Increase in ‘foreign’ ownership in banks

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KUWAIT CITY, Dec 10: In light of the great confidence enjoyed by the shares of Kuwaiti banks in the positive financial results achieved at the end of the first nine months of this year by about KD 800 million with a growth exceeding 35 percent, foreigners continued to strengthen their ownership in local banks during the week by buying in seven banks, namely KFH, Gulf Bank, Al-Ahli Bank, Al-Ahli United Bank, KIB, Burgan Bank, and Boubyan Bank. However, it shrunk in Warba Bank, and remained stable in both the National Bank and the Commercial Bank, reports Al-Anba daily.

According to statistics on foreign ownership percentages in Kuwaiti banks issued on December 7, the value of foreign ownership in Kuwaiti banks approached the level of KD 4 billion, despite the decline in the prices of some banks in the stock market as a result of the continuous selling operations since the beginning of this December, within the framework of logical corrections taking place in the Kuwait Stock Exchange, which occurred after remarkable increases during October and November in general.

The National Bank of Kuwait maintained the lead in terms of the value of foreign property with KD 2.005 billion, followed by Kuwait Finance House (KFH) with a value of KD 1.350 billion. Regarding the weekly performance of the Boursa Kuwait, the indices continued their collective decline for the second week in a row, but in a more severe manner than last week, as the selling operations included all types of stocks – both leading stocks and middle stocks, especially since the current period is a profit-taking period after the remarkable purchases that took place, which preceded and coincided with the disclosure of the listed companies’ financial statements for the first nine months of 2022

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