|10-23-2014, 02:36 PM||#1|
Kuwait bourse suspends trade in Zain, Kuwait Investment and Kuwait Finance House
The Kuwait Stock Exchange said all trading of Kuwait Investment Co. (KIC), Kuwait Finance House and Zain that had been conducted had been canceled on Thursday, and suspended the stocks in mid-session trading.
Shares in Kuwait Investment Co. were up 7.6% for the day after an announcement by the Kuwait Investment Authority (KIA) yesterday that it would offer its stake to the public in KIC in the first half of 2015.
The KIA has a stake of 76.2% of Kuwait Investment Co., which is a financial investment firm that has a market capitalization of $252 million.
The Kuwaiti bourse said trading in Kuwait Investment Co, Zain and the Kuwait Finance house would resume on Sunday, pending more clarification of KIA’s plans, as a decision like this would abnormally affect trading volumes and volatility.
KIA said it will sell its stake in telecom operator Zain and Kuwait Finance House at a later time.
Zain rose 1.6% and Kuwait Finance House rose 5.13% shortly after the opening. KIA owns a 24.6% stake in Zain and a 24.1% stake in Kuwait Finance House.
In a statement late Wednesday, the KIA said it will continue to support the local market by reinvesting capital raised from selling the shares in investment products and funds.
The developments helped the Kuwati Stock Exchange, the country’s benchmark index buck the trend of regional weakness. The Kuwait SE was last up 1.21%. Stock markets in Dubai and Saudi Arabia were declining on Thursday on a negative global background.
Investors now seem to bet that after the sale, the new management for Kuwait Investment Co. would attract fresh interest and boost its shares’ trading liquidity.
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