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Kuwait edges down after militant attack

The mosque attack is unlikely to have any significant impact on Kuwait's economy as long as oil exports continue

Published: Updated:

Kuwait's stock market edged down early on Sunday after a suicide bomber killed 27 people at a Shi'ite Muslim mosque at the weekend, the first attack of its kind in the country.

The main index was down 0.5 percent in moderate turnover with almost all actively traded stocks lower.

Top lender National Bank of Kuwait was down 3.5 percent.

The mosque attack is unlikely to have any significant impact on Kuwait's economy as long as oil exports continue; the economy does not rely on inflows of portfolio or foreign direct investment.

The Kuwaiti dinar barely moved in the spot and forward foreign exchange markets on Sunday, suggesting the
attack was not causing major fund flows. U.S. dollar/dinar forwards were quoted higher but well within the range of the last few weeks.

But the security breach may at least temporarily dampen sentiment among the retail investors who dominate the stock market and account for the vast majority of turnover.