Kuwait Stocks Fall Most in Two Months After Agility Indictment

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Kuwait’s benchmark index retreated the most in two months, led by Agility after a U.S. federal grand jury indicted two affiliates of the Middle East’s largest storage and logistics company. Bahrain’s measure also fell.

Agility dropped the most in three months. Zain, the country’s largest telecommunications company, declined to the lowest since March 16. In Bahrain, Ahli United Bank BSC fell for the third time in four days after the central bank said it doesn’t have details about a proposed share sale in the lender. The Kuwait Stock Exchange Index lost 0.8 percent, the most since Feb. 17, to 7,487.2. Bahrain’s All Share Index declined 1.6 percent.

“It’s not getting better for Agility, and the potential fallout from the indictment is significant,” said Ibrahim Masood, a Dubai-based fund manager at Mashreqbank PSC, who helps manage about $400 million. “It is difficult to say how long the legal process will end up taking.”