Bahrain’s Gulf Finance House considers Saudi listing, Kuwait delisting

Bahrain-based Gulf Finance House confirmed that it was considering listing on the Saudi Stock Exchange even as it ponders whether to delist from Kuwait’s bourse.

“GFH is still considering the possibility of delisting from Kuwait and listing on Saudi Arabia’s Tadawul,” it said in a statement on the Dubai stock market’s website.

The investment company’s shares, which are also listed in Bahrain and Dubai, were delisted two months ago from the London Stock Exchange, where its shares barely traded.

By contrast, trading volumes of its shares have been healthy on the Kuwaiti bourse.

GFH was the heaviest traded stock on the Dubai Financial Market on Wednesday, losing 0.5 per cent to 70.9 fils.

The DFM General Index ended trade below 4,000 for the first time in a month, closing down 1.3 per cent to 3,986.60, as contagion from falling emerging markets hit the UAE.

Shares in the capital were not as badly affected. Abu Dhabi’s headline index fell 0.6 per cent to 4,692.29.

In Egypt, Emaar Misr’s miserable first week of trading continued unabated.

The shares closed down 4.9 per cent to 3.3 Egyptian pounds, as Egyptian stocks continued to fall sharply.

Shares of the developer, which traded for the first time on Sunday, have since lost 13.2 per cent of their value.

Egypt’s headline index, which has lost 22.35 per cent of its value so far this year, closed down 2.2 per cent to 7,584.27, its lowest level since April 2014.

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