Gulf stocks mixed; Kuwait drops after Americana stake sale scrapped

Kuwait’s index edged 0.07 lower on Sunday as shares linked with the Al-Kharafi family fell after the sale of a stake in Americana to Adeptio was scrapped.

The National Investment Company and Al Mal Investment Co, in which Kharafi owns stakes, both fell 8.93 percent and 8.47 percent, respectively.

In February, investment company Adeptio had agreed to buy a 69 percent stake in the Kuwait food giant Americana (Kuwait Food Co), from Al Khair for Stocks and Real Estate, which is run by the Kharafi family. Al Khair on Sunday said the plans have been scrapped after months of negotiations.

Americana shares have been suspended ahead of the market open on Sunday and have not resumed trading.

Elsewhere, Dubai finished 0.28 percent higher at 3,360. Dubai Parks & Resorts, which was the most actively traded stock, helped lift the index, which otherwise saw subdued trading. The company last week completed a AED 1.78 billion rights issue.

Abu Dhabi’s main index edged up 0.32 percent to finish at 4,927.

Saudi Arabia’s benchmark was last down 0.43 percent at 6,454. The petrochemicals index fell 0.82 percent. Sector heavyweight SABIC fell 1.43 percent at SAR 81.25.

Trading volumes in the region are expected to continue slipping as the Muslim holy month of Ramadan approaches.

Write to Reem Abdellatif at reem.a@argaam.com