Markaz: GCC and Global Markets were positive in anticipation of a pause in Fed Rate Hikes

Markaz: GCC and Global Markets were positive in anticipation of a pause in Fed Rate Hikes

Kuwait: Kuwait Financial Centre “Markaz” recently released its Monthly Market Review report for the month of April 2023. Kuwait’s All Share Index witnessed an increase in April, posting a monthly gain of 1.3%. Among Boursa Kuwait’s sectoral indices, Insurance sector gained the most at 10.7%, while the Technology sector lost 8.5% for the month. Among Premier Market stocks, Gulf Cables and Electrical Industries Co. and Alimtiaz Investment Group gained the most for the month, rising by 16.0% and 14.9% respectively. Ali Al-Ghanim Sons Automotive Co. fell the most for the month at 4.1%.

Kuwait consumer price inflation (CPI) rose by 3.7% y-o-y and 0.7% m-o-m in March primarily driven by Food & Beverage prices, which jumped by 7.5% y-o-y and 0.7% m-o-m. Kuwait's real GDP growth is anticipated to rise by 0.9% in 2023 according to the IMF World Economic Outlook update from April 2023, much lower than the previous estimate of 2.6% in October 2022. Average inflation is forecasted at 3.3% in 2023, higher than the previous estimate of 2.4%. In terms of per capita GDP in terms of purchasing power, Kuwait has fallen in the rankings of the richest nations in the world, falling to 36th place out of