Kuwaiti stocks have passed an important point toward elevating their standing after the market paid off the debts that crippled its performance for many years.
Stockbrokers said many factors contributed to the improvement of the stock market. Debtors had until last Wednesday to complete debt payments and the government's decision to allow foreigners to invest in stocks helped elevate stocks at the exchange.
Sound economic laws in Kuwait helped gain the investor's trust that became optimistic about investing in Kuwaiti stocks. Higher oil prices helped the country cover the deficit in its general budget, improving the nation's economic profile.
Officials expect the stock market to continue to improve. The market records show that 81.86 million stocks were exchanged at the market. There were 1,919 stocks bought at a value of $15.5 million Dinars ($49.6 million) –(Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
