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Kuwait banking shares storm upwards
- Kuwait: Monday, September 24 - 2012 at 16:20
The KSE Market Index posted the highest gain in the GCC Monday, closing 0.60% higher at 5,927.75. National Bank of Kuwait, Gulf Bank of Kuwait and Islamic finance giant Kuwait Finance House gained 2%, 5% and 4.1%, respectively. Islamic insurer First Takaful Insurance Company lost the most (off 7.60%). Commercial Bank of Kuwait or CBK finished Monday trading unchanged. Earlier in the day, CBK said shareholders have approved a plan to liquidate the lender's investment unit, Reuters has reported. The liquidation of Commercial Investment Co "will not have any negative impact on the financial position of the bank," the bank said without giving further details. The Kuwait market is the only gauge in the region which bucked the downtrend which kicked off last Thursday amid negative input from Asia and Europe. Since January 1 2012 the KSE measure added 1.95%.
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Gérard Al-Fil, Financial JournalistMonday, September 24 - 2012 at 16:20 UAE local time (GMT+4)
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