Markaz: Kuwait Equities end the year on a positive note despite global turbulence

Markaz: Kuwait Equities end the year on a positive note despite global turbulence

Kuwait: Kuwait Financial Centre “Markaz” recently released its Monthly Market Review report for December 2022. Kuwait market started the year with strong gains, which then moderated in the second half of the year to close with yearly gains of 3.5%. The rebound in economic activity helped Kuwait market to edge upwards despite negativity in global equities. Among Boursa Kuwait’s sectors, Consumer Discretionary and Banking sectors gained the most at 11.2% and 10.5% respectively for the year. Among Premier Market stocks, Jazeera Airways and Gulf Cable and Electrical Industries Co. gained the most for the year, rising by 47.3% and 39.5% respectively. Kuwait Real Estate Company and Alimtiaz Investment Group Co fell the most for the year at 37.9% and 36.5% respectively. Ali Alghanim and Sons Automotive Company, was listed in Boursa Kuwait in June 2022, marking one of the major listings in Kuwait during recent times. The company listed 45% of its share capital through private placement, witnessing heightened demand from investors, with a total demand of more than USD 3 billion. In response to rising inflation, U.S Fed raised its policy rate by 50 bps in December, extending the yearly tally to 425 bps. Interest rates increased from 0.25%