June 14, 2020 / 1:33 PM / 20 days ago

MIDEAST STOCKS-Kuwait leads Gulf lower, Egypt hit by coronavirus spike

    * Kuwait sees biggest intraday fall in more than two months
    * Saudi Arabia's Amlak International intends to float
    * Dubai Investments extends losses

    By Ateeq Shariff
    June 14 (Reuters) - Most Gulf stocks closed lower on Sunday,
with Kuwait hardest after its banking federation said banks
would not pay dividends, while Egyptian shares sold off on a
spike in coronavirus cases.
    The Kuwaiti index tumbled 3.2%, its biggest intraday
fall since April, with National Bank of Kuwait down 4%
and Kuwait Finance House ending 3.8% lower.
    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.
    Beyond the Gulf, Egypt's blue-chip index ended 0.9% down,
pressured by a 2.6% fall in Egypt Kuwait Holding and a
4.4% drop in El Sewedy Electric.
    Egypt confirmed 1,677 new coronavirus cases and 62 deaths,
its health ministry said on Saturday, the highest daily increase
for both.
    Saudi Arabia's benchmark index slipped 0.2%. Banque
Saudi Fransi fell 2.2%, while petrochemical maker
Saudi Basic Industries eased 0.6%.
    Separately, the kingdom's Amlak International for Real
Estate Finance said it will proceed with an initial public
offering of 30% of its shares on the Riyadh exchange.

    Dubai's main share index eased 0.5%, driven down by
a 4.8% fall in Dubai Investments, extending losses
from the previous session after the stock traded ex-dividend and
   Arabtec Holding was down 1.3%.
    The Abu Dhabi index slipped 0.4%, hurt by a 0.7% fall
in top lender First Abu Dhabi Bank.
    Qatar's index dropped 0.5%, with petrochemical firm
Industries Qatar falling 1.9% and utility company
Qatar Electricity and Water declining 2%.
    
 SAUDI ARABIA          was down 0.2% to 7,293 points
 ABU DHABI            eased 0.4% to 4,276 points
 DUBAI                  fell 0.5% to 2,092 points
 QATAR                lost 0.5% to 9,185 points
 EGYPT                  down 0.9% to 10,731 points
 BAHRAIN              retreated 0.5% to 1,274 points
 OMAN                 edged up 0.2% to 3,520 points
 KUWAIT               slid 3.2% at 5,347 points
 
 (Reporting by Ateeq Shariff in Bengaluru;
Editing by Alexander Smith)
  
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