Investors ask court to close Kuwait stock market

MARKET PLEA: Investors in Kuwait are to ask for the Gulf state's stock exchange to be closed. (Getty Images)

A group of unidentified Kuwaiti investors on Tuesday lodged a request at a court urging the government to temporarily close the stock market to protect small investors from losses.

The Kuwaiti court has slated October 9 to hold a hearing on the possible closure of the Kuwait Stock Market, Adel Abdul- Hadi, a lawyer representing the investors, said in an interview with the Dubai-based Al-Arabiya TV, newswire Bloomberg reported.

The move comes as the Kuwait Stock Market hit a 12-month low in performance - but the index is still the best performer in the Gulf region and is in the top 10 worldwide for 2008.

Year to date, the Kuwait exchange is eight percent down which compares favourably with the likes of Saudi Arabia, which is currently about 43 percent down, and Dubai (42 per cent).

The country's commerce and industry minister Ahmad Baqer said on Tuesday that Kuwait stock market's decline was temporary as the local economy was strong but companies should buy back shares to help support the market.

"We think the fall of shares is a temporary issue affected by... global market panic," he said after a meeting with bourse and central bank officials.

He said a governmental task group commissioned to discuss bourse declines has recommended that firms to buy back their shares as a way to support the market.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM