Kuwaiti shares dropped to the lowest level in eight months as Business Standard said a group that’s seeking to buy a stake in Zain may split up and after Agility fell for a second day following an indictment in the U.S.
Zain, the country’s biggest mobile-phone provider, dropped to the lowest since May after Business Standard reported that India’s Bharat Sanchar Nigam Ltd. may exit a group that’s negotiating to buy a 46 percent stake in the company. Agility had the biggest two-day drop since January. Aref Investment tumbled to a 10-month low after it posted a third-quarter loss. The Kuwait Stock Exchange Index lost 1 percent to 6,705.30, bringing the decline this year to 14 percent.
“The Kuwait market has been weak for political reasons, and this week the slow drift downward really started to accelerate as we got very negative news from two corporate heavyweights,” said Akram Annous, deputy fund manager at Al Mal Capital PSC in Dubai. “The Zain news, considering all the speculation in the share price over the past couple of months, is not what you want to see.”
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