Kuwaiti firms get shares buyback approval
Kuwait City, September 21, 2008
Four Kuwaiti investment firms said on Sunday they had won central bank approval to buy back their own stock, the latest companies supporting their shares after a recent slide.
Investment firms Aayan Leasing & Investment Co, Tamdeen Investment Co, Aref Investment Group and Gulf Investment Co said in statements on the bourse website they had won approval to buy back up to 10 percent of their stock.
National Bank of Kuwait (NBK), Commercial Bank of Kuwait and mobile operator Mobile Telecommunications Co (Zain) recently have bought back shares to support their shares, officials have said.
Several Kuwaiti newspapers reported on Sunday the stock market, the Arab world's second-largest bourse, would meet with a task group formed by the Ministry of Commerce and Trade to discuss the situation of the stock market.
The Kuwaiti stock market fell more than 3 percent in the past week but gained 2.9 percent on Sunday in line with a rally across the Gulf. - Reuters