The Kuwaiti financial center, in its monthly report, which Namazin viewed a copy of, revealed the performance of the markets of the Gulf Cooperation Council states, that the strong performance witnessed by the S&P index For Gulf stocks in January, an increase of 7%, followed by a slight and expected decline in the value of the index during February, by 1%.
The performance of the markets varied during the month, as the Dubai market was the biggest winner, with an increase of 2.7%, in addition to the rise of the markets of Abu Dhabi, Bahrain and Kuwait, by 1.8% and 1.5% And 0.5%, respectively.
The oil and gas sector contributed mainly to the performance of the Kuwaiti market, recording a rise of 5.9% during the month. On the other side, the Qatar market index fell 5.7%, and the Tadawul index of Saudi Arabia and the Muscat market index in the Sultanate of Oman decreased by 0.8% and 0.5% respectively.
Agility was the best performing company in the Kuwaiti market, with an increase of 6.1% during the month, while Boubyan Bank lost its gains in the previous month, registering a decrease of 5.9%. . While the National Bank of Kuwait has increased the returns of its shares from the beginning of the year to date by 4.8%, benefiting from the removal of restrictions imposed on the foreign ownership ceiling by 49% in the capital of local banks.
Within the framework of the privatization of the Kuwait Stock Exchange, the alliance that includes companies listed alongside the Athens Stock Exchange Company obtained a deal to acquire a 44% stake in the Kuwait Stock Exchange. After the conclusion of the deal, the GOSI share will be 6%, while the remaining stake is likely to be offered through a public offering.
In light of the economic recovery, the Center’s report identified the list of companies that were valued below their value as shown in the low price-to-profit ratio, which may represent an important addition to investment portfolios. , Especially companies belonging to the banking sector and the real estate sector, where most of the companies belonging to these sectors recorded growth in profits over the past five years, while none of the companies recorded returns close to the expectations of investors based on profit growth.
The report expected that the UAE property sector, which represents 16% of GDP, will attract a new wave of investors thanks to a package of initiatives put forth by the government, including a valid entry visa. Ten years for expatriates, and five years for retirees, with foreign ownership increasing to 100%.
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