Ghenwah Jabouri
and agencies
KUWAIT: Trading at the Kuwait Stock Exchange will resume on Monday, after a court accepted an appeal against a court ruling that suspended dealings last week, a lawyer said on Sunday.
A court had ordered the bourse to suspend trading until Nov. 17 on Thursday after a group of investors filed a lawsuit to halt trading to prevent further declines on the sagging bourse. "The court accepted the appeal... Trading will resume tomorrow (Monday)," Abdullah AlـKandari, one of the lawyers representing the investors told Reuters by telephone.
Reacting to the decision, legal advisor at the Fatwa and legislation Department Ahmad AlـKhadar, applauded the ruling. He said that the court sentence is an administrative correction of what took place on November 13 when the court halted the stock market."
Attorney Labeed Abdal spoke to AlWatan Daily about the decision and said, "After today''s court order to stay the previous court judgment which suspended the dealings in Kuwait Stock Exchange, there will be two options: Oneـthe plaintiffs will have to appeal today''s (Sundays) court order in the Court of the Appeals to try to get an order to reـenforce the the judgment which suspended KSE dealings or try to speed up serious measures to rescue the investment sector from extra melt downs and go back swiftly to a balanced yet regulated free market."
AlـAbdel further said: "The major factor in the KSE crisis was the lack of regulations which crushed small investors."
The ruling comes a day before the administrative court is due to discuss its decision, which was issued on Nov. 13, which halted trading at the bourse.
On Thursday the market had dipped 1.81 percent at 8,691 points.
Also reacting to the decision on Thursday Minister of Finance Mustafa AlـShamali said Kuwait will uphold a court ruling to suspend trading on the sagging bourse, but he criticized the measure as "dangerous", the official Kuwait News Agency (KUNA) reported.
"We respect the court ruling and as a government we only have to implement it," KUNA quoted AlـShamali as saying. "The consequences of this ruling would be dire ... How will those who filed the suit shoulder the consequences?"
Last updated on Monday 17/11/2008
http://www2.alwatan.com.kw/Default.aspx?MgDid=694762&pageId=476
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