National Bank of Kuwait, the emirate’s biggest lender, Kuwait Finance House, and Commercial Bank of Kuwait were rated “sell” in new coverage at UBS AG.
“Falling asset prices spread like a sickness throughout an economy, damaging the banking system,” Dubai-based analyst Stephen Andrews wrote in a note to clients today. “The Kuwaiti banks face significant headwinds over the next 12 to 18 months.”
The analyst set a share-price estimate for NBK and Kuwait Finance House of 900 fils and for Commercial Bank of 650 fils.END
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