KUWAIT CITY, June 10: Boursa Kuwait ended Tuesday’s session on a positive note, with the general index climbing 57.36 points, or 0.70 percent, to close at 8,216.99. Trading activity was robust, as 369.9 million shares changed hands through 21,325 transactions, generating a total value of KD 101.9 million (approximately $311.8 million). The Premier Market Index led the gains, advancing 70.37 points, or 0.79 percent, to finish at 8,924.60. Trading volume on the Premier Market reached 222.5 million shares across 12,829 transactions, with a turnover of KD 84.5 million (about $258.5 million). Meanwhile, the Main Market Index edged up by 16.50 points, or 0.24 percent, settling at 7,007.87. Investors traded 147.4 million shares in 8,496 deals, with a total value of KD 17.4 million (roughly $53.2 million). The Main 50 Index also posted gains, rising 14.72 points, or 0.20 percent, to close at 7,196.18. A total of 128.2 million shares were traded through 5,931 transactions, amounting to KD 13.8 million ($42.2 million).(KUNA)

KUWAIT CITY, June 10: Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED) Waleed Al-Bahar said Tuesday, the fund financed 540 development projects in more than 50 African countries at a value exceeding USD 11.4 billion. This came as Al-Bahar participated in the Africa Day celebration held at the invitation of the ambassadors and heads of African diplomatic missions accredited to Kuwait to commemorate the founding of the African Union.

The fund’s operations in Africa and its projects represent approximately 57 percent of its total global activity and have contributed to a qualitative shift in the economies of African countries and improved people’s living, said Al-Bahar in a statement. He expressed pride in KFAED’s relations with African countries, stressing his commitment to strengthening bilateral relations and achieving greater progress, prosperity, and development for the peoples of the continent through ongoing cooperation.

Regarding the Africa Day celebration, Al-Bahar said that the fund is participating for the ninth consecutive year with a special pavilion highlighting its development and humanitarian efforts on the African continent. This year’s celebration saw the participation of more than 30 African Union embassies, displaying their cultural and historical heritage through exhibits, collectibles, and craft tools that reflect the diverse professions and activities of each country, he added. KFAED was established in 1961 as the first development institution in the Arab region, before expanding its scope of activities to include developing countries starting in 1974, with its contributions reaching 105 countries to date. (KUNA)

KUWAIT CITY, June 10: Gold prices declined to USD 3,310 per ounce last week affected by strong American labor market data, specialized economic report showed. A report by Kuwaiti Dar Al-Sabaek mentioned that the week started with a high of USD 3,403 an ounce, but gradually decreased due to lack of incentives profit making. American jobs report for the month of May included the addition of 139,00 job, surpassing expectations of 125,000, with unemployment rates remaining at 4.2 percent, supporting strength of the dollar and increasing bond yields.

The report stated that trade talks between the United States and China played a role in limiting gold’s gains after the two presidents held a phone call that helped calm tensions, followed by the announcement of an upcoming trade meeting in the British capital, London. It indicated that geopolitical tensions in other regions, such as the Russian-Ukrainian crisis and escalating events in the Middle East remain supportive factors for gold prices, in addition to the continuous intensified purchases the precious metal by central banks around the world, in a strategic shift away from dollar-denominated assets.

The report noted that global markets are awaiting the release of US inflation data this week, starting with the Consumer Price Index on Wednesday, followed by the Producer Price Index on Thursday, followed by the University of Michigan’s Consumer Confidence Survey on Friday. It indicated that this kind of data is pivotal in determining the path of monetary policy by the US Federal Reserve ahead of its meeting scheduled for the 17th and 18th of this month. Locally, the price of 24-karat gold reached KD 32.750 per gram (approx. USD 107), while the price of the 22-karat gram reached KD 30 (approx. USD 98) and the silver kilogram KD 407 (approx. USD 1,329). (KUNA)