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Finance minister says suspension of KSE trading "dangerous"

KUWAIT, Nov 13 (KUNA) -- Finance Minister Mustafa Al-Shimali described Thursday's suspension of trading on Kuwait Stock Exchange (KSE) as "dangerous." Speaking at the National Assembly session, he said that he supported the view of several MPs over the administrative court decision issued today, which ordered the suspension of KSE trading.
He said, "The consequences of this court order will be grave." Moreover, he said, "We respect the court's decision ... as government, we have to execute (the order)." Al-Shimali wondered how those who filed the suit would bear the responsibility for this issue, and hoped "that we will not be dragged into further suits in the future."

The Court of First Instance had ordered today the suspension of trading on KSE until the filed suit is looked into on November 17.
A number of MPs had warned of halting KSE trade, saying that the court's decision was "the most dangerous decision" taken in relation to the Kuwaiti economy and the bourse.
They explained that closing the bourse signaled lack of confidence and would further drive the index down once trading resumed, wondering who would bear the consequences of such action.
They stressed the need to benefit from experiences of other countries, while fortifying the Kuwaiti stock market.
The MPs also called on the government to take measures to limit damages resulting from the closure of KSE. (end) ms.ema