Shining Star of Mideast Stock Markets Seen Losing Sparkle - Bloomberg:
Kuwait has delivered more gains for stock investors than any other major market in the Middle East and Africa this year. But, after a rally driven mostly by bets on an anticipated upgrade, some traders sound ready to take their money elsewhere.
The oil-rich Gulf nation’s $103 billion stock market, similar in size to Ireland’s, has surged more than 40% in the past two years amid increasing expectations of an MSCI Inc. promotion to emerging from frontier status. The New York-based index compiler obliged last month, saying the elevation will happen in 2020 pending some local enhancements and spurring a rally that lasted more than two weeks.
Lenders, regularly lauded by analysts as among the most resilient in the region, led gains that are now tempting some investors to take profit. The Premier Market index, composed of 19 of the biggest and most liquid shares, fell in two of the four sessions this week, paring its advance in July to about 6%.
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