Kuwait’s main equity index led losses in the Middle East after the country’s ruler was hospitalized over the weekend and S&P Global Ratings downgraded the prospects for the economy.
The Premier Market index of the biggest and most liquid shares in Kuwait fell as much as 3.2% shortly after the opening. It later trimmed the decline to 0.9% as of 10:55 a.m. local time, with National Bank of Kuwait SAKP falling the most.
The 91-year-old emir, Sheikh Sabah Al-Ahmed Al-Sabah, underwent “successful surgery” on Sunday after being admitted to a hospital, the state news agency KUNA reported. Crown Prince Sheikh Nawaf Al-Ahmed Al-Sabah will temporarily assume some of the emir’s constitutional functions and duties as the country tries to resume economic activity after introducing curbs to prevent the spread of the coronavirus.
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