Kuwait Stock Exchange index rises on bullish W-formation
- Kuwait: Thursday, January 31 - 2013 at 15:40
The KSE Market Index added 0.06% Thursday, closing at 6,245.11. The market measure surged 5.23 percent since Jan. 1 2013. The sharp rise in oil prices, triggered by reports of an alleged Israeli aerial attack on a convoy in the Syrian-Lebanese border, gave Kuwait another push as Kuwait generates 95% of its state revenues from oil exports. Oil prices (DME Oman crude) surged 1.21% to reach $110.35. Zain Telecom closed flat at KD0.830. Earlier in the day, Zain said in a statement to the KSA it won at the Court of Cassation an appeal against a discrimination lawsuit filed by Sheikh Khalifa Ali al-Khalifa al-Sabah, a member of the Gulf state's royal Al-Sabah family. The dispute goes back to April 2011, when the ruling family accused Zain of having favored some members of its board of directors. The KSE also said that investment bank shares of Global Investment House will be de-listed from the market on June 19 this year. Global shares had been suspended in Dec. 2011 after the investment bank founded and chaired by Ms. Maha Al-Ghunaim, failed to return to profits in the wake of the financial crisis.
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