Kuwaiti stocks
Kuwaiti stocks

The Kuwait Capital Markets Authority approved the recommendation of the Kuwait Stock Exchange Company regarding listing the shares of North Al Zour First Energy and Water Company in the first market of the Kuwait Stock Exchange.

The Authority said in a press statement today, Saturday, that this listing is the first of its kind for a company that was established under the umbrella of the laws of the Public-Private Partnership Authority, noting that it is continuously monitoring the file of listing companies that are established as public shareholding companies by requesting periodic reports to evaluate the schedule. To submit requests for inclusion.

She added that "North Al-Zour Al-Oula" completed the listing requirements mentioned in the 12th book "Listing Rules" from the executive regulations of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority and regulating the activity of securities and their amendments and the rules of the stock exchange.

She explained that the Kuwait Stock Exchange Company will coordinate with "First North Zour" to complete the remaining procedures, determine the date of actual listing and start trading on the company's shares.

She pointed out that this step reflects the Authority's keenness to conduct and accomplish important business that is in the interest and support of the economy and financial markets in the State of Kuwait and to enhance the investment opportunities available in it in light of the exceptional circumstances that the country and the world as a whole go through at the present time.

The first North Azzour Power and Water Company is the company that owns the power and water station known as the northern Az-Zour station. The company’s capital has been set at 110 million Kuwaiti dinars (about 355.6 million US dollars) and a share value of 100 fils and all shares are cash where 50 percent of Total shares for public subscription for all Kuwaiti citizens.

The Kuwait Capital Markets Authority was established in accordance with Law (No. 7 of 2010) approved by the National Assembly and its amendments. The Authority, according to the law, organizes and monitors securities activities and realizes the principle of transparency, fairness and efficiency and obliges listed companies to implement corporate governance principles and protect investors from unfair practices that violate the law of the authority.

In a related context, the green color covered the indicators of financial markets in the countries of the Gulf Cooperation Council during the first Ramadan week, which is the last of the month of April, and achieved mixed gains that were divided between large markets for Saudi Arabia, Dubai and Kuwait, and medium and limited in Abu Dhabi, Qatar, Oman and Bahrain.

The gains were led by the Saudi "Tasi" index, which recorded its largest weekly growth in three years, by 7.7 percent, followed by the Dubai Market Index adding 7.2 percent, then the Kuwait Stock Exchange General Index rose by a large increase of 6.2 percent, and the Abu Dhabi and Qatar markets achieved growth Compared to the previous one, the Abu Dhabi market index gained 4.1 percent, the Qatar market index recorded 3.4 percent, and the Sultanate of Oman’s index was satisfied with 1.6 percent, and the Bahrain Financial Market Index settled on very limited gains with only a tenth of a percentage point.

The sessions of the first week of Ramadan ended all green on the Kuwait Stock Exchange with varying gains between one session and another, so that the gains of the Kuwait Stock Exchange General Index reached 6.2 percent, equivalent to 289.96 points, to approach the level of 5 thousand points, and closed at the level of 4975.39 points, and the first market gains were greater and by 6.6 Percent, or 331.14 points, to close at 5356.26 points, and the "Main 50" index this week did not lag behind its predecessors, and achieved great growth, which is the best for it since its launch three months ago, as it gained 5.4 percent, equivalent to 241.4 points, to close at 4187.27 points .

The three market variables rose with balanced support from the first and "major 50" markets, which were very active for the first time since its launch in February, and liquidity grew by 24 percent compared to the previous week, which was longer in terms of trading time before Ramadan, and activity grew by 27 percent, the number of deals increased by 8.8 percent, and in addition to the first market shares of significant growth in prices, a select group in the main 50 market moved, most notably operating stocks, as well as some small shares of the city’s mass and Aayan’s block, and recorded comparable growth With the beginning of the month trading, but it is still at limited levels.