MIDEAST STOCKS-Blue chips lift Kuwait, Egypt; Gulf muted | Reuters

REFILE-MIDEAST STOCKS-Blue chips lift Kuwait, Egypt; Gulf muted | Reuters:



"* Kuwait's NBK, Zain gain on MSCI index reshuffle expectations



* Kuwait likely to get fund inflows once UAE, Qatar are upgraded



* Large-caps, property stocks rise in Egypt



* Dubai's Emaar retreats, but Arabtec rallies after Q4 results



* Other markets edge lower



By Olzhas Auyezov

DUBAI, March 19 (Reuters) - Kuwait blue-chip stocks rose on Wednesday on expectations they would soon have a larger weighting on MSCI's frontier market index, while Egyptian investors sought large-caps that had lagged recent rallies.



These trends helped these two markets outperform an otherwise soft region.



National Bank of Kuwait (NBK) and mobile operator Zain, gained 3.2 percent and 1.5 percent, dominating Kuwait local trading as the index rose 1.1 percent.



Analysts believe Kuwaiti blue chips will have a bigger weighting on MSCI's frontier market index and consequently will attract more foreign investors when the United Arab Emirates and Qatar are upgraded to the emerging markets in May."



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