Kuwait Stock Index Drops Most in Month on Rally Overdone Concern

Kuwait SE Price Index drops 1.8%, most since June 2, to 7,772.85 as 95 stocks decline, 21 rise, 76 unchanged at close in Kuwait City. * Benchmark pares QTD gain to 16%, fourth-best among more than 90 indexes tracked by Bloomberg globally; MTD -6.4% * “Many found the price levels to be opportune for some profit taking:” Fouad Darwish, head of brokerage at Kuwait-based Global Investment House KSCC. Summer vacations, Ramadan are approaching and political instability and upcoming elections have also led to reduction in number of transactions and trading values, he said. * Shrs valued at ~30.1mln dinars traded today compared with 1-yr avg of ~42.8mln

To contact the reporters on this story: Claudia Maedler in Dubai at cmaedler@bloomberg.net; Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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