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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: Tom Byron who wrote (8366)	11/18/1999 10:30:00 PM
From: long-gone	Read Replies (1) \| Respond to of 81226

Kuwait stocks sink to lowest level in 42 months KUWAIT, Nov 16- Kuwait's stock index fell sharply on Tuesday to its lowest level in 42 months on lack of investor confidence and growing internal fueds. The Kuwait Stock Exchange (KSE) .KWSE index fell 17.7 points, or 1,23 percent to 1418.5 points after recording record year lows in the last two sessions. The continuing decline comes despite repeated assurances by the government of the OPEC member that the country's economy was improving on the back of the recent improvement of world oil prices. Central Bank Governor Sheikh Salem al-Sabah has been facing strong criticism after warning last week against state intervention to boost the market, which has shed more than 50 percent since hitting an all-time high two years ago this month. Public feuds among some major players who were once in close alliance on the market are also weighing heavily on setiment, triggering concerns of the true size of their holdings and the financial standing of related listed concerns. Tuesday's sharp decline was accompanied by a small rise in daily trading to 2.07 million dinars ($6.82 million) but the value was way below last year's daily average of 14 million dinars and 40 million dinars the previous year. Brokers say that many investors are staying out of the market for fear of further losses on what was once one of the Arab world's largest and liveliest bourses. The KSE is currently 15 percent below its year high. Just a few weeks ago Central Bank Governor Sheikh Salem al-Sabah had been facing strong criticism after "loaning" Kuwait Central Bank's entire gold reserves (79 tonnes) to the Bank of Endland. Since then its currency has been under presure. Many international monetary experts assert a gold "lease" is really a sale, because there is little likelihood the bullion can ever be returned. The Kuwait Central Bank's excuse for "leasing" all its gold was to take advantage of existing near record bullion "lease" rates of 10%. However, bullion "lease" rates have plummeted to about 2% since the hapless Kuwait Central Bank 'gifted' the country's gold to the BOE. Consequently, Central Bank Governor Sheikh Salem al-Sabah has come under sharp criticism Message 11992060