Kuwait stocks slump to 7-week low
Kuwait, June 30, 2013
Kuwait's bourse fell to a seven-week low on Sunday as fund managers adjust holdings on the final day's trading of the first half of the year.
The index fell 1.8 per cent to close at 7,773 points, its lowest close since May 9. The market was still up 31 per cent year-to-date.
It has dropped 2.3 per cent since June 16, when the country's constitutional court dissolved parliament and called for fresh elections under a voting system rejected by the opposition.
But the court's ruling and the market correction may be coincidental, with analysts saying the drop is more due to investors booking early-year gains ahead of the usual summer trading slowdown.
Market volumes drop to 314 million, the lowest one-day total since late-February.
"The move would've been much worse if this was a busier time of the year like September," says Fouad Darwish, head of brokerage at Global Investment House.-Reuters