Gulf Times - 12/10/2006
Kuwait shares rallied for a fourth consecutive day yesterday, paced by National Mobile Telecommunications Co, as investors applauded the appointment of a new chief for the Gulf’s second largest market.
Elsewhere in the Gulf, Saudi shares posted the sharpest drop. Shares in Abu Dhabi and Dubai rose.
Bahrain stocks rose from a 34-day low hit on Monday and Oman stocks closed up after reaching their highest level in more than 15-months on Sunday.
Kuwait’s cabinet named former Kuwait Investment Authority director Saleh al-Falah as stock exchange chief on Sunday, replacing Safaq al-Rukaibi. The market has climbed 1.2% since then, reaching its highest closing level in nearly 6 months.
Most blue chips in Saudi Arabia, the Gulf’s largest market, dropped in the morning session. Shares in Al-Rajhi Bank, the market’s largest bank, fell 1.08% to 321.50 riyals after surging earlier in the week.
Among the leading Saudi blue chips, only Saudi Arabian Basic Industries rose, climbing 0.78% to 129 riyals.
Oman Telecommunications Co paced gains in Oman’s market, which hit a 15-month high on Sunday before retreating on Monday.
Dubai’s market, down about 57% this year but largely range-bound during the past two weeks, climbed for the second day with Emaar Properties leading gains. Emaar rose 1.03% to 14.70 dirhams with the main index climbing 0.85% to 440.44 points