Kuwait Stock Market Outlook 2016

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We were neutral for Kuwait markets in our last year assessment. Market valuation in Kuwait declined while earnings were weak, resulting in indices dec.....

Summary

We were neutral for Kuwait markets in our last year assessment. Market valuation in Kuwait declined while earnings were weak, resulting in indices declining by 13.2% (weighted index) and 14.6% (price index). However, despite the decline we feel the valuations for Kuwait market are still at a premium compared to its regional peers.
Economic growth in Kuwait is expected to be subdued at 2.5% (real GDP growth) in 2016 in view of lower revenues from oil. Series of contract awards and accelerated implementation of Kuwait Developmental Plan (KDP) is expected to support non hydrocarbon activity, whose growth is expected to be at 4.5% in 2016. Muted earnings expectation and lack of near-term triggers for valuation multiple re-rating could result in yet another year of tepid market performance.

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Kuwait Stock Market Outlook 2016

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