Kuwait Stock Exchange Indices Rise in Unison at Start of Today's Trading - Sarmad
Kuwait Stock Exchange indices rose at the start of Thursday's trading, reacting to the US Federal Reserve's interest rate hike decision, while the Central Bank of Kuwait affirmed the continued strength of the country's monetary and financial stability.
Translated by Qiyas from سرمد — Original source
Key indicators of the Kuwait Stock Exchange rose at the start of Thursday’s trading session, following decisions by the US Federal Reserve and the Central Bank of Kuwait.
By 9:15 a.m. Kuwait time, the “First Market” index had risen by 0.19%, the “General” index by 0.20%, the “Main” index by approximately 0.27%, and the “Main 50” index by 0.50%, compared to Wednesday’s levels.
This came after the US Federal Reserve’s Monetary Policy Committee decided on Wednesday to raise interest rates by 25 basis points for the first time in over three years, lifting the target range for the federal funds rate to between 3.75% and 4%.
In this context, the Central Bank of Kuwait stated that its assessment of local economic and financial data reflects the continued strength of monetary and financial stability in the State of Kuwait. It noted that prevailing monetary trends align with local economic conditions, amid continuous monitoring of global economic and monetary developments, geopolitical tensions, and their potential repercussions.
The central bank emphasized its continued monitoring of local and global economic and monetary developments, while remaining prepared to take necessary measures through monetary policy tools and macro-hedging instruments to support the maintenance of monetary and financial stability in Kuwait.
At that time, the Kuwait Stock Exchange recorded liquidity valued at 17.53 million Kuwaiti dinars, distributed across 61.73 million shares, with 3,410 trades executed.
Trading saw gains in 10 sectors, led by technology, which rose by 1.78%, while the healthcare and basic materials sectors declined by 0.52% and 0.11%, respectively. The utilities sector remained flat.
Regarding individual stocks, 64 shares rose, led by “Mubadil” by 5.03%, while 26 shares fell, with “Hotels” leading the decline at 3.85%. The price of 16 shares remained unchanged.
In terms of trading volume, “Asia” shares led activity with 10.41 million shares traded, while “Oula Takaful” shares topped liquidity with a value of 3.73 million Kuwaiti dinars.
