Kuwait: Kuwait’s main equities index rebounded in the first day of trade since the end of a mourning period following the death of the country’s ruler. Most other markets in the Middle East declined.
The Boursa Kuwait Premier Market Index advanced as much as 3.2%, with National Bank of Kuwait, Kuwait Finance House and Ahli United Bank rising more than 3.5% each.
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The index recovered from a slump in the four sessions through Sept. 29, when Sheikh Sabah Al-Ahmed passed away. The emir was succeeded by Crown Prince Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, 83, a half brother who has served as interior minister and deputy chief of the national guard. Over the weekend, the central bank reiterated its commitment to maintaining the Kuwaiti dinar exchange rate.
Sunday’s gains reflect “the political stability and the smooth transition after the sad demise of the Emir of Kuwait,” said Junaid Ansari, the vice president of investment strategy and research at Kamco Investment Co. in Kuwait City.
Other equity indexes in the region, including those in Dubai, Riyadh and Doha, tracked the losses in developing countries late last week. Equities in emerging markets declined on Friday after US President Donald Trump tested positive for the coronavirus and concern grew that U.S. lawmakers will fail to agree on their