Kuwait shares hit record high

KUWAIT — Kuwait’s stock exchange yesterday started the holidayshortened trading week on a high note, ending above 8,500 points for the first time in its history as investors welcomed a new raft of stellar first quarter earnings.

By (Reuters)

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Published: Mon 25 Apr 2005, 10:11 AM

Last updated: Thu 2 Apr 2015, 4:09 PM

The Kuwait Stock Exchange index rose 105.30 points, or 1.24 per cent, to 8,568.40, a lifetime high for the gauge of 137 mostly-Kuwaiti companies. The market was closed on Saturday for Prophet Muhammad’s (Peace be upon him) birthday holiday.

The gauge tracking the Arab world’s No.2 bourse, led by investment firms on Sunday, is up about 34 per cent year to date.

Shares in Global Investment House gained 100 fils, or 7.94 per cent, to 1.360 dinars. The company said first quarter profit more than doubled to 9.8 million dinars ($33.5 million) as revenues rose 124 per cent to 12.5 million dinars.

Commercial Facilities gained 1.59 per cent to 640 fils after it said quarterly net rose 30 per cent to 7.47 million dinars. United Industries reported earnings rose 41 per cent to 803,700 dinars. Shares rose 3 per cent to 335 fils.

Other major winners included Investment Dar, up 9.8 per cent to 1.120 dinars and National Investments, up 9.26 per cent to 1.180 dinars.

Bayan Investments, in a report published yesterday, said total profits from 17 companies that reported by last week rose 51 per cent to over 170 million dinars ($580 million).

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