Chasing a Capital Market Authority in Kuwait
While the argument over the economic stimulus package continues in the National Assembly, another piece of equally controversial and critical legislation is still being awaited by Kuwaiti traders. In the last few years, Kuwaiti traders repeatedly demonstrated in front of the bourse building against the manipulation of stock prices.
They even demonstrated against the decisions of the administration of the KSE itself for not halting trading - some cases went all the way to courts before they could find any resolution.
These continued standoffs raised many voices that demanded the establishment of an independent, supervisory authority to resolve the conflicts inside the stock market, but the formation of this authority itself seems to cause another kind of conflict - a legal one.
The Kuwait Stock Exchange is the second largest market in the Arab world with a net value of more than KD 40 billion, and yet it remains the only market in the GCC without a capital market authority.
Monday, June 8, 2009
KSE remains bullish; trading activity rises
KUWAIT: Kuwait Stock Exchange (KSE) continued its bullish trend for the third week pushed up by increased trading activity. The index continued its upward movement bringing more gains to the year 2009. As measured by Global's weighted General Index, KSE was up by 7.53 percent at the end of the week and closed at 223.43 points. On year-to-date basis, the index added more gains reaching 8.24 percent as it touched its highest level since December 24, 2008 at the last trading session of this week.
However, forthe month of May 2009 the index gain reached 10.66 percent.The Kuwait Stock Exchange (KSE) price index was also up, adding 351.80 points (4.39 percent) this week as it closed at its highest level since last December at 8,370.50 points.
The market capitalization reached KD36.24bn. Market breadth strongly skewed towards advancers as out of 180 shares traded this week, 124 stocks advanced against 33 closed at lower prices.
KUWAIT: Kuwait Stock Exchange (KSE) continued its bullish trend for the third week pushed up by increased trading activity. The index continued its upward movement bringing more gains to the year 2009. As measured by Global's weighted General Index, KSE was up by 7.53 percent at the end of the week and closed at 223.43 points. On year-to-date basis, the index added more gains reaching 8.24 percent as it touched its highest level since December 24, 2008 at the last trading session of this week.
However, forthe month of May 2009 the index gain reached 10.66 percent.The Kuwait Stock Exchange (KSE) price index was also up, adding 351.80 points (4.39 percent) this week as it closed at its highest level since last December at 8,370.50 points.
The market capitalization reached KD36.24bn. Market breadth strongly skewed towards advancers as out of 180 shares traded this week, 124 stocks advanced against 33 closed at lower prices.
Commercial and apartments sales pick up
KUWAIT: In its latest economic brief on the monthly statistics of registered real estate contracts issued by the Ministry of Justice (MOJ), excluding sales conducted through agents, National Bank of Kuwait reports that the value of real estate sales increased slightly in April.
A total of KD 96.7 million worth of transactions was registered, up by 8% from March. Year-on-year, sales fell by 42.6% in number and by 53% value. NBK notes that the rise in the value of sales was led by the commercial sector, which surged by 51%. Sales of apartments also rose by 13%, while residential sales dropped by 8%.
More detailed data from the Ministry of Justice (MOJ, not shown in the tables) reveal that more than half of all residential sector transactions were accounted for by sales of existing homes, rather than new plots. Meanwhile, two areas that are among the most active markets for privately held vacant plots, Abu Futaira and Ishbilya, both represented 58% of the total traded vacant residential plots. Despite the fact that these areas are relatively far from Kuwait City, there has been an increased interest inthem, perhaps due to the completion of infrastructure.
KUWAIT: In its latest economic brief on the monthly statistics of registered real estate contracts issued by the Ministry of Justice (MOJ), excluding sales conducted through agents, National Bank of Kuwait reports that the value of real estate sales increased slightly in April.
A total of KD 96.7 million worth of transactions was registered, up by 8% from March. Year-on-year, sales fell by 42.6% in number and by 53% value. NBK notes that the rise in the value of sales was led by the commercial sector, which surged by 51%. Sales of apartments also rose by 13%, while residential sales dropped by 8%.
More detailed data from the Ministry of Justice (MOJ, not shown in the tables) reveal that more than half of all residential sector transactions were accounted for by sales of existing homes, rather than new plots. Meanwhile, two areas that are among the most active markets for privately held vacant plots, Abu Futaira and Ishbilya, both represented 58% of the total traded vacant residential plots. Despite the fact that these areas are relatively far from Kuwait City, there has been an increased interest inthem, perhaps due to the completion of infrastructure.
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