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Agility shares fall in weak Kuwait trading

27 June 2010

The Kuwait market fell for the third consecutive day and closed at 6,571 points straight (down 0.82%). What brought the market down were weak performing investment and industry shares. Kuwait Pipes Industries and Oil Services posted the largest decline, ending 8.77% lower at KD0.260. Shares of United Gulf Bank (UGB) gained against the trend and finished 9.43% higher at KD0.290. Logistic firm The Public Warehousing Company, also known as Agility, weakened by 6.76%, finishing at KD0.345. In an ongoing legal battle with Agility, U.S. federal prosecutors have said in a pre-trial hearing that "there is strong evidence that Agility is still overbilling the U.S. Army for its services" and is engaging in "war-profiting", Bloomberg reports.

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