Kuwaiti traders have attributed the absence of key market players from trading at the Kuwait Stock Exchange (KSE) during the Muslim fasting month of Ramadan to the lack of technical incentives on the market.
In separate comments on Sunday, traders spoke to the Kuwait News Agency (KUNA) about other negative effects by the political developments on the local scene, which left their impact on KSE investors, individuals, investment funds and portfolios.
They argue that the conditions on the market have caused many investors to review investment baskets at KSE, seriously considering turning their capital to real state, gold or even other regional markets for high and safe revenues.
Creating a positive environment on the market is necessary to attract key players back, the head of the Traders Group, Mohammad Al-Tarrah, told KUNA. “Issuing favourable legislations and abolishing obstacles facing investors are two basics at stock markets,” he added.
Al-Tarrah urged the KSE and the Capital Market Authority (CMA) to identify the flaws that have forced investors to go to other regional markets, especially Dubai, and offer efficient solutions to attract them to the local market.
The matter is not only confined to major players, but has also influenced small investors, who are always exposed to losses since they can’t leave the market as the key ones do, a trader, Hamid Al-Hajri, told KUNA.
Another trader, Mansour El-Shemmari, said that most key players are solely concerned with their own shares, regardless of others’ stocks. He urged an investigation that could set them under monitoring to prevent them from seeking profits for certain shares at the expense of others.
It was almost all green upon closing today at KSE as the action came to an end with all main indices in green and a lone sector index in red.
At the sound of the bell, the KSE weighted index came to 482.49 points on a gain of 4.26 points, and the price index to 7,178.75 points on an up of 102.75 points, while the KSX 15 came to 1,178.93 points on an up of 10.3 points.
Number of trades was 5,129 transactions worth KD 22.099 million, and the session saw 239.107 million shares changing hands.
There were ten green, three unchanged, and one lone red sector index upon closing, the consumer goods index.
Top gainer share for the day was (SAFTEC), and biggest loser was (MASHAER). The day’s volume top five were (ITHMR), (GFH), (IFA), (ALDEERA), and (SENERGY).
Source : KUNA Kuwait News agency
