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ALSHALL Weekly Economic Report ALSHALL Weekly Economic Report Volume 28 – Issue 10–11th March 2018 This Week Prepared by 1. Corruption Economic Research Unit 2. Trading Features at Boursa Kuwait – February 2018 ALSHALL Consulting Co. 3. Comparative Performance of Selected Stock Markets – February 2018 Salhiya – Sahab Tower – Floor 9 – Kuwait 4. Ahli United Bank (AlMutahed) Financial Results FY 2017 Tel: + 96522451535 – Fax: +96522422619 5. The Weekly Performance of Boursa Kuwait Email: [email protected] Web site: www.alshall.com Twitter: @ALSHALL_Com 1. Corruption In 2016, Kuwait lagged 20 positions on corruption proliferates year after year. the Corruption Perceptions Index from That means that Kuwait is the only position 55 to 75. In 2018, it has also once country where the financial and human again lagged 10 additional positions agencies' cost rises while costs of reaching 85th position and achieving 39 corruption fighting run at faster rates. points out of 100 and thus became the fifth Worse still is the failure of a Government in corruption on the Arab Gulf States and entity to deny its acknowledgment of the the second on Pan-Arab level. This was absence of any strategy to deal with the outline of The International corruption; this means the absence of any Transparency organization issued on 22 preventive policy that limits its February 2018. In a statement attributed to proliferation. The presence of 42,000 the Chief of the Legal Advice and special cases of public funds thefts means Legislation Administration in Kuwait, he dumping the judiciary, public prosecution mentioned that the Administration is and the Administration of Legal Advice following up 42 thousand cases of public and Legislation and all other monitoring funds thefts, which is a tremendous and systems with burdens and intolerable appreciated effort though it is not the issue pressures. Under such pressure, it is to be focused on. impossible to achieve satisfactory results. Besides, these agencies need to employ Kuwait's lagging by 30 positions on the huge human apparatuses not for Corruption Perceptions Index in three construction but slightly reduce the years means that corruption is no longer a destruction tools. disease that needs seeing a doctor, but a widespread epidemic whose solution is by Returning to what we have frequently prevention or preemptive action as in stated, the financial costs of fighting vaccinations against epidemics. In corruption scourge are not the most addition to the Legal Advice and important but the failure of other indexes Legislation Administration, Kuwait has such as transparency, ease of starting the Audit Bureau, a Public Authority for business and competitiveness whenever Integrity (Nazaha), financial auditors as corruption increases. As such, economy well as public and private Public Funds cannot be sustainable. All the talk about Protection Committees, etc. Nevertheless, future visions for Kuwait without having 1 ALSHALL Weekly Economic Report Volume 28 – Issue 10–11th March 2018 preventive strategy to limit or contain million with a net trading value, the more corruption as their top priority will purchasing, by about KD 8.218 million. eventually fail. This is proven in awakening experience around the world. The third contributor to market liquidity is The rule is now for Kuwait to lag in the clients’ accounts (portfolios) which reform and development indicators rules; captured 20.6% of total value of sold as such backwardness has become shares (22.4% for the same period of expected without stirring official reaction 2017) and 19.9% of total value of to counter it but only some time until the purchased shares (21.4% in the same momentum disappears. This achieves period of 2017). The sector sold shares neither sustainability nor development and worth KD 110.654 million and purchased makes them mere mirage. shares worth KD 107.328 million, with a net trading value, selling, by KD 3.326 2. Trading Features at Boursa Kuwait – million. February 2018 Kuwait Clearing Company (KCC) issued The last contributor to liquidity is the its report about “Trading Volume investment funds sector which captured according to Nationality and Category” for 11% of total value of sold shares (6.8% in the period from 01/01/2018 to 28/02/2018 the same period of 2017) and 9.6% of total as published on the official website of value of purchased shares (6.2% for the Boursa Kuwait. The report indicated that same period 2017). This sector sold shares individuals still form the largest trading worth KD 59.452 million and purchased category despite the drop in their share. shares worth KD 50.042 million, with a They captured 46.6% of total value of net trading, most selling, by KD 9.410 million. purchased shares (54.2% in January and February of 2017) and about 45.7% of Boursa Kuwait still continues to be a local total value of sold shares (53.3% in Boursa with more share for Kuwaiti January and February of 2017). Individual traders being the biggest trading group. dealers purchased shares in the amount of They sold shares worth KD 455.889 KD 250.668 million and sold shares worth million, capturing 84.7% of total sold KD 246.151 million with a net trading, shares, (90.8% for the same period in purchasing, at KD 4.518 million. 2017), and purchased shares worth KD The second larger contributor to the 449.347 million capturing 83.5% of total market's liquidity is the corporations and value of purchased shares (89.2% for the companies sector which captured 24.2% same period of 2017). As such, their net, of total value of purchased shares (18.2% most selling, by KD 6.541 million. This for the same period of 2017) and 22.7% of indicates a continued trend for the local total value of sold shares (17.5% in the investor to drop his investments in the domestic Boursa. same period of 2017). The sector purchased shares worth KD 130.218 million and sold shares worth KD 122 2 ALSHALL Weekly Economic Report Volume 28 – Issue 10–11th March 2018 Percentage share of other investors, out of total accounts versus 16,900 accounts in the total purchased shares value, scored the end of January 2018, 4.4% of total 10.8%, (7.7% for the same period of accounts for the same month, a drop by 2017), and purchased shares worth KD -8.3% during February 2018. 58.378 million and sold shares worth KD 45.545 million, 8.5% of total sold shares 3. Comparative Performance of (6.7% in the same period of 2017); thus Selected Stock Markets – February their net trading value, the only one 2018 purchasing, by KD 12.832 million. This February's performance was negative and means that the foreigner's confidence in contrary to the positive performance of the local Boursa is still high. January. 11 markets achieved losses which were substantial to some while only 3 GCC Investors’ share out of total value of markets achieved slight gains. 12 markets sold shares scored 6.8% (2.5% for the achieved gains in January while 2 markets same period 2017), worth KD 36.823 only achieved losses. Performance of the million, while value of purchased shares first month of the year was positive, scored 5.7% (3.1% in the same period though correction was anticipated and due 2017), worth KD 30.532 million. Their net during the current year, it came early in trading was selling by KD 6.291 million. February and contrary to our expectations and the correction began from NY stock The relative distribution among exchange as usual. However, it was not nationalities differed slightly from its the biggest loser by the end of the month. predecessor. Kuwaitis occupied 84.1%, other nationalities occupied 9.7% and The biggest loser in February was the GCC traders’ share captured 6.3% versus Chinese market, whose index lost in one 90%, 7.2% and 2.8% for Kuwaitis, other month -6.4% which moved it from the nationalities and GCC traders respectively positive zone in the end of January to the for the same period of 2017. This means negative one with losses by -1.4%, Boursa Kuwait remained domestic with compared with its performance in the end most shares to the local investor. The of last year. The second biggest loser in bigger turnout from non-Kuwaiti investors February was the Qatari market which lost from outside the GCC outweighs that from -6% in one month and is quite within the GCC states. Dominance of unjustifiable except by its excessive trading is for individuals. sensitivity to any negative developments. For instance, the correction afflicting the Number of active accounts between the emergent and mature markets. Note that end of December 2017 and the end of Qatar Boursa is open for foreigners' February 2018 dropped by -13%, (increase transactions. The third biggest loser was by 18% between the end of December the German stock market whose index lost 2016 and the end of February 2017). about -5.7% in February which was Number of active accounts in the end of adequate to deprive it from January profits February 2018 scored 15,504 or 4.1% of and transfer it to the negative zone by 3 ALSHALL Weekly Economic Report Volume 28 – Issue 10–11th March 2018 -3.7% losses compared with its status in Saudi Arabia and Qatar's exchanges came the end of last year. next. 6 markets remained in the negative zone. The biggest loser was the British Although, The American market was the market with its index losing -5.9%, then source of the crisis, it was not the biggest Dubai market which lost -3.7%.
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