DUBAI: Shares in Kuwait and Oman led most Gulf markets lower yesterday as investors booked profits after the resignation of the Kuwaiti Cabinet and Bank Muscat’s confirmation it was selling a stake in an Indian bank. Dubai’s benchmark was the region’s worst performer, dropping more than 1 percent to close below a 1,500-point support level as Standard & Poor’s downgraded its credit ratings for seven Dubai companies, including Emaar Properties.
Yesterday, only Qatar and Abu Dhabi markets ended higher, while Kuwait fell almost 1 percent as investors booked profits from a rally this month that had been driven by expectations the Cabinet would resign. Investors in Kuwait have hoped the government’s resignation, which happened on Monday, and the possible dismissal of Parliament would provide some reprieve.