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‘OTC trading hiked 363.9% last week’

KUWAIT CITY, March 18, (KUNA): Kuwait’s Over The Counter Market (OTC) spiked 363.9 percent last week, compared to the previous week. The total trading reached 5.3 million shares at a value of KD 478,200 (around $1.5 million) done through 35 transactions.

In its weekly report, Al-Mawazi. com indicated that ‘immediate’ transactions recorded a negative performance, with trading reaching 786,700 shares at a value of KD 81,400 (around $268,600) done through 26 transactions. Au contraire, special transactions were had a positive trend, with 4.5 million shares changing hands at a value of KD 396,800 (around $1.3 million) through nine transactions.

Boursa Kuwait had launched OTC as a new trading platform for those companies that are not listed on the bourse. OTC transactions are carried out through licensed brokerage offices working under Capital Markets Authority bylaws and Boursa Kuwait rules. The fresh market aims to create a transparent environment by bringing buyers and sellers together using fully supervised mechanisms. The trading platform adopts clearing and settlement procedures.

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