
Russell emerging market index this week, which is expected to
draw passive fund inflows.
Kuwait will join the emerging market index in two phases, on
Sept. 24 and Dec. 24. Arqaam Capital estimates the inflows in
the two phases combined at $1 billion.
Kuwait's main index was down by 0.8 percent as
National Bank of Kuwait (NBK) fell 1.5 percent and
logistics company Agility dropped 1.9 percent.
The index has gained almost 11 percent so far this year.
This quarter alone it has surged 8 percent on expectations of
inflows in anticipation of the FTSE Russell inclusion.
Elsewhere, Gulf markets were largely positive, with Qatar's
index adding 0.6 percent and Dubai's benchmark
up 0.4 percent. The Abu Dhabi index rose 0.3 percent.
In Qatar, the region's biggest lender, Qatar National Bank
(QNB), rose 1.4 percent, while Qatar Islamic Bank
climbed 1.3 percent.
Dubai's index was supported by blue-chip developer Emaar
Properties, up 1.3 percent, and logistics company
Aramex, which gained 2.4 percent.
In Abu Dhabi, Abu Dhabi Commercial Bank (ADCB) and
Union National Bank (UNB) rose 1.6 percent and 1
percent, respectively. ADCB and UNB are in merger talks along
with unlisted Al Hilal Bank.
Saudi Arabia's stock market is closed for the country's
(Reporting by Alexander Cornwell, editing by Louise Heavens)
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