#Kuwait market rebounds on reopening after Emir's death | Reuters

Kuwait market rebounds on reopening after Emir's death | Reuters:

Kuwait’s stock market rebounded on Sunday, with financial shares leading broad-based gains as it reopened after a two session break following the death of the country’s Emir, while most Gulf markets retreated in response to Friday’s oil price slide.

Kuwait’s 91-year old Emir Sheikh Sabah al-Ahmad al-Sabah died on Tuesday, plunging his country into mourning. 


Kuwait's benchmark premier index .BKP jumped 3.1%, its biggest intraday gain since mid-April, as all the stocks on the index ended in higher. Kuwait Finance House KFH.KW advanced 4.2%, while National Bank of Kuwait (NBK) NBKK.KW was up 2.9%.

State-run Kuwait Petroleum Corporation, meanwhile, agreed a 1 billion dinar ($3.27 billion) loan with NBK and Kuwait Finance House, NBK said in a filing to the exchange.

On Saturday, the Kuwait central bank affirmed its commitment to the strength of the dinar and stability of its exchange rate, it said on Twitter.

In Saudi Arabia, the benchmark index .TASI retreated 1.4%, with oil company Saudi Aramco 2222.SE shedding 1.8% and Al Rajhi Bank 1120.SE falling 1.4%.
Brent crude LCOc1 on Friday fell more than 4% to $39.27 a barrel after U.S. President Donald Trump tested positive for COVID-19, roiling financial markets, and as rising global crude output threatened the oil market's weak recovery. [O/R]
Dubai's main share index .DFMGI fell 0.9%, dragged down by a 2.1% decline in sharia-compliant lender Dubai Islamic Bank DISB.DU as well as a 1.8% drop in blue-chip developer Emaar Properties EMAR.DU.
The Abu Dhabi index .ADI ended flat, with Abu Dhabi Commercial Bank ADCB.AD losing 1.1%.
In Qatar, the index .QSI lost 0.5%, hit by a 0.8% fall in petrochemical maker Industries Qatar IQCD.QA and a 0.6% drop in the Gulf's largest lender Qatar National Bank QNBK.QA.