Agility surges as U.S. deal nears; most mkts dip

Agility surged to a two-month high on Tuesday after the U.S. government said it was near to a deal with the Kuwait firm, which stands accused of defrauding the U.S. military on multibillion-dollar supply contracts.

This helped Kuwait's index rise 0.8 per cent in its biggest gain since Feb. 16, easing away from Monday's 10-week low. But other Middle East markets fell as a pull-back in oil prices and world equities spurred regional investors to lock in gains.

Agility climbs 8.2 per cent to its highest finish since Feb. 22. It is down 39 per cent since fraud charges were brought in November.

"In Kuwait, worries remain over banks' NPLs (non-performing loans) from their exposure to financial services companies," said Zahed Chowdhury of Al Mal Capital. "Whatever performance we've seen in Kuwait is beginning to fade away."

The index is down 4 per cent since hitting a five-month high on April 7.