Latest news with #CommercialBankofKuwait
Al Bawaba
04-08-2025
- Business
- Al Bawaba
Markaz: Kuwait Stocks Maintain Positive Momentum for Third Consecutive Month
Kuwait Financial Centre 'Markaz' released its Monthly Market Review report for July 2025. Kuwait equity market continued to trend up for the third consecutive month, bringing YTD gains to 17.0% y/y. Kuwait's All Share Index increased by 1.9% during the month, supported by broad based gains. Technology and telecommunication were the top gainers, rising 38.2% and 8.9% banking sector index increased 1.2% for the month. Among banking stocks, National Bank of Kuwait and Commercial Bank of Kuwait were the top gainers, rising 5.0% and 4.3% respectively during the month. National Bank of Kuwait's net profit for H1 2025 rose by 7.8% y/y to KD 315.3 million, supported by rise in income from Islamic financing and non-interest income. Among Premier Market stocks, Kuwait Investment Company and Boursa Kuwait were the top gainers, rising 16.9% and 14.7% respectively during the month. Kuwait Investment Company has partnered with Goldman Sachs, to offer a new offshore credit focused investment product in Kuwait, managed by Goldman Sachs Asset Management. The company expects the initiative to generate annual returns of 8%-10%.Boursa Kuwait's net profit for H1 2025 has increased by 61.1% y/y to KD 15.1 million on the back of strong trading volume. The exchange has also announced plans to launch sukuk and bond trading in 2025, amid completion of technical tests for index funds and bond and sukuk market and ongoing preparation of regulatory real GDP grew by 1.0% y/y in Q1 2025, supported by lower contraction in oil GDP and growth in non-oil segments such as financial intermediation and public administration. Kuwait's consumer price index rose by 2.3% y/y in June 2025 with food and beverage price inflation increasing by 5.1% y/ S&P GCC Composite index gained 1.6% in July 2025 amid easing trade tensions and positive corporate earnings in some markets. Except Saudi Arabia, all GCC markets ended the month in green. Saudi equity index decreased by 2.2% during the month, amid mixed earnings reports for H1 2025. Among Saudi blue chips, ACWA Power declined by 13.4% during the month, weighed by capital increase through rights issue and 24% y/y decline in the company's net profits for Q2 2025. Abu Dhabi's equity index increased by 4.1% in July 2025, amid strong corporate earnings from blue chips. Abu Dhabi Commercial Bank (UAE) gained 20.8% during the month, supported by 18% y/y growth in its pre-tax profit for H1 equity index gained 7.9% for the month, supported by broad-based gains. Emaar Properties (UAE) gained 17.3% for the month supported by reports of strong overall property sales in Dubai in H1 2025. Emirates NBD (UAE) gained 12.1% during the month, despite reporting a 9% y/y decline in net profit in H1 2025. Qatar's equity markets gained 4.8% for the month, supported by positive corporate earnings. Among Qatar's blue-chip companies, Qatar Islamic Bank and Qatar National Bank gained 10.7% and 8.1% respectively. The banks' net profit for H1 2025 has increased by 5.3% y/y and 3.0% y/y Arabia's GDP for Q2 2025 grew by 3.9% y/y, according to flash estimates from the country's General Authority for Statistics. Non-oil activities grew by 4.7% y/y and oil activities grew by 3.8% y/y. The IMF has revised up its forecast of Saudi Arabia's GDP growth in 2025 by 0.6 percentage points to 3.6% y/y on the back of sustained reforms and diversification markets were positive during July 2025, supported by positive developments on the tariffs announced by the US administration and positive corporate earnings reports from major companies like JP Morgan, Alphabet, Microsoft etc. The MSCI World and S&P 500 indices rose by 1.2% and 2.2% respectively for the month. U.S signed trade deals with many trade partners such as EU, Japan and Indonesia. Nvidia hit USD 4 trillion market capitalization threshold on 9th July 2025, becoming the first stock ever to reach the milestone. The company's stock has been rallying in recent months as it stands to benefit from the ongoing generative AI boom. MSCI EM index gained 1.7% during the month. Chinese equities rose by 3.7%, supported by better-than-expected Q2 2025 GDP growth of 5.2% y/y and optimism over U.S-China trade talks. U.S inflation was at 2.7% y/y in June 2025, up from 2.4% y/y reading in May 2025. Inflation in the country had been largely trending lower in 2025, after registering a 3.0% y/y increase in January 2025. However, June 2025's CPI uptick has raised concerns that inflation has begun to reflect the impact of tariff measures. The U.S labor market added 147,000 jobs in June, up from 144,000 jobs added in May. However, about half the job gains were from the government sector with the private sector registering the smallest increase in eight months. The IMF has revised up global growth forecast to 3.0% y/y in 2025 in July, an increase of 0.2% compared to its April outlook, due to stronger than expected purchases ahead of tariff imposition. The fund has highlighted potential rebound in tariffs, geopolitical tensions and higher interest rates due to large fiscal deficits as persisting threats to global yield on the 10-year US treasury notes rose 13 bps during the month to 4.37%. The U.S Fed held rates steady at 4.25%-4.5% in July 2025, citing elevated inflation and stable labor market. The Fed Chair opined that the rates were at appropriately restrictive levels and stated that no decision has been made about the course of monetary policy in September (Brent) prices closed the month at USD 72.5 per barrel, rising by 7.3% during the month. Iran's suspension of cooperation with International Atomic Energy Agency, U.S' pressure on Russia to end its war on Ukraine and U.S-EU trade deal supported prices during the month. However, prospect of increased supply due to continued acceleration in pace of unwinding of cuts by OPEC+, easing of U.S sanctions on Venezuela capped gains. OPEC+ plans to raise production by 548,000 barrels per day (bpd) in August 2025, up from 411,000 bpd monthly increase over May-July 2025. Gold prices closed at USD 3,290 per oz, down by 0.4% for the month. The commodity gained earlier in the month due to trade uncertainties but declined later in the month as trade tensions eased. Progress in trade talks, imposition of new tariffs on few countries and their impact on inflation and upcoming corporate earnings reports are some key market movers that would be watched out for by the participants. While sustained and accelerated pace of unwinding of oil production cuts and steady non-oil economic growth are likely to favor the GCC region, impact of tariff developments on oil and corporate earnings would also be key determinants of market moves in the region.
Al Bawaba
07-04-2025
- Business
- Al Bawaba
Markaz: Kuwait equities deliver positive performance in Q1 2025
Kuwait Financial Centre 'Markaz' released its Monthly Market Review report for March 2025. Kuwait equity market has been the top performer among GCC markets in Q1 2025, gaining 9.7% for the quarter. Following five consecutive months of positive performance, Kuwait markets were slightly negative in March 2025. Kuwait's All Share Index declined by 0.3%, with mixed performance across sectors. Healthcare and insurance were the top gainers, rising by 9.9% and 3.3% respectively. The banking sector index gained 0.7% for the month. Among banking stocks, Burgan Bank and Commercial Bank of Kuwait were the top gainers, with a monthly return of 6.2% and 5.3% respectively. Commercial Bank of Kuwait's net profit for FY 2024 increased by 41.4% y/y due to higher loan loss recoveries, increase in net interest income and fee income. Among Premier market stocks, Integrated Holding Company and Jazeera Airways were the top gainers, rising by 8.6% and 6.9% respectively for the month. Integrated Holding recorded a net profit of KD 6.88 million for FY 2024, an increase of 67.7% y/y. Steady increase in demand for equipment services and reversal of provision for doubtful debt due to realization had contributed to the rise in has passed the long-awaited public debt law, which would enable the country to raise debt in the international markets. The new law sets the ceiling for public debt at KD 30 billion (USD 97.4 billion) and the ceiling for maturities of issued financial instruments at 50 years. In its budget for FY 2025/26, in the light of lower oil prices (estimated at USD 68/barrel) and OPEC+ production cuts, the country has estimated a budget deficit of KD 6.3 billion. With the earlier debt law expiring in 2017, the country has been drawing from its General Reserve Fund to fund its deficit. The new law would enable it to finance the deficit by raising debt from international markets. Kuwait's CPI rose by 2.49% y/y in February 2025, remaining steady compared to 2.5% y/y increase in January 2025. The food and beverages segment continued to be the major driver, rising by 5.23% y/y. The S&P GCC Composite index declined by 1.1% in March 2025 with all GCC markets in red weighed by trade war concerns and geopolitical tensions. Saudi equity index declined by 0.7% during the month. ACWA Power and Saudi Aramco had declined by 7.6% and 1.3% respectively for the month. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to USD 106.2 billion on the back of lower oil prices. Saudi Capital Market Authority has approved the listing of flynas, Saudi Arabia's budget airline, making it the third such listing from an airline company in GCC, after Air Arabia (UAE) and Jazeera Airways (Kuwait). Abu Dhabi's equity index declined 2.0% in March 2025, amid broad-based declines. Dubai's equity index declined by 4.2% for the month. Emirates NBD and Dubai Islamic Bank declined by 8.6% and 7.2% respectively for the month. Qatar's equity markets lost 2.0% for the month, despite positive corporate earnings and a 7.4% rise in natural gas prices during the month. Qatar's listed companies' net earnings increased by 8.7% y/y in 2024.S&P has revised up Saudi Arabia's rating from A to A+, citing ongoing social and economic transformation. The country's real GDP grew by 4.4% y/y in Q4 2024, with non-oil GDP rising by 4.6%, and oil GDP rising by 3.4%. According to the Central Bank of UAE, the country's real GDP has grown by 3.9% y/y in 2024 on the back of strong performance of sectors such as tourism, transportation, financial services, construction and real estate. It is projected to grow at 4.7% y/y in 2025 and 5.7% y/y in 2026 on the back of heavy investments in projects, unwinding production cuts by OPEC+ and implementation of markets were negative during March 2025. MSCI World and S&P 500 indices declined by 4.6% and 5.8% respectively. Concerns over ongoing tariff announcements and economic weakness pressured markets during the month. Following levy of tariffs on imports from Canada, Mexico and China, U.S President Trump announced 25% levy on all imported automobiles. This has in turn raised concerns over the country's growth prospects with many market participants, such as Goldman Sachs and Morgan Stanley lowering their GDP forecasts for 2025 to 1.7% (down from 2.2%) and 1.5% (down from 1.9%) respectively. The U.S Fed has revised its expectation for inflation upwards to 2.7%, up from 2.5%, while revising its outlook on GDP growth downwards to 1.7%, from 2.1%. The MSCI EM index gained 0.4% during the month with 0.4% gain in Chinese equities and 5.8% gain in Indian equities. Chinese equities were supported by the government's pledge for stronger fiscal and monetary support for the economy while favorable economic data such as declining inflation have supported Indian equities.U.S inflation stood at 2.8% y/y in February 2025, a slight decline from the 3.0% y/y reading in January 2025. Food prices had increased by 2.6% y/y. On a monthly basis, CPI increased by 0.2%, driven by shelter costs, which accounted for more than half of the increase. The U.S. labor market added 151,000 jobs in February, up from 125,000 jobs added in January. While sectors such as construction and healthcare have reported gains, there have been about 10,000 job cuts by the Federal government. With the U.S government looking to cut spending, it is widely expected that such job cuts would continue in the upcoming yield on the 10-year US treasury notes remained volatile and closed at 4.23% at the end of March 2025, down by 1 bps compared to the previous month. While the Fed's expectation of lower interest rates pressured yields, concerns over slower economic growth and higher inflation on the back of tariff imposition held up yields. During the month, U.S Fed kept rates unchanged at 4.25%-4.50% and maintained its expectation of lowering interest rates by 50 bps in 2025. Oil (Brent) prices closed the month at USD 74.7 per barrel, up by 2.1% during the month. While oil prices were weighed by OPEC+'s decision to hike output by 138,000 barrels per day from April 2025, concerns over tightening of supply supported prices during later part of the month. The U.S has imposed tariff on countries that purchase oil and gas from Venezuela, citing the country's lack of progress on handling migrant returns and electoral reforms. The country has also placed restrictions on Iranian oil trade. Gold prices closed at USD 3,084, gaining 9.3% during the month and 19.0% during Q1 2025 on the back of safe haven demand amid persistent tariff concerns and expectation of lower interest rates. Recent levy of trade tariffs by U.S and retaliatory tariffs by countries like China present a downside risk to global economic activity. Such tariffs and efforts to reduce Federal spending in the U.S have increased uncertainty around the country's growth prospects and inflation. These factors are likely to continue to impact GCC equity markets as well. However, with OPEC+'s planned unwinding of production cuts, the likely improvement in oil GDP and continued implementation of reforms could render some support to markets. © 2000 - 2025 Al Bawaba (
Zawya
07-04-2025
- Business
- Zawya
Kuwait equities deliver positive performance in Q1
Kuwait equity market has been the top performer among GCC markets in the first quarter, gaining 9.7% for the quarter, according to Kuwait Financial Centre (Markaz). However, Kuwait markets were slightly negative in March 2025 following five consecutive months of positive performance, stated Markaz in its Monthly Market Review report. Kuwait's All Share Index declined by 0.3%, with mixed performance across sectors. Healthcare and insurance were the top gainers, rising by 9.9% and 3.3% respectively. The banking sector index gained 0.7% for the month. Among banking stocks, Burgan Bank and Commercial Bank of Kuwait were the top gainers, with a monthly return of 6.2% and 5.3% respectively. Commercial Bank of Kuwait's net profit for FY 2024 increased by 41.4% y/y due to higher loan loss recoveries, increase in net interest income and fee income. Among Premier market stocks, Integrated Holding Company and Jazeera Airways were the top gainers, rising by 8.6% and 6.9% respectively for the month. Integrated Holding recorded a net profit of KD6.88 million for FY 2024, an increase of 67.7% y/y. Steady increase in demand for equipment services and reversal of provision for doubtful debt due to realization had contributed to the rise in profit. Kuwait has passed the long-awaited public debt law, which would enable the country to raise debt in the international markets. The new law sets the ceiling for public debt at KD30 billion ($97.4 billion) and the ceiling for maturities of issued financial instruments at 50 years. In its budget for FY 2025/26, in the light of lower oil prices (estimated at $68/barrel) and Opec+ production cuts, the country has estimated a budget deficit of KD6.3 billion. With the earlier debt law expiring in 2017, the country has been drawing from its General Reserve Fund to fund its deficit. The new law would enable it to finance the deficit by raising debt from international markets. Kuwait's CPI rose by 2.49% y/y in February 2025, remaining steady compared to 2.5% y/y increase in January 2025. The food and beverages segment continued to be the major driver, rising by 5.23% y/y. The S&P GCC Composite index declined by 1.1% in March 2025 with all GCC markets in red weighed by trade war concerns and geopolitical tensions. Saudi equity index declined by 0.7% during the month. Acwa Power and Saudi Aramco had declined by 7.6% and 1.3% respectively for the month. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Capital Market Authority has approved the listing of flynas, Saudi Arabia's budget airline, making it the third such listing from an airline company in GCC, after Air Arabia (UAE) and Jazeera Airways (Kuwait). Abu Dhabi's equity index declined 2.0% in March 2025, amid broad-based declines. Dubai's equity index declined by 4.2% for the month. Emirates NBD and Dubai Islamic Bank declined by 8.6% and 7.2% respectively for the month. Qatar's equity markets lost 2.0% for the month, despite positive corporate earnings and a 7.4% rise in natural gas prices during the month. Qatar's listed companies' net earnings increased by 8.7% y/y in 2024. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
06-04-2025
- Business
- Zawya
Markaz: Kuwait equities deliver positive performance in Q1 2025
Kuwait: Kuwait Financial Centre 'Markaz' released its Monthly Market Review report for March 2025. Kuwait equity market has been the top performer among GCC markets in Q1 2025, gaining 9.7% for the quarter. Following five consecutive months of positive performance, Kuwait markets were slightly negative in March 2025. Kuwait's All Share Index declined by 0.3%, with mixed performance across sectors. Healthcare and insurance were the top gainers, rising by 9.9% and 3.3% respectively. The banking sector index gained 0.7% for the month. Among banking stocks, Burgan Bank and Commercial Bank of Kuwait were the top gainers, with a monthly return of 6.2% and 5.3% respectively. Commercial Bank of Kuwait's net profit for FY 2024 increased by 41.4% y/y due to higher loan loss recoveries, increase in net interest income and fee income. Among Premier market stocks, Integrated Holding Company and Jazeera Airways were the top gainers, rising by 8.6% and 6.9% respectively for the month. Integrated Holding recorded a net profit of KD 6.88 million for FY 2024, an increase of 67.7% y/y. Steady increase in demand for equipment services and reversal of provision for doubtful debt due to realization had contributed to the rise in profit. Kuwait has passed the long-awaited public debt law, which would enable the country to raise debt in the international markets. The new law sets the ceiling for public debt at KD 30 billion (USD 97.4 billion) and the ceiling for maturities of issued financial instruments at 50 years. In its budget for FY 2025/26, in the light of lower oil prices (estimated at USD 68/barrel) and OPEC+ production cuts, the country has estimated a budget deficit of KD 6.3 billion. With the earlier debt law expiring in 2017, the country has been drawing from its General Reserve Fund to fund its deficit. The new law would enable it to finance the deficit by raising debt from international markets. Kuwait's CPI rose by 2.49% y/y in February 2025, remaining steady compared to 2.5% y/y increase in January 2025. The food and beverages segment continued to be the major driver, rising by 5.23% y/y. The S&P GCC Composite index declined by 1.1% in March 2025 with all GCC markets in red weighed by trade war concerns and geopolitical tensions. Saudi equity index declined by 0.7% during the month. ACWA Power and Saudi Aramco had declined by 7.6% and 1.3% respectively for the month. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to USD 106.2 billion on the back of lower oil prices. Saudi Capital Market Authority has approved the listing of flynas, Saudi Arabia's budget airline, making it the third such listing from an airline company in GCC, after Air Arabia (UAE) and Jazeera Airways (Kuwait). Abu Dhabi's equity index declined 2.0% in March 2025, amid broad-based declines. Dubai's equity index declined by 4.2% for the month. Emirates NBD and Dubai Islamic Bank declined by 8.6% and 7.2% respectively for the month. Qatar's equity markets lost 2.0% for the month, despite positive corporate earnings and a 7.4% rise in natural gas prices during the month. Qatar's listed companies' net earnings increased by 8.7% y/y in 2024. S&P has revised up Saudi Arabia's rating from A to A+, citing ongoing social and economic transformation. The country's real GDP grew by 4.4% y/y in Q4 2024, with non-oil GDP rising by 4.6%, and oil GDP rising by 3.4%. According to the Central Bank of UAE, the country's real GDP has grown by 3.9% y/y in 2024 on the back of strong performance of sectors such as tourism, transportation, financial services, construction and real estate. It is projected to grow at 4.7% y/y in 2025 and 5.7% y/y in 2026 on the back of heavy investments in projects, unwinding production cuts by OPEC+ and implementation of reforms. Global markets were negative during March 2025. MSCI World and S&P 500 indices declined by 4.6% and 5.8% respectively. Concerns over ongoing tariff announcements and economic weakness pressured markets during the month. Following levy of tariffs on imports from Canada, Mexico and China, U.S President Trump announced 25% levy on all imported automobiles. This has in turn raised concerns over the country's growth prospects with many market participants, such as Goldman Sachs and Morgan Stanley lowering their GDP forecasts for 2025 to 1.7% (down from 2.2%) and 1.5% (down from 1.9%) respectively. The U.S Fed has revised its expectation for inflation upwards to 2.7%, up from 2.5%, while revising its outlook on GDP growth downwards to 1.7%, from 2.1%. The MSCI EM index gained 0.4% during the month with 0.4% gain in Chinese equities and 5.8% gain in Indian equities. Chinese equities were supported by the government's pledge for stronger fiscal and monetary support for the economy while favorable economic data such as declining inflation have supported Indian equities. U.S inflation stood at 2.8% y/y in February 2025, a slight decline from the 3.0% y/y reading in January 2025. Food prices had increased by 2.6% y/y. On a monthly basis, CPI increased by 0.2%, driven by shelter costs, which accounted for more than half of the increase. The U.S. labor market added 151,000 jobs in February, up from 125,000 jobs added in January. While sectors such as construction and healthcare have reported gains, there have been about 10,000 job cuts by the Federal government. With the U.S government looking to cut spending, it is widely expected that such job cuts would continue in the upcoming months. The yield on the 10-year US treasury notes remained volatile and closed at 4.23% at the end of March 2025, down by 1 bps compared to the previous month. While the Fed's expectation of lower interest rates pressured yields, concerns over slower economic growth and higher inflation on the back of tariff imposition held up yields. During the month, U.S Fed kept rates unchanged at 4.25%-4.50% and maintained its expectation of lowering interest rates by 50 bps in 2025. Oil (Brent) prices closed the month at USD 74.7 per barrel, up by 2.1% during the month. While oil prices were weighed by OPEC+'s decision to hike output by 138,000 barrels per day from April 2025, concerns over tightening of supply supported prices during later part of the month. The U.S has imposed tariff on countries that purchase oil and gas from Venezuela, citing the country's lack of progress on handling migrant returns and electoral reforms. The country has also placed restrictions on Iranian oil trade. Gold prices closed at USD 3,084, gaining 9.3% during the month and 19.0% during Q1 2025 on the back of safe haven demand amid persistent tariff concerns and expectation of lower interest rates. Recent levy of trade tariffs by U.S and retaliatory tariffs by countries like China present a downside risk to global economic activity. Such tariffs and efforts to reduce Federal spending in the U.S have increased uncertainty around the country's growth prospects and inflation. These factors are likely to continue to impact GCC equity markets as well. However, with OPEC+'s planned unwinding of production cuts, the likely improvement in oil GDP and continued implementation of reforms could render some support to markets. About Kuwait Financial Centre 'Markaz' Established in 1974, Kuwait Financial Centre K.P.S.C 'Markaz' is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.41 billion (USD 4.57 billion) as of 31 December 2024. Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation by creating new investment channels. These channels enjoy unique characteristics and helped Markaz widen investors' horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established and managed by Markaz. For further information, please contact: Sondos S. Saad Corporate Communications Department Kuwait Financial Centre K.P.S.C. "Markaz" Email: ssaad@
Trade Arabia
06-04-2025
- Business
- Trade Arabia
Kuwait equities deliver positive performance in Q1
Kuwait equity market has been the top performer among GCC markets in the first quarter, gaining 9.7% for the quarter, according to Kuwait Financial Centre (Markaz). However, Kuwait markets were slightly negative in March 2025 following five consecutive months of positive performance, stated Markaz in its Monthly Market Review report. Kuwait's All Share Index declined by 0.3%, with mixed performance across sectors. Healthcare and insurance were the top gainers, rising by 9.9% and 3.3% respectively. The banking sector index gained 0.7% for the month. Among banking stocks, Burgan Bank and Commercial Bank of Kuwait were the top gainers, with a monthly return of 6.2% and 5.3% respectively. Commercial Bank of Kuwait's net profit for FY 2024 increased by 41.4% y/y due to higher loan loss recoveries, increase in net interest income and fee income. Among Premier market stocks, Integrated Holding Company and Jazeera Airways were the top gainers, rising by 8.6% and 6.9% respectively for the month. Integrated Holding recorded a net profit of KD6.88 million for FY 2024, an increase of 67.7% y/y. Steady increase in demand for equipment services and reversal of provision for doubtful debt due to realization had contributed to the rise in profit. Kuwait has passed the long-awaited public debt law, which would enable the country to raise debt in the international markets. The new law sets the ceiling for public debt at KD30 billion ($97.4 billion) and the ceiling for maturities of issued financial instruments at 50 years. In its budget for FY 2025/26, in the light of lower oil prices (estimated at $68/barrel) and Opec+ production cuts, the country has estimated a budget deficit of KD6.3 billion. With the earlier debt law expiring in 2017, the country has been drawing from its General Reserve Fund to fund its deficit. The new law would enable it to finance the deficit by raising debt from international markets. Kuwait's CPI rose by 2.49% y/y in February 2025, remaining steady compared to 2.5% y/y increase in January 2025. The food and beverages segment continued to be the major driver, rising by 5.23% y/y. The S&P GCC Composite index declined by 1.1% in March 2025 with all GCC markets in red weighed by trade war concerns and geopolitical tensions. Saudi equity index declined by 0.7% during the month. Acwa Power and Saudi Aramco had declined by 7.6% and 1.3% respectively for the month. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Capital Market Authority has approved the listing of flynas, Saudi Arabia's budget airline, making it the third such listing from an airline company in GCC, after Air Arabia (UAE) and Jazeera Airways (Kuwait). Abu Dhabi's equity index declined 2.0% in March 2025, amid broad-based declines. Dubai's equity index declined by 4.2% for the month. Emirates NBD and Dubai Islamic Bank declined by 8.6% and 7.2% respectively for the month.
