Tuesday 7 August 2012

MIDEAST STOCKS-Political turmoil drags Kuwait to 7-mnth low | News by Country | Reuters

Kuwait's bourse slumped to a seven-month low after members of parliament again boycotted a session of the country's assembly on Tuesday, foiling an attempt to swear in a new cabinet and further highlighting the political travails hampering the state.

The move, the second such boycott in a week, makes the assembly's dissolution and further elections - Kuwait has seen eight governments come and go in just six years - more likely.

The political stagnation is blamed for delaying much needed economic development, with the head of Kuwait's largest bank slamming the deadlock last month in a rare public outburst for the Gulf Arab region.

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