Markaz: Kuwait markets stay resilient despite weak global cues

Markaz: Kuwait markets stay resilient despite weak global cues

Kuwait: Kuwait Financial Centre “Markaz” recently released its Monthly Market Review report for the month of February 2023. Kuwait’s All Share Index witnessed a mild decline in February, posting a monthly loss of 0.5%. Among Boursa Kuwait’s sectoral indices, Insurance and Consumer Discretionary sectors gained the most at 4.8% and 3.8% respectively, while the Oil & Gas sector lost 7.3% for the month. Among Premier Market stocks, HumanSoft Holding Co. and Jazeera Airways gained the most for the month, rising by 8.5% and 7.4% respectively. Alimtiaz Investment Group and Kuwait Investments Co. fell the most for the month at 14.0%% and 13.3% respectively.

Kuwait’s draft budget for 2023-24 estimates a budget deficit of about KD 6.8 billion (excluding investment income and income from government entities) for the period, a sharp rise from the budget deficit of KD 123.9 million estimated for FY 22/23. Oil revenue is projected lower than the previous budget due to the average oil price projection of USD 70/bbl., which is lower than USD 80/bbl. estimated for FY 22/23. While budget allocation towards energy subsidy and salaries has witnessed a 34.2% and 13.3% y/y increase respectively, capital expenditure has fallen by 15.2%. The current Budget includes non-recurring expenses