The initial approval by the Kuwait cabinet has been taken positively by the market. There is buying across the board," said Shahid Hameed, head of asset management for the Gulf at Global Investment House.
Abu Dhabi was the region’s biggest loser on the day, falling more than 2 percent with National Bank of Abu Dhabi falling 5.49 percent after its fourth-quarter profit fell 34 percent. Tumbling real estate shares continued to weigh on bourses in the United Arab Emirates.
Sorouh Real Estate and Aldar Properties fell 7.78 percent and 6.87 percent respectively in Abu Dhabi. Emaar Properties fell to its lowest close since May 2004, shedding 5.85 percent, after Moody’s Investors Service said on Monday it was considering downgrading its debt ratings of six Dubai companies, including Emaar. Oman fell by almost 2 percent with Oman Cables Co losing nearly 10 percent.
There is institutional selling on this stock," said Adel Nasr, local brokerage manager at United Securities in Muscat. Investors were concerned about the outlook for the company in 2009 after losses in the fourth quarter, he added.
