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Sunday, 29 January 2017

Kuwait Extends World-Topping Rally as Traders Dismiss U.S. Ban - Bloomberg

Kuwait Extends World-Topping Rally as Traders Dismiss U.S. Ban - Bloomberg:

"Kuwait stocks, the world’s best performers this year, extended a rally to an 18th day, the longest winning streak in over a decade, as the country moved a step closer to a debut sale of dollar bonds. Gulf markets didn’t react to a U.S. travel ban on seven mainly Muslim countries.

The Kuwait Stock Exchange Index advanced 1.3 percent to 6,943.24 on Sunday, the highest level since November 2014. The Bahrain Bourse All Share Index finished at the highest level since 2015 and Oman’s MSM30 Index added 0.2 percent. Kuwait picked six banks to advise on its first international debt sale as the OPEC member shores up public finances after the slump in oil prices.

Last week’s selection of bond sale managers “is probably having the biggest impact in helping continue the market’s rally, in addition to the positive outlook of National Bank of Kuwait,” said Hasnain Malik, the Dubai-based head of equity research at Exotix Partners LLP. National Bank, the nation’s biggest lender, last week reported 2016 profit that beat estimates.

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