Kuwait stocks surge on note of optimism

The stock market ended the week on mixed results where the major activity rested on buying inexpensive stocks leading the market index to close on over 6800 points, the first time the general index reaching that far since Feb. 2011, said a report published here today. Overall, there was the usual rush to buy blue chip stocks, in particular those of the major banks, as a lot of the investors hedged their bets while waiting for the final financial statements for the year 2012 for many firms listed on the exchange board, said the report by Bayan Investment Co. However,the buying mood of investors was seen by some market pundits as a good sign that the upcoming few weeks will witness a buoyant market fueled by optimism, said a report issued today by Al-Oula brokerage company. The continued buying mood will no doubt spike the market general index to hopefully new heights, said the report. A number of market watchers thought that the fact that the national assembly seeks to drop interest charges from some 67,000 loan defaulters can also be considered a factor in seeing a healthy resurgence of the market lately, said the report.