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Kuwait: building in a difficult neighbourhood
28 May 2013
Kuwaiti financial market capabilities have built up steadily over the last couple of years, finds James Gavin, despite the turbulence in the region
After the severe buffeting that Kuwait’s investment companies were subjected to in the past couple of years, market participants are cautiously hoping that this year a corner will finally have been turned.
A 13% rise in the Kuwait Stock Exchange index on the start of the year suggests a revival in investor sentiment, chiming with confidence that investment firms are making progress in renegotiating their financial liabilities under a government orchestrated restructuring process.
A market revival is underway in 2013, says Faisal Sarkhou, acting CEO of KIPCO Asset Management Company (KAMCO), one of the region’s largest asset managers with $8.8bn AuM.
“The Kuwaiti bourse was able to begin the year on a positive note supported by strong financial year 2012 earnings posting a 10% growth in earnings to reach KWD1.32bn ($4.6bn) up from KWD1.21bn for the financial 2011. During Q1 2013, 80% of listed companies who have announced results so...
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