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Credit from banking sector rose by 3pc in Nov, says KFH

Boursa Kuwait results on Jan 13

KUWAIT CITY, Jan 12, (KUNA): Kuwait Finance House (KFH) said that credit from the Kuwaiti banking sector rose by three percent in November. The volume of credit granted last November was KD 36.6 billion ($119 billion) compared to KD 35.5 billion ($116 billion) in November 2017, KFH said in a report issued Saturday.

The assets of personal credit facilities achieved the highest rise in value in November to reach about KD 589.4 million ($1.9 billion), an increase of four percent compared to November 2017, it added. It noted that the credit facilities amounted to KD 15.5 billion ($50.9 billion), representing 42.5 percent of the total credit granted last November.

The statement pointed out that the facilities for the crude oil and gas sector increased by 4.14 KD billion ($1.4 billion) by 32.6 percent while the facilities for the industry sector grew by KD 37.2 million ($122 million). The decline in the facilities directed to some economic sectors on an annual basis and financial institutions other than the banks, the highest recorded a decline in value by about KD 173.8 million ($3,571 million) by 13.3 percent, the statement said.

It noted that the personal credit facilities constitute the largest share of the volume of credit facilities, accounting for 42.5 per cent of the total credit granted in November compared to 42.1 per cent in November 2017.

Boursa Kuwait will be announcing the first annual results of the segmented markets for listed companies, according to the rules and regulations stipulated in the Rule Book, said a statement by the national bourse Saturday. The results will be announced after the market closure on Sunday, Jan 13, 2019 on the Boursa Kuwait official website, statement indicated.

The annual review is to be conducted on an annual basis, according to the regulatory and organizational framework of the Rulebook, put in place by Boursa Kuwait to govern all operational aspects of the stock exchange, added the statement. Boursa Kuwait introduced the three-tiered segmented market last year, creating a Premier, a Main and an Auction market, each with unique characteristics and requirements.

This entailed the elimination of the parallel market and the main market, whereby all listed companies have been redistributed based on the three new different market segments. An annual review will be conducted to ensure that each company meets the specific criteria and requirements of the market it falls under.

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