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The Kuwait Stock Exchange closed lower, ignoring the acceptance of the government’s resignation

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The major Kuwait stock market indices closed on Tuesday, in drop of more than 1% each, ignoring the acceptance of the government’s resignation, which analysts say would have led to a certain political calm and the easing of tensions with Parliament.

The first market index of the Kuwait Stock Exchange closed today, Tuesday, in decline of 1.1%, and the general market index and the main market index fell by 1% each.

Major leading stocks fell, including the National Bank of Kuwait by 0.9%, Kuwait Finance House by 0.6%, Zain by 1.8% and Agility by 1.9%.

Financial analyst Maytham Al-Hashr said today’s market decline was due to yesterday’s decline in the US market rather than accepting the government’s resignation, noting that investors realize that the current parliament will deal with the likewise any future government.

The person said that the current National Assembly has overlooked many important economic issues, the most important of which is the public debt law, which is closely related
Kuwait’s credit rating improved sharply, falling in the last period.

National Industries Holding Group’s stake fell 3.7%, although the company announced today that its net profit increased 143%.
It reached 46.4 million dinars ($ 151.4 million) in the first three months of 2022, up from 19.1 million dinars a year ago.

The person pointed out that the liquidity in the Kuwaiti market in this moment has a big impact, in how much it has been most influenced by global markets, especially with the entry of foreign investors.

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