Markaz: Kuwait bucks the trend by increasing 3.6% in November

Markaz: Kuwait bucks the trend by increasing 3.6% in November

Kuwait: Kuwait Financial Centre “Markaz” recently released its Monthly Market Review report for the month of November 2022. Kuwait’s All Share Index witnessed an increase in November, posting a monthly gain of 3.6%. Among Boursa Kuwait’s sectoral indices, Technology and Consumer Staples sectors gained the most at 26.5% and 7.4% respectively, while the healthcare sector lost 5.7% for the month. Among Premier Market stocks, ALAFCO Aviation Lease and Finance Co and National Investments Company (NIC) gained the most for the month, rising by 19.6% and 13.4% respectively. Mobile Telecommunications Company and Gulf Bank fell the most for the month at 2.0% and 1.2% respectively. Jazeera Airways reported a net profit of KD 20.77 million for the nine month (Jan – Sep) period in 2022 relative to KD 0.07 million in the same period last year, with a passenger increase of 410% y/y. Kuwait Projects Company (KIPCO) has completed its merger with Qurain Petrochemicals Industry (QPIC), with the merged entity trading under Kuwait Projects Company’s name. The swap ratio for every QPIC share was 2.24 KIPCO shares.

Central Bank of Kuwait kept its policy rate unchanged even as the U.S Fed raised rates by 75 bps in November. Kuwait posted a fiscal