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Higher traded volume drives up Boursa Kuwait’s profit

Traded volume on Boursa Kuwait grew by 54 percent annually to 43.83 billion shares between January and September 2024 Reuters/Chaiwat Subprasom
Traded volume on Boursa Kuwait grew by 54 percent annually to 43.83 billion shares between January and September 2024

Boursa Kuwait reported a 15 percent rise in net profit for the first nine months of 2024 as traded volume surged.

The stock exchange operator’s bottom line reached KD14.43 million ($47 million) during the period, compared to KD12.6 million a year ago. Operating profit increased by 21 percent year on year to nearly KD18 million.

Operating revenues jumped by 16 percent year on year to KD26 million, while earnings per share rose from 62.75 fils to 71.85 fils, up 14.5 percent.

Additionally, consolidated assets increased 4.3 percent annually to KD119 million.

Traded volume grew by 54 percent annually to 43.83 billion shares between January and September. Traded value increased by 36 percent to KD10 billion.

Meanwhile, the average daily traded value increased by 34 percent year on year to KD55.7 million.

The rise in trading volumes during the third quarter was driven by increased activity in the main market, which accounted for 35 percent of traded value.

Retail investors made up 38 percent of the traded value, an increase from 33 percent year on year, while institutional investors made up 62 percent of the total traded value.

Local investors comprised 83 percent of the traded value of the Kuwaiti capital market, while international investors, including GCC nationals, accounted for the remaining 17 percent.

“We have seen significant growth in trading activity, particularly in the main market, demonstrating its appeal to individual investors,” said Boursa Kuwait chairman Hamad Mishari Al-Humaidhi.

The stock exchanged reported a 94 percent year on year increase in market maker traded value, which indicated its effectiveness and efficacy, he said.