The Kuwait Capital Markets Authority issued a Disciplinary Board decision against Kingdom Opportunities General Trading and Contracting Company for breaching the Market Conduct Rules, imposing a financial penalty of KD 10,000 and requiring the firm to repay KD 76,672.439 as the benefit gained from the violation. The misconduct involved trading through the firm’s electronic account that influenced the order book by entering several relatively large buy orders at prices below the prevailing market price while executing smaller purchases at higher prices, creating a false impression of strong buy-side demand and contributing to an unlawful increase in the share price. Most of the large orders were not executed and were intended to be cancelled, and the firm split orders to present a misleading picture of multiple buy requests across price levels, which attracted other traders and increased momentum. The authority found the firm then sold 27,560,326 shares at the best prices available under these artificial conditions to realise the stated benefit. The decision provides for notification of the CMA Board of Commissioners and the concerned parties.

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