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Tue 14 Apr 2009 10:43 AM

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Gulf Bank share price halves as trading resumes

Kuwaiti bank badly hit by losses in derivative trading and stopped trading last Oct.

Gulf Bank share price halves as trading resumes
SHARE SLUMP: Gulf Bank saw its share price half on Tuesday when it resumed trading after a six-month stoppage. (Getty Images)

Shares in Kuwait's Gulf Bank lost more than half of their value on Tuesday, after trade resumed following suspension late last year.

Kuwait's central bank halted trading in Gulf Bank in October until the end of a restructuring plan ordered by the government after the bank was hit by losses from currency derivative trades.

Gulf Bank shares were at KD0.45 by 06.36 GMT, versus KD0.95 when they were suspended last year. (Reuters)

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