KSE-listed banks to continue active trading after Eid holidays
KUWAIT, Sept 11 (KUNA) -- The stocks of banks, listed on Kuwait Stock Exchange (KSE), will continue their strong performance after the Eid Al-Fitr holidays (Tuesday), economic reports issued here on Saturday predict.
The Kuwaiti government has asserted the crucial role of the banks in financing the country's large-scale development projects, which helped revive trading in bank stocks.
The KSE benchmark closed the last week trading in green, gaining 53.9 points or 0.80 percent, with the Weighted Index rising by 9.19 points or 2.08 percent, Gulfinvest International K.S.C.C (GII) noted in its weekly economic brief.
The report attributed the strong performance of the bourse to the active trading in the bank stocks, particularly those of the National Bank of Kuwait (NBK).
Investors turned to buying leading stocks after trading in cheap ones and the stocks of major groups such as Kuwait Gulf League (KGL) Holding co.
Another factor of the current boom of the stock market is the move by the United States Attorney's Office in Atlanta to dismiss the indictment against Holdings, an Agility subsidiary on July 27, according to the Gulfinvest report.
The banking sector accounted for 50 percent, the lion's share, of the turnover of the stock market, Kuwait Financial Centre (Markaz) noted in a similar report.
The service sector represented 26 percent of the value of traded shares while the investment sector accounted for 7.3 percent last week, the report said.
The bank stocks still attract the investor interest and continue to lead the market as previously expected, Bayan Investment Co. said in a report.
The upbeat news about Agility's successful appeal in the US also helped revive the stock market, it added.
(end) Mka.abd.gb KUNA 111524 Sep 10NNNN
