This post has been read 195 times! KUWAIT CITY, Oct 8: Artificial Intelligence (AI) has become more than a “buzzword” recently with
This post has been read 195 times!
KUWAIT CITY, Oct 8: Artificial Intelligence (AI) has become more than a “buzzword” recently with numerous entities, individuals, and groups touting the technology’s usefulness. At the same time, there are others who cast doubts and fears over the reliability of AI, cautioning against its use without limits. On the subject of AI, a number of exchange market and trade experts have pondered and reflected on the issue, saying that AI has been applied in trading and investments in some global markets. Those running Boursa Kuwait are also considering its application to identify fraud and streamline market procedures, they added.
The experts told KUNA in various interviews that there was usefulness in using AI; however, the human factor in trading must remain to ensure things go smoothly. Member of the board of the Kuwait Information Technology Society (KITS) Shrouq Al-Sayegh said that AI could predict market activity and also monitor exchange in various markets at once, a matter that provides investors with investment choices based on detailed data and analysis.
AI could provide fast analytic data for shares and recommend investments based on said data, she added. She pointed out that AI could be used in crisis management at trade markets as well as providing investors with safe choices to avoid losses. Al-Saygeh also noted that AI could provide evaluation to economic and financial news reports, providing users with reliable data to move forward.
Despite the detailed predictions and analyses, AI’s efficacy could reach around 70 percent, which entailed that investors must be involved in the trading process and not depend solely on AI automation. Speaking in a similar fashion, a member of the board of Sorooh International Holding Suleiman Al- Wuqayan stressed that the human element was still a necessity in terms of giving authorization for selling and purchasing of shares unlike AI technology, which might be hacked spelling danger to the whole process. He said that AI could be used in the financial analysis of data, which would reduce time and effort in making investment decisions, but it would be hard for the technology to replace financial portfolios and investment funds, which mostly rely on a human “investment sense” and “intuition”.
Providing a different view, financial and economic expert Maytham Al-Sha’khs cautioned against the use of AI without safety guards, noting that most traders preferred to make decisions through traditional visual and audible means. He called for holding lectures and training courses to explain the use of AI, adding that some traders preferred having brokers handle their businesses. Al-Sha’khs also said that AI could be used to streamline some of the markets’ processes, but full dependence on AI technology remained somehow farfetched.
On his part, the head of the shareholders society Mohammad Al-Tarrah explained that some traders were not very keen on using new technology in the market, opting for making their own decisions instead of depending on innovations. If the passage of time proved that AI or any future technology were reliable, then maybe shareholders would start to trade and make decisions based on them, added Al-Tarrah who affirmed that AI could be used in recent situations to emulate trade and predict the best decisions to be made. A recent report by PricewaterhouseCoopers (PwC) said that there was a possibility to use AI in exchange markets in the Middle East, predicting that the region might receive around two percent of AI benefits by 2030 with GCC countries probably heading investment lists within AI technologies. (By Mohammad Kamal – KUNA)
www.arabtimesonline.com
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