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Kuwait halts trading on Gulf Bank after losses

Kuwait halts trading on Gulf Bank after losses

The Kuwait Stock Exchange says it has temporarily halted trading in Gulf Bank's shares after investors refused to cover losses sustained in derivatives trading.
The exchange said in a statement on its Web site Sunday that the move was ordered by Kuwait's Central Bank and that the government will propose an urgent bill for guaranteeing deposits in the country's banks.
The statement said the financial standing of Gulf Bank, one of the country's largest financial institutions, will not be affected by the losses.
The Kuwaiti bourse was down about 3 percent by mid-morning, continuing a slide that has panicked investors in this tiny, oil-rich country.


Updated : 2021-07-27 20:42 GMT+08:00