Demonstrations at the Kuwait Stock Exchange
The Kuwait Stock Exchange, the second largest in the Arab world tumbled at opening today. I don’t know what that will mean for us regular folks (more price increases at McDonalds?) but there are currently investors outside the stock exchange demonstrating. The 4th Ring Road blog are dramatically calling this the “KSE Bloodbath” and are currently tracking things and posting pictures of the demonstration, here is their [Link]
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Oct 23, 2008
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20 Comments, add your own...
1. chika | October 23rd, 2008 at 12:29 pm
wow
2. Dave | October 23rd, 2008 at 12:36 pm
What are they complaining about? Are they so naive that they are unaware stocks can actually go down in value? Honestly, it’s a stock market, not a charity.
3. moayad | October 23rd, 2008 at 12:43 pm
Dave..
They are asking for a government intervention, just like what all the “good” governments did around the world.
4. moayad | October 23rd, 2008 at 12:45 pm
BTW Mark… how come your picture is of better quality than theirs? :D
5. Kuwait | October 23rd, 2008 at 1:02 pm
mouyad, they took a picture with the window closed. Mark opened the window and took one :P
6. naserm | October 23rd, 2008 at 1:12 pm
LOL THE VIEW IS FROM MY OFFICE WINDOW
7. Komsomol | October 23rd, 2008 at 1:30 pm
Government intervention to alleviate loans taken out by citizens knowing they can’t pay them back.
Government intervention to increase salaries to offset inflation knowing it will create more inflation.
Government intervention to rescue the stock exchange.
8. croco rock | October 23rd, 2008 at 1:35 pm
Welcome to the reality of Kuwait. Thanks to ZERO economic reform or ZERO goal establishing, our economy, which is completely dependent on Oil revenues is susceptible to such collapse.
Congratulations to all those who’ve kept Kuwait in the stone ages for all these years.
You’ve single handidly managed to detract foreign money, foreign investment and removed any safety nets that we could have built for ourselves.
9. Dave | October 23rd, 2008 at 1:54 pm
@Moayad
Those governments didn’t intervene to prop up share prices, they intervened to prevent banks from collapsing and to try and unfreeze intrabank loaning. That might help share prices to stabilize, but that’s an indirect consequence. Like I said, if they are protesting about falls in share prices, then it’s pretty daft. They benefited when they went up, they’ll have to take the consequences now it’s going down. Just because they haven’t experienced it before doesn’t mean they should expect shares to continually rise - that goes against everything that is known about the cyclical nature of the market.
10. sfsa78 | October 23rd, 2008 at 2:23 pm
I totally agree with dave. Our banks have hardly been effected bythe internation financial crisis.. No need for govt to step in. The speculators/investors should blame themselves for buying on margin basis(agil).. Which forced them to sell at loss creating this spiraling snowball effect. If only they didn’t sell then the stock prices would not have fallen in such a manner. Watch for the money being taken out of the stock exchange and reinvested in realestate… Real estate will appreciate in Kuwait.. Bad news for some and good news for others. :)
11. Les | October 23rd, 2008 at 3:10 pm
these people demonstrating are the small investors and investment companies shareholders. They are demonstrating against the government from not protecting them during the crisis…you can check it out on
http://www.arabianbusiness.com/535752-investors-dealers-protest-at-kuwait-stock-market?ln=en
12. Salbader | October 23rd, 2008 at 3:22 pm
Dave… Thanks!
13. Yousef | October 23rd, 2008 at 3:48 pm
Dave:
As if the government hasn’t already stepped in once.
When will Kuwaities grow up and realize they can’t depend on the government all the time?
I say remove social allowance, privatize government sectors, start taxing people, and diversify!
God if with oil we’re complaining like bitches, dare I ask what will happen when the oil runs out?
14. KTDP | October 23rd, 2008 at 3:50 pm
what are they protesting for or against. Stock markets have to rise and fall. It’s like life and death. Funnily enough people have to find someone to blame for that as well. (usually yours truly)
15. Equalizer | October 23rd, 2008 at 4:07 pm
Actually I think this is good. It will put some sense back in those that never actualy had it. This was all a big fluff from the start and they should not have wasted al their savings on fancy clothing and cars thinking this will be an ever lasting cash paradise. If anything, it is the government that needs to be blamed for giving people the green light for a savings smack down and going easy on loans. Next time Kuwaitis go to the voting centers, they should really think hard about who they vote for.
16. Abdulmohsen | October 23rd, 2008 at 5:03 pm
Well written Equalizer, what happened today is a reality check for most investors.
17. sfsa78 | October 23rd, 2008 at 7:40 pm
let’s hope the kuwait’s financial crisis has an effect on our future elections like were seeing in the USA.. There voting for a young liberal democrat reformist who will bring about change to the establishment…. Instead of old aged, right wing, conservative, religious idiots.
i think this could be an advantage for the democratic alliance.
18. Duke. | October 24th, 2008 at 12:17 am
They just want to be recognized. :p
19. Bader | October 26th, 2008 at 9:18 am
inflation will lead to the collapse of the US government, so buy gold and stash it under your pillow
20. miss ghesquiere | October 26th, 2008 at 2:53 pm
bes this is SO WEIRD, KSE has strict regulations on the price movements of individual stocks per day, there has obviously been some kind of violation!! and DAVE: learn about our stock market before you start criticizing “charity-loving, coddled” Kuwaitis! They are obviously protesting a problem rather than personal loss (which would be enough to send many over the edge!) YOU try it!!
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