MIDEAST STOCKS-Kuwait leads Gulf lower, Egypt hit by coronavirus spike - Reuters:
Most Gulf stocks closed lower on Sunday,
with Kuwait hardest after its banking federation said banks
would not pay dividends, while Egyptian shares sold off on a
spike in coronavirus cases.
The Kuwaiti index tumbled 3.2%, its biggest intraday
fall since April, with National Bank of Kuwait down 4%
and Kuwait Finance House ending 3.8% lower.
Kuwait's Capital Markets Authority on Thursday cancelled all
Wednesday's stock transactions after bank stocks fell in the
wake of a banking federation statement that Kuwaiti banks would
not pay dividends for 2020.
Beyond the Gulf, Egypt's blue-chip index ended 0.9% down,
pressured by a 2.6% fall in Egypt Kuwait Holding and a
4.4% drop in El Sewedy Electric.
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