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25 February 2024

Retail traders boost Kuwait shares

Kuwaiti stock market (REUTERS)

By Reuters
Kuwaiti shares rise as retail investors boost many small-cap stocks by more than nine per cent as the government sends a proposed plan to help the local economy cope with the global financial crisis to parliament.

Kuwait Pipes Industries and Abyaar Real Estate Co gain more than nine per cent, while blue chips Boubyan Bank and National Industries Group jump 6.33 per cent and 8.33 per cent, respectively.

"In Kuwait there are a lot of retail investors splashing around," says Hashem Montasser, head of regional asset management at EFG-Hermes, adding that day traders were taking cues from a government fund set up to stabilise the market.

"That might help in the short term but you have quite a lot of investment companies in very bad shape, so people are cautious."