Boursa Kuwait declines in June across major indices

This news has been read 159 times!

KUWAIT CITY, July 2: In June 2024, the Kuwait Stock Exchange experienced a downturn across various indices, reflecting a broader decline impacting most sectors, reports Al-Seyassah daily. The Premier Market Index saw the steepest monthly decrease of 1.8%, influenced by negative performance trends among its constituent stocks. Meanwhile, the Main Market Index and the Main Market Index 50 registered relatively smaller declines of 0.8% and 0.5%, respectively.

The General Market Index also retreated by 1.6% during the month. For the first half of 2024, the Main Market Index showed stronger performance with gains of 6.2%, outpacing the Main Market Index 50 and the General Market Index, which grew at rates of 5.0% and 1.8%, respectively. The Premier Market Index, however, recorded more modest gains of 0.9%. Trading activity decreased notably in June, partly due to the Eid al-Adha holiday period. The total volume of shares traded plummeted by 47.7% to 3.2 billion shares, down from 6.1 billion shares in May 2024.

Similarly, the value of traded shares fell by 34.9% on a monthly basis to 838.5 million dinars, compared to 1.3 billion dinars in the previous month. In June 2024, the Gulf stock markets showed a varied performance after three consecutive months of decline, with the Morgan Stanley Gulf Index notably rebounding by 3.4%. This upturn was primarily driven by strong gains in Qatar and Abu Dhabi, supported by modest growth in Saudi Arabia and Dubai, which saw single-digit increases. Qatar’s recovery, with a 7.0% monthly gain, marked a turnaround after significant losses in previous months, though it still recorded an 8.0% loss year-to-date, making it one of the worst-performing markets in the Gulf.

Conversely, Oman, Kuwait, and Bahrain experienced declines in their market performances for the month. Overall, the MSCI GCC Index decreased by 5.1% in the first half of 2024, reflecting a mixed outcome across individual exchanges with some achieving modest single-digit gains. Global market trends, influenced by mixed signals on inflation and expectations of potential interest rate cuts in the United States, mirrored the diverse performance observed in the Gulf region’s stock exchanges during the period.

This news has been read 159 times!