Asset deflation continues at Kuwait bourse

04 July 2010

Most shares across all sectors declined at the first day of the week in Kuwait, with KSE Market Index ending off 1.73% at 6,320.6 points. Banks and insurers posted heavy losses in particular. Industry bellwether National Bank of Kuwait (NBK) weakened by 3.5% and finished at KD1.1. Kuwait International Bank bucked the downtrend and advanced 1.06%, ending at KD0.190. Jazeera Airways declined 1.88% and finished at KD0.104. According to data from Kuwait's Directorate General for Civil Aviation (DGCA), Jazeera under its CEO Stefan Pichler gained a leading market share in May 2010 among Kuwait-based airlines on the most competitive routes served from Kuwait, including routes to Amman, Bahrain, Beirut, Damascus, Dubai, Luxor, and Sharm El Sheikh. The carrier had closed the month with a market share of 31% on the Kuwait-Beirut route, 49% to Sharm El Sheikh, 19% to Dubai, 20% to Bahrain, 34% to Amman, 46% to Damascus, and 55% to Luxor. On a year-to-date basis Jazeera shares lost 45.26%.

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