MIDEAST STOCKS-Kuwaiti Kharafi-linked stocks slip on Americana sale collapse – Reuters

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DUBAI May 29 Shares in Kuwaiti companies linked
with the al-Kharafi family tumbled on Sunday after the
multibillion-dollar sale of another Kharafi-controlled business
was scrapped.

Investment company Adeptio had agreed in February to buy 69
percent of Kuwait Food Co (Americana) from Al Khair
for Stocks and Real Estate, which is run by the wealthy Kharafi
merchant family, but Al Khair announced on Sunday that the plans
have been scrapped.

Americana’s shares were suspended ahead of the market open
and have yet to resume trading, but other Kharafi-linked stocks

National Industries Group and National Investment
Co slid 1.8 percent and 8.9 percent respectively,
while Al Mal Investment Co was down 8.5 percent and
Gulf Cable Co fell 6.2 percent. The Kharafis own
stakes in all four of the companies, Thomson Reuters data shows.

Kuwait’s index fell 0.6 percent to 5,362 points.

Elsewhere, Dubai Parks and Resorts hit a record
peak to help to lift Dubai’s index to a two-week high
in otherwise subdued trading.

The company, which completed a 1.68 billion dirham ($457.44
million) rights issue last week, rose 4.2 percent to 1.49
dirhams. The stock accounted for two thirds of all shares traded
on the benchmark index and took its gains to 17 percent in three

The Dubai index rose 0.3 percent to 3,360 points, reaching
its highest level since May 12 and looked set for a fourth
straight advance despite losers outnumbering gainers 10 to

Volumes have slumped since late April, but the trend ahead
of the Muslim holy month of Ramadan — which starts in early
June — could yet be disturbed, said Marwan Shurrab, director at
Vision Investments and Holding in Dubai.

Shurrab predicts that speculation over a possible rise in
U.S. interest rates and a June referendum on whether Britain
should leave the European Union will contribute to Dubai stock
volatility before Ramadan.

Among Gulf bourses, Dubai tends to track international
markets most closely because foreign investors have a bigger

Saudi Arabia’s benchmark fell 0.9 percent to 6,423
points, taking its losses to 6.5 percent since the 16-week high
hit on April 25.

Saudi Basic Industries Corp, the Gulf’s largest
listed company, was the biggest faller with a 1.8 percent
($1 = 3.6726 UAE dirham)

(Reporting by Matt Smith; Editing by David Goodman)

MIDEAST STOCKS-Kuwaiti Kharafi-linked stocks slip on Americana sale collapse – Reuters}