DUBAI, March 30 Kuwait's stock market
underperformed in an otherwise quiet region during early trade
on Thursday as three Kuwaiti large-cap shares went ex-dividend.
The Kuwaiti index dropped 1.9 percent because of a
4.4 percent drop in Ahli United Bank, a 3.3 percent
decline in Kuwait Telecom and a 1.5 percent fall in
Burgan Bank. Most other stocks also fell with Boubyan
Bank down 2.4 percent.
Meanwhile Riyadh's index was up 0.3 percent in the
first half-hour as most petrochemical shares rose. National
Industrialization (Tasnee) added 1.8 percent.
Yanbu National Petrochemical, however, dropped 1.7
percent after saying it planned a temporary shutdown at two of
its facilities. The financial impact was estimated to be 110
million riyals ($29.3 million) and would be reflected in second-
and third-quarter results, it added.
Saudi British Bank was the top-performing blue
chip, rising 2.7 percent.
Dubai's index barely moved, with declining shares
outnumbering advancing ones 21 to eight. Aramex lost
2.8 percent as it went ex-dividend.
Builder Drake & Scull fell 1.4 percent after saying
it had breached financial covenants in relation to a sukuk
syndicated facility and other bank facilities in 2016 after
having incurred losses last year.
In Qatar, the index was flat but drilling rig
provider Gulf International Services added 1.6
(Reporting by Celine Aswad; Editing by Andrew Torchia and Susan