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Kuwait's telecom giant Zain gains on R&D announcement
- Kuwait: Thursday, November 08 - 2012 at 16:29
The Kuwait Stock Exchange (KSE) Market Index advanced 0.80% to close at 5,772.17 points Thursday. Gulf Bank of Kuwait jumped 3.80% to KD0.410. Earlier in the day, National Bank of Abu Dhabi's research said the Kuwait banking sector assets were $166.4bn (+8.9% year-on-year, +0.1% month-on-month) in September. Loans and advances were up by +0.5% month-on-month and up by +5.3% year-on-year to $97.8bn. Mobile Telecommunications, known as Zain Group, surged 2.70% to KD0.760. The National reported earlier in the day that Zain plans to invest $5.5bn in research and development over the next five years in order to develop mobile internet connections that run 10 times faster than current technologies, citing Hisham Akbar, the deputy chief executive and chief operating officer of Zain. Year-to-date, Zain has lost 12% of its value.
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Gérard Al-Fil, Financial JournalistThursday, November 08 - 2012 at 16:29 UAE local time (GMT+4)
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