Markaz: GCC markets recover as oil prices rebound due to OPEC+ cuts

Markaz: GCC markets recover as oil prices rebound due to OPEC+ cuts

Kuwait: Kuwait Financial Centre “Markaz” recently released its Monthly Market Review report for the month of October 2022. Kuwait’s All Share Index witnessed an increase in October, posting a monthly gain of 3%. Among Boursa Kuwait’s sectors, Industrials sector gained the most at 8.7%, while Energy (Oil & Gas) and Basic materials sectors lost 4.4% and 5.0% respectively for the month. Among Premier Market stocks, Agility and Gulf bank gained the most for the month, rising by 17.4% and 14.3% respectively. Integrated Holding Company and KIPCO fell the most for the month at 14.2% and 11.3% respectively. Kuwait Capital Markets Authority approved the merger between Educational Holding Company and Boubyan Petrochemical Company with share exchange ratio of 3.01 shares of Boubyan Petrochemical for each share of Educational Holding Company.

Central Bank of Kuwait has announced that it will be testing a new “Buy Now, Pay Later” (BNPL) product within its regulator sandbox framework ahead of its launch in the local market. At the end of August 2022, Kuwait bank lending to residents in the private sector increased by 9.4% y/y. World Bank revised Kuwait’s real GDP estimates to 8.5% for 2022, up from the earlier estimate of 5.7%. IMF revised its