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Kuwait Stock Exchange falls below 7,000

20 October 2010

Ahead of the release of the US Beige Book on the overall economic activity, the KSE Market index dipped 0.30% to close at 6,997.70. Since the start of the third week in October, the index lost 1.1%. Shares of Global Investment House (Global) declined today 1.8% in value, closing at KD0.054. Global announced that it has made a principal repayment of $72.5m in relation to its bank debt value 21 October 2010. To date the total principal repayments to the lending banks has reached $151.4m representing 8.8% of the total debt to banks and financial institutions. CEO Bader Al-Sumait: "To date we have made principal repayments of $151.4m and interest payments of $31.9m, despite the continued market turbulence in GCC and rest of MENA markets where primarily Global has its principal investments book. This reflects our ability and commitment to honour the terms of restructured debt agreement."

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