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Global Investment House posts KD34m H1 loss

14 August 2010

Kuwait-based Global Investment House (GIH) has posted a loss of KD20.2m ($70.24m) in the second quarter, compared to a net loss of KD14.2m dinars in the first quarter, due to "turbulence" in the region's markets, Reuters has reported. The firm made a loss of KD34.4m in the first half of the year, compared with a loss of KD98.6m in the year-earlier period, GIH said in a statement. "The performance of Global's principal investment book continued to be negatively impacted by the market turbulence in GCC and the rest of the Mena markets where Global's principal investments are focused," Global said in a separate statement, adding the firm remained confident about the future prospects of these equity markets.

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