Middle East shares, and mainly those in Kuwait, dropped. Local markets went down especially due to banking titles, when National Bank of Kuwait lost 4%. Moreover, Kuwait Finance House fell in 3.8%. Kuwait shares have experienced the worst trading day since half April.
Stock Exchange in Cairo went through a similar decline – it dropped in almost 1%. In Egypt, mostly shares of energy companies and banks dropped, which is a similar progress to Kuwait. Egyptian stock exchange was probably affected by quite a high number of newly confirmed coronavirus cases and more than 60 deaths.
Saudi Arabia stocks dropped even lower. Main stock exchange index dropped in 0.2% only, yet the decline was also caused by banks. Banque Saudi Fransi went down 2.2%. Saudi Arabia Stock Exchange should soon go through new share subscription, and Amlak International for Real Estate Finance should do its initial public offer. Investors will be offered 30% of its shares, which could represent the largest event on Middle East stock exchanges of the year.