Bedoon activists refuse to support majority MPs |
Kuwait Times - 23 July, 2012
A number of MPs from the majority bloc have asked Bedoon activists who have been leading demonstrations to demand Bedoons’ rights and citizenship to support it in various Diwaniyas and to join future demonstrations and festivals they intend holding at the determination yard.
In this regard, informed sources said that the demands were made more than once and that the only response the lawmakers received was to be blamed for letting Bedoons down in the 2012 parliament.
“The majority MPs had enough votes in the 2012 parliament and could easily impose discussing the Bedoons’ issue on the NA’s agenda if they were actually convinced of it”, said Bedoon activists, accusing the majority MPs of only using the Bedoons’ issue as propaganda.
Further, the activists slammed MP Ahmed Al-Saadoun and his refusal to help the Bedoons. They added that he even moved the majority’s seminar from Mohammed Al-Khalifa’s diwaniya in Jahra to avoid the Bedoons. “Thus, we will forget them as they forgot us”, emphasized Bedoon activists.
Meanwhile, three members of the Salafi alliance asked to be nominated to run in elections in the second constituency, instead of MPs Khaled Al-Sultan and Abdullatif Al-Ameeri.
Notably, the Salafi alliance seems to agree that both MPs were no longer welcomed and that if they were once more elected, this would be undermining the alliance’s credibility.
Of another concern, the Fluor Engineering Establishment of Texas USA announced that both Kuwait and the UAE would propose two projects to build a refinery and a plant to import liquified natural gas.
In this regard, Fluor’s deputy CEO in KSA, Colin Mackenzie, said that Fluor had made two offers to build a refinery and develop two diesel and gas producing plants in Kuwait at a cost of $ 15 million each. “We also applied to win a contract to perform engineering work and design a project to build a plant to import liquified natural gas in UAE.
Economically speaking, a recent report stressed that Kuwait is listed last among Arab states in attracting foreign investments, while it came in first amongst Arab states in its investments in other countries, with a volume of $ 8.71 billion in 2011.
According to Bayan Investment Company’s weekly report, the Kuwait Stock Exchange (KSE) ended last week at a variance, as the price index ended last week with a decrease of 0.01%, while the weighted index increased by 0.51% compared to the closings of the week before, where KSX-15 Index declined by 0.15%.
Furthermore, last week’s average daily turnover decreased by 31.24%, compared to the preceding week, reaching KD 12.18 million, whereas trading volume average was 141.25 million shares, recording a decline of 43.30%.
Further, KSE indices fluctuated last week and closed at a variance, as only the weighted index closed in the green zone while the other two indices closed in the red zone. Despite the positive trading performance at the beginning of the week, due to the purchasing activity that included different large-cap and small-cap stocks, quick profit taking operations overwhelmed the purchasing power, and pulled both price and KSX-15 indices into the red zone.
Moreover, KSE’s performance suffered recently from a general trading weakness due to the absence of positive motives that improve traders’ appetites for purchasing. This absenteeism was reflected on last week’s decline in trading activity, especially the average daily turnover which never exceeded KD 12.13 million.
In addition, investors continued waiting for the semi-annual financial results of the listed companies, amidst hopes to be declared at an earlier time before the end of the legal declaration period, which will end in the middle of next month.
As far as the annual indices’ performance, two of the market’s main indices recorded losses. While the price index recorded gains of 0.80%, the weighted index gains reached 0.13%, while the KSX-15 index decreased by 1.35%.
By the end of the week, the price index closed at 5,860.7 points, down by 0.01% from the week before closing, whereas the weighted index gain a 0.51% weekly loss after closing at 406.2 points. Moreover, the KSX-15 index recorded a 0.15% weekly loss after closing at 986.5 points.
Six of KSE’s sectors ended last week in the red zone, while the other six sectors closed in the green zone. The Oil & Gas sector headed the losers list as its index declined by 1.52% to end the week’s activity at 909.39 points.
The Financial Services sector was second on the losers’ list, whose index declined by 1.51%, closing at 844.77 points, followed by the Technology sector, as its index closed at 1,041.32 points at a loss of 1.17%. The Consumer Services sector showed the least decline, as its index closed at 943.92 points with a 0.47% decrease.
On the other hand, last week’s highest gainer was the Consumer Goods sector, achieving a 2.23% growth rate as its index closed at 958.88 points. Whereas, in the second place, the Banks sector’s index closed at 969.48 points recording a 1.69% increase.
The Real Estate sector came in third as its index achieved 0.16% growth, ending the week at 911.53 points.
The Financial Services sector dominated total trade volume during last week with 388.90 million shares changing hands, representing 55.06% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 17.42% of last week’s total trading volume, with a total of 123.02 million shares.
On the other hand, the Financial Services sector’s stocks were the highest traded in terms of value, with a turnover of KD 21.86 million or 35.88% of last week’s total market trading value. The Banks sector took second place, as the sector’s last week turnover of KD 13.51 million represented 22.18% of the total market trading value.
KSE total market capitalization grew by 0.50% during last week to reach KD 27.53 billion, as six of KSE’s sectors recorded an increase in their respective market capitalization, whereas the other Six recorded declines.
The Consumer Goods sector headed the growing sectors as its total market capitalization reached KD 609.70 million, increasing by 2.62%. The Banks sector was second in terms of recorded growth with a 1.05% increase after the total value of its listed companies reached KD 13.72 billion.
Third place was for the Insurance sector, whose total market capitalization reached KD 312.06 million by the end of the week, recording an increase of 0.62%. The Basic Materials sector showed the least growth with 0.32% recorded growth after its market capitalization amounted to KD 606.48 million.
On the other hand, the Health Care sector headed the decliners’ list as its total market capitalization decreased by 5.22% to reach, by the end of the week, KD 208.51 million.
The Technology sector was second on this list, where market value of its listed companies declined by 2.63%, reaching KD 68.20 million, followed by the Oil & Gas sector, as its market capitalization amounted to KD 357.66 million at a 2.02% decrease.