Falling shares trigger Gulf protest

Traders in Kuwait stage walkout after share prices plunge over global recession.

    The traders marched to the council of ministers building after they staged a walkout [AFP]

    The oil-rich emirate's central bank had earlier announced that a draft law would be urgently submitted to parliament to guarantee bank deposits after it was found that the second largest lender made losses in derivatives trading.
      
    The Central Bank of Kuwait said that it had decided to appoint a supervisor for the Gulf Bank operations in management of treasury, forex and share deals.
      
    But it affirmed that the bank's position was strong and it was fully capable of providing its normal banking activities.

    Ibrahim Dabdoub, the chief executive officer of the National Bank of Kuwait, the largest in the emirate, meanwhile called for the suspension of trading on the stock market.
      
    "If I were the man responsible for the stock market, I would order an immediate suspension of trading because of panic trading," he told the CNBC Arabiya satellite channel.

    Markets across the region opened low on Sunday amid gloomy economic prospects.
      
    The Kuwait Stock Exchange Index shed 3.2 per cent while the Saudi stock market opened down 3 per cent. Markets in Qatar and Dubai also showed a downward spiral.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Israel’s settlements: 50 years of land theft explained

    Israel’s settlements: 50 years of land theft explained

    On the anniversary of UN Resolution 242, Al Jazeera explores the illegal Israeli settlement enterprise.

    Robert Mugabe: Portrait of a presidency

    Robert Mugabe: Portrait of a presidency

    Some key moments in the life of the man who led his country from independence in 1980 until November 21, 2017.

    When is Thanksgiving Day and why is it celebrated?

    When is Thanksgiving Day and why is it celebrated?

    In the US, Thanksgiving Day will be celebrated on Thursday, November 23.