Leading companies lead Boursa Kuwait positive trading – Economists

Economists attributed Boursa Kuwait's balanced performance, for the first half of the year, to banks and other leading companies' profits, as well as what followed it of board recommendations, saying this reflected positively on market indices. Al-Dorra Group's Waleed Al-Houti told KUNA that the summer season marks a time of calm in the market is the buying and selling movement slows down, clarifying that this reflected by trading numbers of KD 35-40 million (approx. USD 107 to 122 million). Al-Houti described these numbers as subpar, saying that they are aspiring for more, especially considering current market announcements of cash dividend distributions, as well as market response to such profits. On his part, Assets Management Deputy Manager at Al Safat Investment Company Talal Al-Yousef told KUNA that Boursa dealings were strong in the beginning of the year, but are waning and indices reverting to balanced positions, yet surrounding circumstances are leading to a state of fluctuation. In July, Boursa performance was on the up, compensating for June's losses, Al-Youssef noted, expecting good performance to carry on through August, supported by Q2 outcomes and expectations of US Federal reserve lowering interest rates, and rejuvenating economy. Nine banks listed on Kuwait Boursa, achieved KD 845.79 million (approx. USD 2.5 billion) in profit in the year's first half; a four percent increase compared to the same period last year. Gulf and Boubyan banks recently announced deliberating merger and the creation of an Islamic financing bank; a move that would stimulate banking sector shares' trading. Source : Kuwait News Agency