Financial stocks drag Kuwait index lower

Financial stocks weighed as Kuwait's index retreated following a 20-week closing high on Sunday.

National Bank of Kuwait fell 1.7 percent while Kuwait Finance House dropped 1.8 percent. Global Investment House which closed 6 percent higher on Sunday following fourth-quarter results, added 1.9 percent.

Telecom operator, Zain, the market heavyweight was trading flat. The index fell 0.3 percent to 7,467 points.


Oman's index opened lower, extending losses as index heavyweight, Bank Muscat fell 1 percent. Ahli Bank dropped 0.4 percent and Galfar Engineering was down 0.6 percent.
The index fell 0.1 percent to 6,635 points.
"We are seeing lackluster trading activity in the Oman market today due to dividend season. Stock specific action is seen," says Ajeev Gopinath, assistant vice president of asset management at Gulf Baader Capital Markets.
Saudi Arabia's index held near flat as banking stocks gained in early trade.
Lender Banque Saudi Fransi (BSF), which is eyeing a potential debt issue, gained 0.5 percent while SABB bank, HSBC's Saudi affiliate, gained 0.4 percent.
The index rose 0.1 percent to 6,608 points.
Kingdom Holding, the investment firm of Saudi Prince Alwaleed bin Talal, fell 0.5 percent since saying it will make a cash offer for the remaining shares in Kingdom Hotel Investments for $375 million.
Index heavyweight, Saudi Basic Industries Corp (SABIC) slipped 0.3 percent.
Commercial Bank of Qatar continued to surge and other banks also advanced, helping push Doha's index higher.
CBQ rose 2.5 percent. The stock has gained 19 percent in the last three months. The broader index gained 1.1 percent to 6,955 points.
Doha Bank Ltd gained 1.9 percent while Qatar Islamic Bank gained 0.8 percent.
"The market is trying to break a very important resistance level of 7,000 points. I think Commercial Bank rally should help the index break that level," said Samer al-Jaouni, general manager of Middle East Financial Brokerage.
Other bluechips gained with Industries Qatar rising 0.5 percent and Barwa Real Estate adding 0.3 percent.
Dubai's index opened lower as investors booked profits following a 3.7 percent jump on Sunday.
Dubai Financial Market was the main drag in the index, falling 2.2 percent. The stock has rallied more than 20 percent in March as investors bet that a spike in trading volumes will lead to more revenues for the bourse operator.

Other bluechips also fell with Emaar properties down 2.1 percent and Arabtec falling 2 percent. The index fell 1 percent to 1,728 points.
"Markets are scared that the rally was a bit overdone, so we could see a pull back today," said Vyas Jayabhanu, head of investments at Al Dhafra Financial Broker.
National Central Cooling Co (Tabreed), which is recapitalising following a $354 million bailout from Abu Dhabi, fell 2 percent. (Reuters)