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Kuwait's KIA could inject $15bn in bourse 
Kuwaiti traders following the fluctuations of the stock exchange. (AP)

 
By
 
Reuters  on 10/9/2008 

The Kuwait Investment Authority (KIA), the Gulf Arab state's sovereign wealth fund, is capable of injecting almost $15 billion in the local market and might withdraw money invested abroad, a newspaper said on Thursday.

KIA, which manages the Gulf Arab state's oil-generated assets, said earlier this week it was ready to pump more into the Arab world's second-largest bourse after having increased exposure to the market. It gave no volumes.

"The Kuwait Investment Authority confirmed its ablility to pour almost $15 billion in the local stock market," Al Qabas said in an unsourced report.

The paper added that KIA has increased its available deposits in local banks to billions and might withdraw money invested in foreign markets.

KIA could not immediately be reached for comment.

 


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