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National Bank of Kuwait bucks profit bookings

The Kuwait Stock Exchange (KSE) Market Index ended down 0.39% on Sunday, closing at 6,003.3 points. Global Investment House, better known as Global, hit a four month-high at KD0.041 (up 6.5%). Global met recently with its lending banks, as it said in a statement posted on its website: "In light of the ongoing challenges in the financial markets, various potential alternatives to enhance Global's balance sheet were reviewed. To facilitate a more in-depth examination of such alternatives in collaboration with Global, the lending banks appointed certain of their members to a working group...Global requested the lending bank's support for the near-term deferral of principal repayments due in December 2011, deferral of any increase in rate of interest from December 2011 onwards and waiver/deferral of certain covenants applicable to Global under its debt arrangements." Shares of the country's largest lender National Bank of Kuwait, known as NBK, gained 1.85% to reach KD1.100.