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Kuwait's Boubyan Up as NBK Eyes Stake Increase

April 10, 2012 2:53 by kippreport

Shares in Kuwait’s Boubyan Bank rally after National Bank of Kuwait (NBK) received regulatory approval to up its stake in the Islamic lender.

Boubyan’s shares climb 3.6 percent. NBK has been given approval to raise its stake in Boubyan to 60 percent from 47.29 percent.

NBK’s shares give back early-session gains to trade flat.

Kuwait Finance House climbs 1.4 percent and Gulf Finance House adds 1.8 percent.

Kuwait’s index advances 0.5 percent to 6,150 points, extending year-to-date gains to 5.8 percent and rallying from Monday’s six-week low.

Tags: Boubyan Bank, Kuwait, Kuwait’s Financial Index, National Bank of Kuwait, Stocks-Mideast