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Kuwait index flirts with 8,000 points level
- Kuwait: Tuesday, August 11 - 2009 at 17:05
Only the closing bell prevented the Kuwaiti bourse KSE (Price Index) from approaching closer to the 8,000-points-barrier. The Index closed 1.79% higher at 7,909 points with 620,352,500 shares changing hands. Better prospects for the oil market supported the sentiment. Investment bank EFG Hermes raised its oil price forecasts last week for Brent Crude to $60 per barrel for 2009e and $70 per barrel for 2010e. Kuwait's national budget is based by 95% on oil revenues and EFG Hermes expects a fiscal surplus for the northern Gulf state in 2009 (in contrast to fears at the beginning of the year when oil prices were below $50 per barrel). Consequently, shares of fuel station operator Oula Fuel Marketing Co gained 8.06% today, closing at KD0.335. Al Masaken International Real Estate Development Co posted the largest retreat, ending at KD0.86 (off 10.41%).
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Gérard Al-Fil, Financial JournalistTuesday, August 11 - 2009 at 17:05 UAE local time (GMT+4)
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This article was updated on Wed Aug 12 2009.
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