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News Business News Financial shares underperform in Kuwait
News Business News Financial shares underperform in Kuwait
| Financial shares underperform in Kuwait |
| News - Business News | |||
| Sunday, 07 August 2011 06:00 | |||
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The KSE Market or Price Index declined 1.61% to 5,968.3 points. Shares of the country's largest lender National Bank of Kuwait dived 3.6% to KD1.060.
In its latest report on National Bank of Kuwait (NBK), the credit rating agency Moody's said that NBK's financial strength rating reflects the "bank's dominant position in its domestic market, strong financial metrics, the resilience of its asset quality, and good capitalization levels". "NBK was less exposed to domestic and regional high profile corporate defaults than some other Kuwaiti banks, and has, so far, been able to maintain robust asset quality metrics," Moody's adds. Islamic bank Kuwait Finance House plummeted 4.30%, finishing at KD0.890. Bayan Investment Co. surged 7.8% to reach KD0.0345.
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