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Sun 26 Oct 2008 12:57 PM

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Gulf Bank shares suspended

Kuwait bourse investigating derivative contract losses incurred by some of its clients, central bank says.

The Kuwait Stock Exchange halted trading in Gulf Bank as it investigated derivative contract losses incurred by some of its clients.

The exchange received a report from the bank which attributed the losses to the drop in the euro exchange rate against the US dollar, state news agency KUNA reported.

“The Kuwait Stock Exchange is halting trade in the shares of Gulf Bank as of Sunday until the whole situation over some of its clients’ derivative contract losses is clear,” KUNA quoted Kuwait central bank governor Sheikh Salim Al-Sabah as saying.

Gulf Bank shares have lost about 43 percent this year while the Kuwait Stock Exchange has retreated about 19 percent on fears of a slowing world economy.

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