Yang kena getah krisis itu bukan hanya orang kafir...

Sunday, October 26, 2008
13:45 Mecca time, 10:45 GMT      
News Middle East
Falling shares trigger Gulf protest
The traders marched to the council of ministers building after they staged a 
walkout [AFP]

Kuwaiti traders have staged another walkout after shares in the oil-rich Gulf 
region plunged in panic over a global recession.

The traders left the trading chamber at the Kuwait Stock Exchange on Sunday 
after the index dived more than 300 points a few minutes after the opening.

They had also deserted the stock market on the week's final day on Thursday.

About 30 of the traders marched to the nearby council of ministers building 
where the cabinet was reported to be in an emergency session to discuss a bill 
to guarantee bank deposits.

The oil-rich emirate's central bank had earlier announced that a draft law 
would be urgently submitted to parliament to guarantee bank deposits after it 
was found that the second largest lender made losses in derivatives trading.
The Central Bank of Kuwait said that it had decided to appoint a supervisor for 
the Gulf Bank operations in management of treasury, forex and share deals.
But it affirmed that the bank's position was strong and it was fully capable of 
providing its normal banking activities.

Ibrahim Dabdoub, the chief executive officer of the National Bank of Kuwait, 
the largest in the emirate, meanwhile called for the suspension of trading on 
the stock market.
"If I were the man responsible for the stock market, I would order an immediate 
suspension of trading because of panic trading," he told the CNBC Arabiya 
satellite channel.

Markets across the region opened low on Sunday amid gloomy economic prospects.
The Kuwait Stock Exchange Index shed 3.2 per cent while the Saudi stock market 
opened down 3 per cent. Markets in Qatar and Dubai also showed a downward 
 Source:     Agencies

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