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Kuwaiti shares up on stimulus package news
Published in The Saudi Gazette on 04 - 02 - 2009

Kuwaiti shares rose to the highest in more than two weeks as Kuwait's cabinet approved the “principles” of a stimulus package to bolster financial institutions, Bloomber.com reported.
UAE benchmark indexes dropped after Morgan Stanley said property prices in the country “fell off a cliff” as banks reduced lending and speculators withdrew from the market because of the global economic crisis.
Gulf Finance House EC, Bahrain's biggest Islamic investment bank by market value, rose to its highest in intra-day trading in Kuwait in more than a month. Global Investment House KSCC climbed to its highest since Jan. 13, while Boubyan Bank KSC rose after saying its board resigned.
The Kuwait Stock Exchange Index gained 1.3 percent to 6,919.2 at 11:09 A.M. in Kuwait City, bringing the advance this month to 2.3 percent.
“The talk of the bailout plan is driving the market,” said Ali Taqi, director of asset management at AT Capital Management Ltd in Dubai. “But its scope and terms will determine the actual impact it may have on troubled investment companies.”
Kuwait's cabinet approved the “principles” of a stimulus package after discussing amendments to the plan. The cabinet “asked its economic team to present the bill in its final form in light of the remarks and the amendments that were discussed,” a cabinet statement said. No other details were provided and the statement did not say what the amendments were.
Gulf Finance House jumped 7.4 percent to $990. The shares have surged 45 percent during an eight-day rally. Global Investment House, Kuwait's biggest investment bank by assets, climbed 8.2 percent to $365.
In the UAE, the Dubai Financial Market General Index fell 0.9 percent to 1,460.33, while the Abu Dhabi Securities Exchange General Index lost 1.1 percent, bringing the four-day retreat to 4 percent. Emaar Properties PJSC dropped 2.1 percent to $0.50. The UAE's biggest publicly traded real-estate developer will be affected the most by the drop in property prices, Morgan Stanley said.
Sorouh Real Estate PJSC, Abu Dhabi's largest developer by market value, slid 8.2 percent to 2.36 dirhams, bringing the four- day slump to 21 percent. Aldar Properties PJSC retreated 7.7 percent to $0.59, poised for its lowest close on record.
National Bank of Abu Dhabi PJSC slid 3.4 percent to $2.10. The UAE's second-biggest bank by assets reported a 34 percent fall in fourth-quarter profit to $134 million as it boosted provisions for possible loan defaults and said it expects a “difficult” 2009.
Oman's Muscat Securities Market 30 Index lost 1.6 percent, while Qatar's Doha Securities Market Index decreased 0.9 percent. The Bahrain All Share Index slipped 1 percent. Saudi Arabia's Tadawul All Share Index added 0.5 percent.


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