Foreign ownership in First Market companies declines in 2023, now at KD 5.044 billion

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KUWAIT CITY, Sept 20: Foreign ownership in shares of First Market companies saw a 0.3 percent decrease in value from the beginning of 2023, totaling 16.5 million dinars. This decline brought it down from 5.06 billion dinars at the end of December 2022 to 5.044 billion dinars.

This shift coincided with an 8-month growth of 12.4 percent in the overall market value of First Market shares. The market value decreased from 37.389 billion dinars at the end of December to 32.727 billion dinars at the end of August. As a result, foreign ownership represented approximately 15.4 percent of the total market value of shares in the primary market.

According to the clearing company’s report on foreign ownership percentages in First Market shares, the highest foreign ownership value was found in “NBK,” accounting for 24.37 percent, equivalent to 1.778 billion dinars. This represented 35.2 percent of the total ownership but marked a decrease of about 12.1 percent from the start of 2023. Foreign ownership in KFH accounted for approximately 13.48 percent of the total foreign ownership in the market, amounting to 1.472 billion dinars, constituting 29.2 percent. Thus, foreign ownership in these two banks, totaling 3.25 billion dinars, made up about 64.4 percent of the total foreign ownership value in the primary market.

Foreign ownership in “Zain” claimed the third position, comprising 6.4 percent of total foreign investments in the First Market, with a value of 324.6 million dinars. The “GFH” company followed with a 4.4 percent share, amounting to 222.4 million dinars. Subsequently, “Agility” Company held a 3.5 percent share, valued at 178.9 million dinars.

Foreign ownership in Mabanee Company reached 15.51 percent, amounting to 170.6 million dinars, representing approximately 3.4 percent of the total foreign ownership in the First Market. Their stake in “Human Soft” also reached 37.96 percent, with a value of 156.4 million dinars, constituting about 3.1 percent.

The percentage of foreign ownership in Boubyan Bank was approximately 6.06 percent, with a value of 146.4 million dinars, accounting for about 2.9 percent. Ownership in Gulf Bank stood at about 14.5 percent, with a value of 123 million dinars, making up about 2.4 percent of total ownership. Additionally, Burgan Bank held a 17.55 percent share, valued at 116.7 million dinars.

Foreign ownership in “Jazeera Airways” amounted to about 58 million dinars, representing around 1.1 percent of the total foreign ownership value in the First Market. For “Industries,” it stood at 9.07 percent, approximately 47.25 million dinars, and “Boursa Kuwait” Company had a 7.79 percent stake, amounting to about 31.1 million dinars.

“Boubyan Petrochemicals” accounted for 7.61 percent, totaling about 30.1 million dinars, Warba Bank had 4.86 percent, equivalent to 20.1 million dinars, and Projects comprised 3.37 percent, amounting to about 20.7 million dinars.

By Ahmad Fathi, Al-Seyassah Staff

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