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Thu 30 Oct 2008 08:14 AM

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86% criticise Kuwait stock exchange protests

Arabian Business poll reveals widespread disdain for action of investors and dealers.

More than 85 percent of Arabian Business readers believe the recent stock exchange protests by investors in Kuwait were unwarranted, according to the results of our online poll.

Around 50 dealers and investors demonstrated outside Kuwait's stock market, criticising the government for allowing small investors to suffer after the Arab world's second-largest bourse suffered in the global financial crisis.

The Kuwait bourse has fallen in value alongside other exchanges in the Gulf region over the past few weeks but during 2008 is actually one of the best performers in the world.

And 71 percent of people who took part in our poll called the actions of the protesters "pathetic", adding that they had to accept the bad times because they were happy to take advantage of the good times.

A further 16 percent of respondents said the investors should spend more time concentrating on their jobs of predicting the market moves rather than demonstrating when times are hard.

Brokers handed out leaflets accusing the government of protecting major investors while allowing smaller investors to suffer during the demonstrations last week.

Trading on the Kuwait bourse continued during the protests although many trading desks were vacant.

Kuwait's exchange hit a 18-month low on Wednesday before recovering slightly and eight percent of respondents said they were fully behind the protests of the investors and dealers.

Another five percent applauded their right to demonstrate during difficult times but pointed out that the Kuwait bourse was far from the worst performer in the region.

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Mpower 11 years ago

When they were minting money when the market were going up they never came to share their new found wealth with the Govt, when markets go south they come running for Govt intervention. U can't blame them, Souk Al Manakh is a good example, Govt helped out majority of the investors during the debacle, they are expecting the same. Kuwaiti investors are sour losers, i have suffered a major setback in DFM, i am not even a national but do u see me standing outside the rulers court asking for my money back. High risk involves heavy losses and mighty profits, its part of the game. If there is one thing i like to ask for that is TRANSPARENCY in DFM.