KUWAIT: Kuwait Chamber of Commerce and Industry (KCCI) board-member Fahad Al-Joaan has pointed out the importance of building a non-competitive integrative economy between GCC countries through finding more communication channels among member-states. Al-Joaan made his remarks yesterday while meeting with the visiting Chairman of Oman Chamber of Commerce and Industry (OCCI), Dhofar governorate Abdullah Al-Rawas and his accompanying delegation at the KCCI's headquarters.
Kuwaiti investors aspire for further cooperation with their Omani partners, especially in light of the ongoing development in the Sultanate in fields of infrastructure, legislatives that encourages foreign investments, and the country's geographic location advantage, he said. The Kuwaiti-Omani commercial exchange volume has seen a significant development in the past period, estimating to around USD 700 million in 2014, including $500 million in Omani exports to Kuwait, Al-Joaan noted. For his part, Al-Rawas called Kuwaiti investors to take advantage of the special facilitations provided to them by the Sultanate, particularly in the free-trade zone in Salalah, noting that Kuwaitis are completely exempted from taxes and treated as same as their Omani counterparts.
Kuwait stock market
Meanwhile, Boursa Kuwait witnessed in the past week's sessions speculations on small chips and profit bagging particularly by leading and operating companies. New price levels were set for a large number of stocks, particularly those that turned bullish in recent sessions, amid intensive orders by financial portfolios on shares of companies that revealed their financial statements or information related to their operations.
Speculations dominated corporate shares (50-100 fils), amid traders' abstention from purchasing, in anticipation of financial disclosures by a number of companies that have not done so for the past year financial status. The market also witnessed corrections on prices of many shares amid trades' decline by 35-45 percent as compared to January and February. As to today' session, hefty purchasing persisted on inactive and small chips, with Nabisco, Imtiaz and Investor leading the operations, thus impacting positively on the benchmark.
Aayan board recommended distribution of 6.5 percent of the cash profits for the financial year ending on December 31, 2016. The traders followed up on a revelation by Zain regarding tax libel suits concerning the Iraqi Atheer Iraq and trade suspension of JFH stocks. Kuwait-15 index covered 12.11 million shares with a cash value estimated at KD 5.09 million, done in 594 cash deals thus the index closed at 970.4. The benchmark closed in a bullish manner, climbing by 27.31 and settling at 6,767.04, posting cash value amounting to KD 22.12 million, through 273.99 million shares, done in 6,339 deals. - Agencies