Sluggish oil prices continued to weigh on the KSE Market Index, which added insignificantly on Thursday, January 22, to reach 6,662.81 points. Oil (Brent) remained below $50 a barrel at a five-year low despite some upwards momentum.
Nevertheless, “Crude oil had its first positive week since last November, as the International Energy Agency (IEA) forecast non-OPEC members could lower production marginally in the second half of 2015,” said Arjuna Mahendran, the CIO, wealth management at the UAE’s first lender Emirates NBD in his weekly analysis of global markets.
The shares of Independent Petroleum Group fell to a three-month low at KD0.380, off KD0.005. Islamic bank Kuwait Finance House surged 2.60 per cent to hit KD0.790.