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Banks fail to lift Kuwait exchange

The KSE Market or Price Index dipped 0.19% on Sunday, closing at 6,992.9. Shares of low-cost carrier Jazeera Airways surged 6.55% to reach KD0.130. National Bank of Kuwait, the country's largest lender added KD0.20, finishing at KD1.440. But losses in the insurance and investment sector weighed on the market sentiment. Credit Suisse's analyst Mohamad Hawa commented on Kuwait: "We prefer to wait and watch in Kuwait as we remain cautiously optimistic on Kuwait. While the development plan is comforting, the mechanism to implement it is not clear. We are thus likely to see the $100bn invested over a more stretched period than the 3.5 years announced by Kuwait's development plan. The recently-announced investment regulations are only likely to benefit the large companies, in our view."