Business | Markets
Angry brokers demonstrate outside Kuwait stock exchange
Kuwait's stock exchange was struck with a rally on Thursday, as more than 100 traders and investors gathered to demonstrate
- Agencies
- Published: 18:41 October 23, 2008
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Kuwait: Kuwait's stock exchange was struck with a rally on Thursday, as more than 100 traders and investors gathered to demonstrate.
Angry brokers demanded the government halt trading and help them cope with losses after another market slide.
"Halt the trading," several brokers shouted, as they flashed banknotes highlighting their losses, while others showed medicines they were forced to take to cope with rising stress.
The Kuwait stock market has fallen 33 per cent since the start of July, while the Dow Jones shed 26 per cent in the same period. Kuwait shares were down 3 per cent on Thursday.
"The management of the bourse must do its job and monitor the fall, and government must pump money into the stock market," said dealer Waleed Al Zaabi, one of the protestors.
A leaflet handed out by some demonstrators accused the government of protecting major investors but leaving small investors to suffer.
"Billions went to some influential parties to save their investments abroad under the claim of supporting the market, leaving a majority of traders to their fate," the leaflet read.
Calling for a strict regulation for new listings, the head of a dealers' organisation, Mohammad Al Atarah, said: "Procedures need to be revised to stop this blood loss.''
Others demonstrators demanded Commerce and Industry Minister Ahmad Baqer quit or urged the country's sovereign wealth fund, the Kuwait Investment Authority, which has said it is buying into local shares to stop a slide, to do more at home.
Trading was not interrupted by the protest.
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