She says the money is going to help arthritis, chronic fatigue and cardiovascular health studies
americas1 hour ago
The Kuwait Stock Exchange Index lost 2.4 per cent to 8,043.30, its lowest since April 2005. The measure slumped 36 per cent so far this year.
“Investors worry that low oil prices will have a trickle-down impact on corporate earnings and government spending,” said Shahid Hameed, head of asset management/GCC at Kuwait-based Global Investment House KSCC, in a phone interview on Sunday.
“Oil prices are well below $50 and recent Opec cuts have so far failed to raise prices rapidly.”
Crude oil for February delivery settled at $37.71 a barrel on Friday on the New York Mercantile Exchange.
Kuwait would drop into deficit at oil below $42 and Saudi Arabia at $50, according to Fitch Ratings.
Kuwait Finance House, the state’s largest Islamic bank, dropped 6.7 per cent to 1,400 fils, its biggest decline since Nov. 17. National Bank of Kuwait, the emirate’s biggest lender, lost 6.3 per cent to 1,200 fils, bringing the two-day drop to 13 per cent.
Meanwhile, other Gulf stocks advanced on speculation government funds will invest locally in an effort to stabilise the region’s benchmark indexes, which have lost at least 30 per cent of their value this year.
Oman Telecommunications Co., the country’s largest phone operator, gained for the first time in six days.
Qatar Telecom QSC had its biggest one-day gain in almost two months. Saudi Basic Industries Corp., the world’s largest chemicals maker by market value, ended four days of declines.
Oman’s Muscat Securities Market 30 Index jumped 4.3 per cent to 5,211.87, the biggest increase since November 5. Qatar’s Doha Securities Market Index rose 1.2 per cent, paring the decline for the year to 30 per cent.
Saudi Arabia’s Tadawul All Share Index added 1.7 per cent at 2:34pm in Riyadh, trimming the drop in 2008 to 58 per cent.
Oman Telecommunications jumped 4.9 per cent to 1.551 rials. Qatar Telecom climbed 3.7 per cent to 115.4 riyals. Saudi Basic, known as Sabic, surged 4.6 per cent to 51.75 riyals.
The Bahrain All Share Index lost 0.5 per cent, falling for a third day. Stock markets in Abu Dhabi and Dubai were closed for a public holiday.
She says the money is going to help arthritis, chronic fatigue and cardiovascular health studies
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