KUWAIT: The decline in oil prices and the value of investment assets since the start of the coronavirus outbreak will have an adverse impact on the “financial solvency” of the state, Emir Sheikh Sabah Al-Ahmad Al-Sabah said on Saturday.
“Kuwait is facing the big and unprecedented challenge of shielding our economy from the external shocks caused by this virus, specifically the decline in oil prices and the value of investments and assets, which will have a negative impact on the financial solvency of the state,” the Emir was cited by the state news agency KUNA as saying.
It wasn’t clear if the comment meant that Kuwait could delay the payment of government dues, or whether it was a general statement about the deterioration of the state’s finance as a result of the economic impact of the health crisis.
Moody’s Investors Service has hinted it might downgrade Kuwait's long-term issuer rating.
Oil and investment asset price declines will affect Kuwaiti solvency: Emir
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Oil and investment asset price declines will affect Kuwaiti solvency: Emir
- Kuwait is facing the big and unprecedented challenge of shielding our economy from the external shocks caused by this virus, the Emir said
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
