16 December 2009

IFA Funds achieved outstanding returns during the month of November 2009 on the report of «Global» monthly performance of local shares.

The IFA Investment Fund declined (3.03%) during the month of November, and outperform the performance of the weighted index of the Kuwait Stock Exchange, which fell by (8.46%) during the same period. The IFA Islamic Fund (Alasadjad) has dropped (2.86%) during the month of November, achieving a solid performance to the benchmark ratio of Al-Madar compatible with Islamic law, which registered a decrease of (10.42%). Deputy President of the local shares in the asset management Mr. Abdullah Khozam said « IFA achieved one of the best results by similar funds, which confirms our excellence in the management of local funds, an investment policy is working hard since the beginning of the year to enhance their returns through diversification of assets and to maintain some liquidity in the funds to take advantage of investment opportunities existing in the market ». Since we are in the fourth quarter of the year, which is witnessing a historic decline in the value of liquidity and a decline in value of the index, but the presence of attractive buying opportunities for a number of shares will increase the circulation.

Khozam said that the decline in stock market in November was the result of several influences, including trial «Agility» menu as part of its current dispute with the U.S. Department of Defense, and the many questions submitted by the deputies of the nation, as well as the repercussions of the debt crisis of Dubai, which is expected to affect the Kuwaiti economy relatively limited. Mr. Khozam added that «The management team, of local funds has a clear strategy towards the Kuwait Stock Exchange for the next period, represented in achieving excellent returns on short and medium term by taking advantage of investment opportunities available in the Kuwait Stock Exchange».