The Kuwaiti Financial Center (the Center) said that the general index of Kuwaiti stocks decreased by 11.7% during 2020, as it was affected, like most regional and global financial markets, by the emerging Corona virus (Covid 19) pandemic.
The Kuwaiti (Center) stated – in its monthly report on the financial markets – that the performance of the Gulf stock markets witnessed a recovery at the end of 2020, after the pharmaceutical companies Pfizer, Moderna and AstraZeneca announced the distribution of the emerging corona virus vaccine (Covid 19); Several governments, including many Gulf Cooperation Council countries, have purchased and approved vaccines to counter the outbreak of the virus, indicating that these developments raised investors’ hopes for a rapid recovery in global economic growth in 2021, which helped stock markets to offset their losses.
He pointed out that the Kuwait Stock Exchange joined the MSCI emerging market index, which took place in November 2020, which contributed to compensating part of the losses it incurred as a result of the Corona crisis.
The Kuwaiti (Center) stated that at the level of sectors in Kuwait, the insurance sector index was the best performing sector during the past year. Where it recorded an increase of 24%, while the total value of the financial services sector, which has the largest market value in terms of total value, decreased by 13% over the past year.
He pointed out that among the stocks in the main market sector for Kuwaiti stocks, Human Soft Holding Company was the best performing company, as it achieved an annual gain of 24%.
The article The Kuwaiti Center: 11.7% decline in the general index of Kuwaiti stocks during 2020, which was written in the Al-Borsa newspaper.