What is the reason for the revival of the Kuwaiti stock...

The Kuwaiti stock market rebounded today, as financial sector stocks led widespread gains after the stock market closed for two sessions following the death of the Emir of the country, while most other Gulf markets retreated after the sharp drop in oil prices, Friday.And the Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Sabah, died at the age of 91, on Tuesday, to announce a state of mourning in the country.

Kuwait’s first market index jumped 3.1 percent, its biggest daily gain since April, and all its shares rose at the close. Kuwait Finance House rose 4.2 percent, and the heavyweight National Bank of Kuwait rose 2.9 percent.

The National Bank of Kuwait said in a disclosure to the stock exchange, on Sunday, that it and the Kuwait Finance House signed a joint credit facility agreement of one billion dinars (3.27 billion dollars) with the Kuwait Petroleum Corporation.On Saturday, the Central Bank of Kuwait confirmed its commitment to the strength of the dinar and the stability of the exchange rate.

The Saudi benchmark index fell 1.4%, with Aramco oil losing 1.8% and Al-Rajhi Bank dropping 1.4%.

Brent crude lost more than four percent on Friday after US President Donald Trump was declared infected with Covid-19 disease, shaking financial markets, while a rise in global production of crude threatens the market’s weak recovery.

The main Dubai index fell 0.9%, under pressure from losses in Dubai Islamic Bank, which lost 2.1%, and 1.8% in the leading share of Emaar Properties.

The Abu Dhabi stock market index is stable. Abu Dhabi Commercial Bank lost 1.1 percent.

In Qatar, the index lost 0.5 percent, affected by a 0.8 percent drop in Qatar Petrochemical Producing Industries, and the largest Gulf bank, Qatar National Bank, declined 0.6 percent.

Outside the Gulf, the Egyptian leading index rose 0.2 percent, thanks to the 2.8 percent rise in Eastern Tobacco Company.