ShareKUWAIT: KPC and its subsidiaries earnestly seek resolution to its differences with Kuwait's oil workers' union to avert any adverse effects on the national economy, spokesman for the Oil Sector Sheikh Talal Al-Khaled Al-Sabah said yesterday. He said in a press statement that KPC has responded favorably to an invitation by the Deputy Director of the Public Authority for Manpower (PAM) Abdullah Al-Mutawtah to attend a meeting today to discuss with union representatives means of ending the dispute between them.
He further said that the oil workers' union did not show up for the meeting. Meanwhile, Kuwait Oil Tanker Co assured the public that liquefied natural gas (LNG) cylinders used for cooking are plentifully available and there is no fear of disruption in its availability. The assurance comes in view of the potential strike that has been called for by the oil workers' union for next Sunday after deadlock in the union's negotiations with the government regarding a number of grievances.
Kuwait bourse
Meanwhile, trades over the past week started amid an upbeat atmosphere, masterminded by major groups namely Al-Kharafi, Al-Bahar and Al-Madina, thus lifting up the main indices. The five sessions were distinguished with emergence of a large number of "small and slack chips," below 50 fils, which played major role in terms of volume and number of transactions, while operating blue-chips, namely those under the KSX-15 index umbrella, were generally stable. Traders were reluctant, particularly in the week first sessions, however their mood changed when Boubyan Bank revealed satisfactory results for the year first quarter, revealing KD nine million worth of earnings.
Most of the operations involved chips valued at 37.5 fils or 50 fils. In the last session, activity was marked with profit bagging, while most of the transactions targeted shares of Baitak, the National Bank of Kuwait, National Investments and Agility. The KSE ended trading on mixed boards Thursday. The price index was down 5. 68 points to 5,300.51 points, while the weighted index rose by 0.62 points to stand at 365.07 points, as well as the KSX 15 index up by 1.26 points, to read 836.14 points. Value of trade was KD 18.3 million while the volume was KD 233 million done through 4,852 deals. - Agencies
