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Kuwait bourse halts trading in 24 firms

The move is routine in the Gulf Arab state.

August 16, 2010 12:38 by

The Kuwait Stock Exchange has halted trading in the shares of 24 companies for failing to publish their second-quarter earnings on time, the bourse said in its website on Monday.

The 24 halted firms, most of which are investment companies, include Aref Investment Group, Kuwait Investment Co and Industrial Investments Co.

The move is routine in the Gulf Arab state, whose investment sector was hit by the global financial crisis.

Kuwait’s bourse, the Arab world’s second largest, stipulates that listed firms publish their quarterly results within 45 days of the end of the quarter, or face a trading halt. The suspension is lifted once the companies announce the results.

(Reporting by Eman Goma; Editing by Dinesh Nair)

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