Gulf stocks open higher, Kuwait declines

KUWAIT CITY - Stock markets in the energy-rich Gulf region were trading higher on Wednesday following a strong rebound by global shares but the Kuwait market continued its woes.

By (AFP)

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Published: Wed 29 Oct 2008, 2:05 PM

Last updated: Sun 5 Apr 2015, 2:27 PM

In the United Arab Emirates, the Dubai Financial Market opened 4.4 percent higher to top 3,000 points, spurred by a rise by all 22 traded firms. Market leader, real estate developer Emaar, rose 6.5 percent.

Fellow Abu Dhabi Securities Exchange was up 3.2 percent with the key real estate sector 5.3 percent higher and banks adding three percent.

The Doha Securities Market jumped 6.5 percent at the opening as all sectors rose sharply.

The small Muscat Securities Market gained 3.5 percent and was trading above the key 6,000-point mark.

The Kuwait Stock Exchange, the second largest Arab bourse, continued its decline for the sixth straight session despite concerted efforts by the government to restore positive sentiment.

The KSE Index shed 1.9 percent and was trading just above 9,500 points, despite a rise by the leading banking sector. All other sectors, however, fell, led by the investment firms which dropped three percent.

The investment firms have been pressing the government for a bailout of its estimated 22-billion-dollar debt, almost half of it for foreign banks and some have matured.

Stocks of the Gulf Bank, troubled by losses from derivatives deals, remained suspended on Wednesday for the fourth day running.

The bank on Tuesday accepted the resignation of its chairman and appointed Qutaiba al-Ghanem as new chief. Ghanem said the bank has abolished all trades in options and derivatives.

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