KIC: 1.8% Increase in 'Basic Consumer Goods' in October
Kuwait Investment Company report points to Kuwait Stock Exchange decline in October despite growth in basic consumer goods sector, with IMF forecasting Kuwait's growth slowdown
Translated by Qiyas from الجريدة — Original source
The Kuwait Financial Center (Markaz) stated in its monthly report on market performance for October 2026 that the Kuwait Stock Exchange declined during the month, mirroring trends in other regional markets. Investor sentiment was influenced by escalating security risks in the region, disruptions to maritime shipping traffic around the Strait of Hormuz, and the International Monetary Fund’s sharp downward revision of growth forecasts for Gulf Cooperation Council countries. The broad market index fell by 3.7% in October, while the main market index dropped by 7%, and the first market index declined by 3%.
The Center added: “At the sectoral level, positive performance was limited to the basic consumer goods sector, which gained 1.8%. Banking sector stocks fell by 2.6% in October, with shares of National Bank of Kuwait and Kuwait Finance House declining by 0.9% and 3.1%, respectively. Agility Public Warehousing Company led the first market in performance during October, rising by 8.6%, supported by a major asset monetization deal. A subsidiary of Agility signed a final agreement during the month to sell its entire 100% stake in TriStar.”
It clarified that Kuwait’s non-oil private sector continued to grow for the third consecutive month in September, with the S&P Global Purchasing Managers’ Index registering 52.4 points, down from 53.6 points in August, when it reached a six-month high. Domestic credit markets rose by 6.3% year-on-year in September, driven by broad-based lending growth, including a 5.1% annual increase in credit extended to households and a 6.7% annual rise in credit to companies. Deposits from expatriates also increased by 10.8% annually, while inflation remained contained at 2.2% year-on-year in July.
Furthermore, in international debt markets, Kuwait raised $3.25 billion through the issuance of eurobonds, attracting subscription orders worth $9.1 billion, reflecting strong investor confidence. However, the IMF, in its October Regional Economic Outlook report, forecast that Kuwait’s actual GDP would contract by 16.7% in 2026, compared to its April projection of a 0.6% decline. This adjustment represents one of the largest downward revisions to growth forecasts in the region, reflecting the impact of constraints on oil exports via the Strait of Hormuz.
