Kuwait at 7-yr low on economic woes, Egypt down

Kuwaiti shares slumped to a new seven-year low on Monday after the central bank governor said the economy needed correction, and Egypt's market fell on renewed concerns over an uncertain political outlook.

Central bank governor Sheikh Salem Abdul-Aziz al-Sabah said Kuwait's economy was witnessing an imbalance which could lead to many risks, according to state news agency KUNA.

The benchmark fell 1.6 percent, after slumping to its lowest close since September 2004 on Sunday.

Investor sentiment has been negative recently following new regulations announced by the Capital Market Authority (CMA). Market participants are given until September to implement the by-laws announced in March.