Tuesday 16 October 2012

MIDEAST STOCKS-Kuwait drops to 3-wk low after protests; other Gulf mkts gain - Yahoo! News Maktoob

Kuwait's bourse dropped to a three-week low on Tuesday after a protest rally against possible changes to the country's election law that prompted an investor sell-off, while most other Gulf markets closed higher. Kuwait's index fell 0.9 percent to its lowest level since Sept. 25.
At least five people were arrested and several were hurt in skirmishes at the rally late on Monday, attended by at least 5,000 people, calling on the emir to set a date for upcoming parliamentary elections. Protesters also voiced concern that Kuwait may change its electoral law in a way that would favour pro-government candidates.
"All this negative sentiment is spilling over to the market - there is a lot of retail selling and high net worth
individuals are sitting out," said a Kuwait-based trader who asked not to be identified.

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