Kuwait banks extend rally

24 August 2010

Despite woes over a global recovery and fickle oil prices the KSW Market or Price Index added 0.11%, closing at 6,682.10 points thanks to gains in the banking sector. Gulf Bank of Kuwait (GBK) surged seven percent (at KD0.530). Kuwait International Bank ended 4.8% higher at KD0.260. The financials reap benefits from better economic prospects in the Northern Gulf state and estimates that Kuwait will achieve a budget surplus on 2010. The country's largest lender National Bank of Kuwait (NBK) ended flat at KD1.380. Its shares hit a 22-month high on Sunday and were therefore poised for a breath pause.

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