Kuwait Investment Authority (KIA), the Gulf Arab state's sovereign wealth fund, has injected about 400 million dinars ($1.37 billion) so far into a fund to support the bourse, an official said in published remarks on Monday.
Kuwait Investment Co (KIC), a unit of KIA, has managed the fund since Dec. 24, the firm's Chairman Bader al-Subaie was cited as saying by local newspapers Al-Qabas and Al-Watan. KIC has managed to bring back gradual stability to the stock market through the fund, the papers added.
KIC could not immediately be reached for comment.
In November, Kuwait asked the KIA to set up a 1.5 billion dinars fund to stabilise the second-largest Arab bourse, which fell 38 percent last year during a regional stock market rout triggered by the global financial crisis.
KIA owns a 76.19 percent in KIC, according to bourse data.