Kuwait fund extends its role as market-maker with US$1.37 billion injection
Source: BI-ME and agencies , Author: BI-ME staff
Posted: Mon April 27, 2009 3:46 pm

KUWAIT. Kuwait Investment Co, an investment unit of the Kuwait Investment Authority, received KWD 400 million (US$1.37 billion) from the KIA to shore up the local stock market, Al-Qabas reported, citing KIC Chairman Bader al-Subaie.

“Until now some KWD 400 million has poured into the portfolio from KIA,” al-Subaie said. The portfolio started operating on the Kuwait Stock Exchange on 24 December and since then the company has been able to gradually regain market stability, al-Subaie said, according to the newspaper.

Kuwait’s cabinet last November agreed to a request from the central bank to start an “urgent investment portfolio” to boost the local stock market. Kuwaiti Finance Minister Mustafa al- Shimali said on 4 December the government plans to buy at least KWD 1.5 billion of local stocks to bolster investor confidence.

Kuwait’s Central Bank Governor Sheikh Salem AbdulAziz al- Sabah said in January that the purpose of the government fund is to play the role of a “market maker” and for the government to make good long-term returns.

 

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