Kuwait stocks, the world’s best performers this year, extended a rally to an 18th day, the longest winning streak in more than a decade, as the country moved a step closer to a debut sale of dollar bonds.
Gulf markets showed no impact from ban by the United States on immigration from seven mainly Muslim countries.
The Kuwait Stock Exchange Index advanced 1.3 per cent to 6,943.24 on Sunday, the highest level since November 2014. The Bahrain Bourse All Share Index finished at the strongest level since 2015 and Oman’s MSM30 Index added 0.2 per cent.
Kuwait picked six banks to advise on its first international debt sale as the Opec member shores up its public finances after the slump in oil prices.
Last week’s selection of bond sale managers “is probably having the biggest impact in helping continue the market’s rally, in addition to the positive outlook of National Bank of Kuwait”, said Hasnain Malik, the Dubai-based head of equity research at Exotix Partners.
National Bank, the country’s biggest lender, last week reported profit for last year that beat estimates.
“Investors are expecting the bonds to help relieve liquidity pressures that have built up in the banking system,” Mr Malik said. “Whether there is any fundamental, lasting improvement in Kuwait’s growth outlook is a different matter.”
In Abu Dhabi, the benchmark index fell 0.8 per cent, led by property companies such as Eshraq, Aldar and RAK Properties.
International Fish Farming plunged its 10 per cent daily limit to Dh2.92. It soared from Dh1.90 at the end of last month to a peak of Dh4.65.
* Bloomberg and Reuters
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Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Moon Music
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Label: Parlophone/Atlantic
Number of tracks: 10
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