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Government fully controlled prices of food, beverages during first four months of year

KUWAIT CITY, April 23: An official indicator, a copy of which has been obtained by Annahar daily shows the government has fully controlled the prices of local food and beverages during the first four months of this year.

Close price controls have forced the outlets to keep the main commodities unchanged but a slight decrease did not exceed the 1 percent barrier, reports Annahar daily. Government sources familiar with the daily said the concerned government authorities are continuing to control and tighten their grip on controlling the prices of goods and services provided to citizens and residents since the month of Ramadan is just around the corner.

The sources pointed out the upcoming offers during the holy month will be monitored closely with the strict application of deterrent penalties on the manipulators. On the other hand, official indicators showed marked changes in investor behavior by the beginning of 2019. A large number of investors returned to the capital markets, commercial and investment sectors and the real estate market.

The sources said that this desire came after preferences in the behavior of domestic and foreign investors in deposits with local banks, where some analysis showed that investors have left some sectors in the recent period such as real estate, stocks and others, preferring to keep their money for a period in banks. In the first four months of 2019, the purchasing power of leading and operating stocks grew as the market approached its entry into emerging markets.

Hermes’ research previously predicted that the volume of foreign investment inflows to the Kuwaiti stock market was $2.4 billion in the event of joining MSCI without taking into account the impact of the upgrade of the S & P and Dow Jones, which have a much lower impact compared to Morgan Stanley. The Kuwait Stock Exchange was able to achieve market capital gains exceeded 4 billion dinars since the beginning of this year and until the end of market activity yesterday, driven by the large gains of shares of the domestic banking sector.

The market capitalization of the stock exchange stood at 33.05 billion dinars, compared with 29.013 billion dollars in the first year. The report noted the concentration of purchases in the banking sector, which accounted for 40 percent of the total value of trading in the first four months of 2019 and the real estate sector by 23.9 percent, followed by financial services and industry.

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