Boursa Kuwait records net profit of KD 4.31mln for the first quarter of 2023

Boursa Kuwait records net profit of KD 4.31mln for the first quarter of 2023

Kuwait City : Boursa Kuwait recorded a net profit of KD 4.31 million in the first quarter of 2023, a decrease of 17.8% from its recorded profit in the first quarter of 2022, which was due to the decrease in operating revenue stemming mainly from lower trading activity.

In the first quarter of 2023, most capital markets in the Gulf Cooperation Council (GCC) and around the world witnessed a wave of turbulence and uncertainty because of the slowdown in the global economy, which was impacted by high inflation rates and the subsequent intervention of central banks to raise interest rates. Additionally, the fluctuation of oil prices and a fear that the turmoil of global banks would be transmitted to the region’s markets led to the gradual decline of many of these markets’ indices as well as a decrease in trading volume. Furthermore, while GCC equity markets outperformed their global peers during 2022 in terms of index performance, most exchanges experienced a gradual drop in average daily traded value from the second half of 2022, a trend that continued during the first quarter of 2023.

Despite the challenging economic landscape in the region and around the world, Boursa Kuwait was resilient in withstanding