DUBAI, April 3 Kuwait's equity index
underperformed while United Arab Emirates climbed ahead in an
otherwise quiet region in thin early trade on Monday.
Kuwait's index, which has been one the best
performing stock markets in the world since the start of the
year, fell 0.9 percent.
Most of the usually heavily traded stocks fell, with the
largest warehouse manager in the Gulf, Agility Public
Warehousing ,and Kuwait Food Co each down
Hospital manager Al Mowasat Healthcare slumped 6.8
percents as its shares went ex-dividend.
Qatar's index was down 0.5 percent with number of
declining shares outnumbering number of advancing ones nine to
seven. Islamic lender Masraf Al Rayan was the main
laggard, dropping 3.9 percent.
In Riyadh, the index edged down 0.2 percent in very
thin trade. Some 62 shares declined and 45 were up after 25
minutes of trade.
Domestic-focused shares were some of the main
underperformers, with electronics retailer United Electronics
Company down 1.2 percent and healthcare provider Taiba
Holding falling 1.4 percent.
Meanwhile, United Arab Emirates bourses outperformed.
Dubai's index was up 0.5 percent with the previous
session's most heavily traded shares - Union Properties
- up 2.5 percent in above average trade.
Other small and mid-sized shares often traded by day traders
were also outperforming.
Abu Dhabi's index rose 0.4 percent as Sunday's top
performer Abu Dhabi National Energy jumped 7.8
percent. On Sunday, shares of the oil explorer and power
supplier had jumped their 15 percent daily limit in heavy trade.
A Dubai-based portfolio manager said that the spike in
volume amid a still low turnover - relative to other traded
shares - suggested only a few players had pushed share prices
The largest real estate developer Aldar Properties
was up 0.9 percent.
(Reporting by Celine Aswad; Editing by Saeed Azhar and Tom