Investment Summit Strikes Bullish Tone

The Kuwait Stock Exchange (KSE) General Index has bounced, but we do not think the bottom has been reached just yet, particularly with yesterday's 5.0% drop in the Dow Jones index. Support for the Kuwaiti market exists at 9,000. However, a flurry of positive comments from Kuwaiti corporates, as well as the substantial support we expect to see from the government and sovereign wealth fund, could provide a short-term boost. While we see some consolidation, particularly in the financial sector, we do not expect any major bankruptcies.

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