Bahrain-based Gulf Finance House (GFH) has said its financial position is in good shape, with no significant risk to operations and that its projects are progressing well.

In a statement yesterday, the Islamic investment bank blamed the sudden steep decline in its Kuwait-listed shares on "speculative trading activities based on rumours being created in the market, without having any substance to the banks actual operation and activities".

The stock closed Sunday at 44.50 Kuwait dinars, down 4.30 per cent from the previous close of 46.50 dinars.-Reuters