Kuwait: Trading in Gulf Bank's shares halted
The Kuwait Stock Exchange o Sunday it has temporarily halted trading in Gulf Bank's shares after investors refused to cover losses sustained in derivatives trading. According to the AP, the exchange conveyed 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 added the financial standing of Gulf Bank, the country's second biggest financial institution, will not be affected by the losses.
Last week, Gulf Bank said it posted a 13.8 percent fall in third-quarter net profit.