Boursa Kuwait records net profit of KD 8.42 million for H1 of 2023

Boursa Kuwait records net profit of KD 8.42 million for H1 of 2023

KUWAIT: Boursa Kuwait announced its financial results for the first half of 2023, recording a net profit of KD 8.42 million during the period ended 30 June 2023, which represented a decrease of 21.4 percent compared to the first half of 2022. The decline can be attributed primarily to lower trading activity compared to the exceptional trading activities witnessed in the same period of 2022, which were the highest first half results for the exchange since its privatization.

In the first half 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, as a result of the fluctuation of oil prices and a fear that the turmoil of global banks would be transmitted to the region’s markets, many market indices saw a gradual decline in their performance, with exchanges witnessing a decrease in trading volume as well.

Despite these challenges, Boursa Kuwait remained steadfast in its commitment to promote the Kuwaiti capital market to the international investment community. The company continues to adopt