KUWAIT: The Boursa Kuwait closed its trading on Monday with the general market index declining by 19.9 points to reach the level of 8,387.78 points, a decrease of 0.24 percent. The main market index rose by 6.9 points to reach 6,427.26 points, an increase of 0.11 percent, trading 130.6 million shares through 5,796 transactions worth KD 16.6 million (about $59.7 million).
The primary market index edged lower by 31.08 points to reach 9,334.62, a decline of 0.33 percent, trading 97.8 million shares in 7,688 transactions worth KD 45.3 million (about $163 million). Meanwhile, stock markets in the Gulf region were largely mixed on Monday with Dubai’s main share index up more than 0.5 percent as oil prices fluctuated.
Dubai’s main share index was up 0.56 percent. Index heavyweight Emirates NBD Bank and Dubai Investments PJSC drove gains. Shares of Dubai Islamic Bank were up marginally after a document showed the United Arab Emirates’ largest Islamic lender has hired banks to arrange a sale of five-year US dollar-denominated sukuk. Saudi Arabia’s Tadawul benchmark index edged up 0.07 percent, boosted by materials and consumer staples.
Oil prices lost two percent on demand worries and the haven dollar rose, while bitcoin plunged to a 2022 low below $33,000 as investors shunned the volatile cryptocurrency. Oil prices rebounded on Monday in see-saw trading, with some investors taking profits after signs of progress in the US-Iran nuclear talks while others kept bullish sentiment bolstered by rising consumption amid ongoing supply constraints. World stock markets mostly sank Monday on stubborn fears over the impact of rising US interest rates, surging inflation and China’s COVID lockdowns. – Agencies