Kuwaiti bourse halted by court order after heavy losses in early trading

Special Report:Global Financial Crisis

KUWAIT CITY, Nov.13 (Chinese media) -- The authority of Kuwait Stock Exchange

(KSE) halted Thursday the transactions in the bourse, the second largest one in

the region, under a local court ruling, the official KUNA news service reported.

The Kuwaiti administrative court's decision came as the small investors

resorted to demonstrations after suffering heavy losses in the market, which has

witnessed five straight losing sessions this week despite the government's

bailout efforts in the banking sector.

KSE's suspension will last until Nov. 17, when another court hearing will

be held on the bourse's destiny.

The benchmark index of KSE shed 157.5 points in early morning trade on

Thursday before the suspension, standing at 8694.1 points by 9:29 a.m., while

the weighted index was at 434.11 after shedding 15.41 points, marking the fifth

losing session since Sunday.

Panic became uncontrollable in the oil-rich Gulf country, which suffered

from the repercussions of the global financial turmoil.

The traders kept dumping despite the Kuwaiti Central Bank's guarantee on

the banking sector, particularly the Gulf Bank, which has made heavy losses in

derivatives, according to media reports.