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Kuwait Financial Center (KFC) reported strong gains in the second quarter of 2018. The profitability of banks and financial institutions in the region has been boosted by higher interest rates and a rise in economic activity as government spending increases.
According to the company, the beginning of the second half of 2018 witnessed a positive performance in the Kuwaiti and Gulf markets, as it continued to achieve positive results during the month of July.
In its report on the Middle East and North Africa (MENA) markets, the company reported that the Kuwaiti market recorded a positive performance with all stocks rising by 5.7%, raising their gains since the beginning of the year to date to 9.6%.
The Standard & Poor's Index in the GCC countries was supported by the good performance of the region's banking stocks. The MSCI Emerging Markets Index and its global counterpart recorded a positive performance this month as the Emerging Markets Index rose 1.7% (Morgan Stanley) by 3.1 percent.
Source: (Al Bayan Newspaper UAE)