Gulf Stock Exchange Crash - The Rise and Fall of the Souq Al-Manakh

The collapse of Souq Al-Manakh in Kuwait in August 1982 was the most spectacular financial crash of recent years. The market had developed as a parallel stock exchange dealing in the shares of Gulf companies not resident in Kuwait. Fuelled by manic speculation, the market grew at a phenomenal rate throughout 1981 and early 1982. Inexperienced investors gambled huge sums on the shares of shell companies promoted largely for share speculation. At the height of the market US$92 billion was outstanding on nearly 30,000 postdated cheques, the usual form of payment used in the market. The financial crisis created by the collapse of the Souq Al-Manakh threatened the stability of Kuwait. The government was forced to intervene and absorb the major part of the loss. This book, first published in 1986, traces the growth of the stock market and analyses its collapse. It also discusses in detail the wider impact of this debacle on the economic life of the Gulf.

List of contents

1. Kuwaiti Public Companies 1950-80  2. Gulf Public Companies 1976-82  3. Gulf Stock Exchange  4. Gulf Stock Exchange Crisis

About the author

Fida Darwiche

Summary

This reissue (1986) traces the growth of the Souq Al-Manakh stock market in Kuwait and analyses its collapse. It also discusses in detail the wider impact of this debacle on the economic life of the Gulf.

Product details

• Authors: DARWICHE, Fida Darwiche, Darwiche Fida
• Publisher: Taylor & Francis Ltd.
• Languages: English
• Product format: Paperback / Softback
• Released: 31.12.2017
• EAN: 9781138184053
• ISBN: 978-1-138-18405-3
• No. of pages: 178
• Series: Routledge Library Editions: The Gulf; Routledge Library Editions: The Gulf
• Subjects: Social sciences, law, business > Business > Management; Business & Economics / Investments & Securities / General, BUSINESS & ECONOMICS / Economic History, Commodities, Arabian Peninsula, Economic & financial crises & disasters, Economic and financial crises and disasters, Investment and securities, C 1980 To C 1990, c 1980 to c 1989