Boursa Kuwait ends lower
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Arab Times
an hour ago
- Arab Times
Kuwait's Awqaf Secretariat donates half a million dinars to Gaza in humanitarian aid
KUWAIT CITY, Aug 4: The General Secretariat of Awqaf (Endowments) announced on Monday that it is allocating half a million Kuwaiti dinars (approximately USD 1.6 million) from endowment proceeds to support the national campaign aimed at aiding the Palestinian people in the Gaza Strip. This initiative, titled 'Fazza for Gaza - Kuwait is by Your Side,' was launched by the Ministry of Social Affairs in collaboration with the Ministry of Foreign Affairs, the Kuwait Red Crescent Society (KRCS), and the Kuwait Zakat House. In a statement to KUNA, Acting Secretary General of the Awqaf Secretariat, Amal Al-Dallal, emphasized that this contribution is part of Kuwait's ongoing commitment to fulfilling the pledges made by donors and reflecting the humanitarian mission of the endowment. Al-Dallal further noted that the contribution is designed to support the distressed and assist those in need. "Kuwait has a firm, unwavering position when it comes to supporting the Palestinian cause," Al-Dallal said. "This initiative reflects the humanitarian role of the State of Kuwait in providing relief to those in need, particularly in times of crisis." Al-Dallal expressed pride in the success of the Gaza relief campaign, highlighting its strong popular and governmental backing. She described it as part of a long tradition of national relief campaigns organized by Kuwait to assist not only the Palestinian people but also those suffering around the world. She extended her gratitude to the generous donors and the Kuwaiti people, thanking them for their swift response to the campaign as soon as the possibility of aid reaching Gaza became clear. 'We are proud of the nation's leadership, government, and people for their commitment to helping Gaza and its people in these difficult times,' she added. The Ministry of Social Affairs launched the urgent Gaza relief campaign on Sunday, in cooperation with the Ministry of Foreign Affairs, the Kuwait Red Crescent Society, and several Kuwaiti charitable organizations. The goal is to provide essential food supplies and meet the basic needs of the people in Gaza. The campaign will continue to accept financial donations until Tuesday, August 5, via the following electronic link: .
Arab Times
15 hours ago
- Arab Times
Boursa Kuwait ends lower
KUWAIT CITY, Aug 3: Boursa Kuwait ended Sunday's trading session with the All Share Index falling by 23.44 points, or 0.27%, closing at 8,594.39 points. Trading activity included 332 million shares exchanged through 22,382 transactions, reaching a total value of KD 68.3 million (USD 208.9 million). The Main Market Index moved up by 42.13 points, or 0.55%, finishing at 7,655.84 points. This came on turnover of 238.4 million shares via 16,538 trades, amounting to KD 33.15 million (USD 101.4 million). Conversely, the Premier Market Index declined by 40.98 points, or 0.44%, to 9,253.22 points, with 93.6 million shares traded through 5,844 transactions, valued at KD 35.2 million (USD 107.7 million). Meanwhile, the Main 50 Index rose by 12.47 points, or 0.16%, to reach 7,617.14 points. Trading in this segment involved 168.3 million shares exchanged across 8,025 transactions, reaching KD 20.9 million (USD 63.9 million). (KUNA)
Arab Times
16 hours ago
- Arab Times
Gold glitters in Kuwait at KD33 per gram
KUWAIT CITY, Aug 3: Precious metal prices in Kuwait witnessed a noticeable increase at the end of last week, driven by strong gains in global gold markets. According to a report issued by Dar Al- Sabaik Company on Sunday, the price of 24-karat gold in the local market reached approximately KD 33.130 per gram, while 22-karat gold stood at KD 30.370 per gram. The price of one kilogram of silver rose to KD 407. The report attributed the local rise to significant movements in international markets, where gold ended the week with a strong gain, closing at $3,362 per ounce. This upward trend was fueled by weaker-than-expected U.S. employment data and a decline in the value of the U.S. dollar, both of which boosted investor demand for safe-haven assets such as gold. In detail, the U.S. economy added only 73,000 jobs in July, falling short of the expected 110,000. This spurred increased speculation that the U.S. Federal Reserve may cut interest rates at its upcoming September meeting. Futures contracts showed a 76 percent probability of a 25-basis-point rate cut. Also, U.S. Treasury yields dropped significantly, with the ten-year bond yield falling to 4.228 percent. The dollar also weakened sharply, losing more than 0.8 percent against major currencies on Friday, further driving gold prices higher. The report also highlighted mounting global trade tensions, including a new U.S. tariff package targeting dozens of countries. Some tariffs reached as high as 41 percent on countries not covered by trade agreements with Washington, and 40 percent on goods suspected of being rerouted through third parties. These developments coincided with escalating geopolitical tensions between Washington and Moscow, notably the deployment of U.S. nuclear submarines, which is seen by analysts as an escalatory move amid the Ukraine conflict. By the end of the week, gold prices in the spot market had risen more than 2 percent on Friday alone, rebounding from a midweek dip to a one-month low of $3,268 per ounce. Looking ahead, Dar Al-Sabaik expects global markets to remain cautious this week due to the lack of major economic data, with investor attention likely to stay focused on the ongoing trade war and statements from Federal Reserve officials.(KUNA)
