Most Gulf stocks declined on Sunday, with Kuwait hardest after its banking federation said banks would not pay dividends.
Kuwait , Kuwait
16 June 2020, 12:00 AM
30 June 2020, 12:00 AM
Most equity markets in the Gulf closed lower as investors remain cautious about the pace of the economic recovery, while volatility jumped in global markets.
The main equities index in Kuwait led losses, finishing 3.2% lower. In Dubai, the DFM General Index lost as much as 2%, with banks weighing on its performance and as an indicator for short-term volatility climbed to the highest level since early May. Equity gauges in Abu Dhabi, Saudi Arabia, Qatar and Bahrain also declined between 0.2% and 0.5%, while the index in Oman rose 0.2%.
The Premier Market Index in Kuwait retreated 3.2%, with National Bank of Kuwait and Kuwait Finance House falling 4% and 3.8%, respectively.
Kuwait's Capital Markets Authority on Thursday cancelled all Wednesday's stock transactions after bank stocks fell in the wake of a banking federation statement that Kuwaiti banks would
not pay dividends for 2020.