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Thursday , August 11 2022

Foreign ownership of capital in some Kuwaiti banks seen as … ‘impressive’

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KUWAIT CITY, May 23: According to the latest update at the end of last week compared to the beginning of the year the development of foreign ownership capital in some Kuwaiti banks was seen as impressive, reports Al-Rai daily. Investment sources noted the ownership of foreign institutions in NBK shares increased from 20.8 percent in early January to 22.6 percent, KFH from 10.3 to 11.07 percent, and Gulf Bank from 12.5 to 13.62 percent. As for KIB, foreign ownership increased to 6.82 from 4.8 percent, while it increased in Boubyan to reach 5.5 percent, compared to 5.24 percent, while ownership of non-Kuwaitis in Ahli United Bahrain reached 58.05 percent.

Most of the movements of foreign institutions and funds were concentrated in the Premier Market, as it increased its share in some Kuwaiti operating companies significantly during the last period, including Humansoft by 42.5 percent, and Jazeera Airways, which has become an investment target for these institutions, bringing their ownership in it to up to 14.62 percent, and buildings with a 14.3% share.

As for Zain their stake amounted to 12.77 percent and Agility 11.44 percent, and Al Borsa reached 9.1 percent, Boubyan Petrochemicals reached 6.95 percent, National Investments 7.29 percent, and National Industries 7.1 percent. cent. There are other foreign ownership in companies that represent part of the components of the first market and are witnessing development from time to time, including Mezzan Holding with a share of 5.84 percent, Al-Imtiaz Investment with 4.7 percent, and Al- Qurain with 4.03 percent.

Investments
These investments reflect a clear fact that the presence of the foreign investor in the Kuwait Stock Exchange has become more influential than before, for various reasons, some of which are the strength of Kuwaiti companies, and the promotions they obtained by joining the emerging market indices, which placed them under the global microscope.

Regarding the expansion of foreign financial institutions with new purchases during the past days, the sources said that the most prominent institutions that injected liquidity during the recent period were the American Vengard and Black Rock groups, along with HSBC, pointing out that their investments were in the direction of Various banking and service entities, while these institutions are an umbrella for hundreds of individual accounts for various portfolios and companies from outside Kuwait.

She pointed out that the ownership of the Vengader group, which manages assets exceeding $5.1 trillion in listed banks, has become influential, as it exceeded 2% in one of the leading banking entities, while Black- Rock significantly increased its presence rates in the Kuwaiti market. Al-Rai monitored other foreign institutions’ interest in Kuwaiti stocks during the last period, including Credit Suisse Asset Management, Citibank and Merlynch, in addition to Judy, the American Charles Schwab Foundation, Northern Trust and others, next to Norwegian entities.

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