Kuwaiti Authoritative Sources for Stock Data & Total Return Calculations

A comprehensive guide to obtaining official stock market data from Kuwait and calculating actual total returns for Kuwaiti equities.

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Table of Contents

1. Overview of Kuwait's Financial Market Infrastructure
2. Primary Official Sources
3. Data Types Available
4. How to Calculate Total Returns
5. Step-by-Step Data Collection Process
6. Secondary & International Sources
7. Important Considerations
8. Quick Reference

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Overview of Kuwait's Financial Market Infrastructure

Kuwait's capital market operates through a structured hierarchy of regulatory and operational entities:

┌─────────────────────────────────────────────────────────┐
│           CAPITAL MARKETS AUTHORITY (CMA)               │
│              The Regulator (هيئة أسواق المال)            │
│         Sets rules, enforces compliance, IFSAH          │
└─────────────────────────┬───────────────────────────────┘
                          │
┌─────────────────────────┴───────────────────────────────┐
│                    BOURSA KUWAIT                        │
│              The Stock Exchange (بورصة الكويت)          │
│      Trading, listings, market data, indices            │
└─────────────────────────┬───────────────────────────────┘
                          │
┌─────────────────────────┴───────────────────────────────┐
│           KUWAIT CLEARING COMPANY (MAQASA)              │
│        Central Depository & Clearing (المقاصة)          │
│   Settlement, holdings, dividends, corporate actions    │
└─────────────────────────────────────────────────────────┘

Additionally, the Central Bank of Kuwait (CBK) oversees banking sector regulations and monetary policy.

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Primary Official Sources

1. Boursa Kuwait (بورصة الكويت) — The Stock Exchange

Website: https://www.boursakuwait.com.kw

Boursa Kuwait is the official operator of Kuwait's stock exchange and the primary source for trading data.

Key Resources

Data Services Available

• Real-time Level 1: Best bid/ask, last sale, OHLC, volumes, indices
• Real-time Level 2: Full order book (5 best levels)
• Delayed Data: 15-minute delayed quotes (free)
• Historical Data: End-of-day reports, trading history
• Non-Derived Data: Raw data for analysis purposes

Market Reports

Boursa Kuwait publishes periodic market summary reports containing aggregate statistics:

• Monthly Reports: Trading activity summaries
• Quarterly Reports: Q1, Q2, Q3, Q4 summaries
• Annual Reports: Yearly market performance

Access at: https://reports.boursakuwait.com.kw/en/products-and-services/historical-data/reports/market-summary

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2. Capital Markets Authority (CMA) — The Regulator

Website: https://www.cma.gov.kw

The CMA is Kuwait's securities regulator, established under Law No. 7 of 2010.

Key Resources

IFSAH Disclosure System

As of January 2025, Kuwait mandates the IFSAH 2 XBRL Disclosure System for all:

• Listed companies
• Licensed persons (brokers, asset managers)
• Collective investment schemes
• Registered auditors

What IFSAH Contains:

• Financial statements (annual, quarterly, monthly)
• Capital adequacy reports
• General assembly disclosures
• Material information disclosures
• Corporate governance reports

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3. Kuwait Clearing Company (Maqasa) — Central Depository

Website: https://www.maqasa.com

Maqasa is the central clearing, settlement, and depository entity for the Kuwaiti securities market.

Key Resources

Services Relevant to Investors

• Depository Services: All shares held in electronic form
• Dividend Distribution: Automated cash dividend payments
• Corporate Actions Processing: Stock splits, bonus shares, rights issues
• Pledge Reports: Securities lending and borrowing data
• Holdings Reports: Ownership concentration data

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4. Listed Company Investor Relations

Every listed company maintains an Investor Relations section on their website with:

• Annual Reports (audited financial statements)
• Quarterly Financial Reports
• Dividend History
• Stock Performance Data
• Corporate Governance Reports
• AGM/EGM Announcements

Example — KFH Investor Relations: https://www.kfh.com/en/home/Investor-Relations.html

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Data Types Available

Price Data

Corporate Actions

Financial Statements

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How to Calculate Total Returns

Total Return accounts for both price appreciation and income (dividends), providing a complete picture of investment performance.

Formula

Total Return = Price Return + Dividend Return

             (P_end - P_start) + D
Total Return = ────────────────────── × 100%
                     P_start

Where:
  P_end   = Ending stock price
  P_start = Starting stock price
  D       = Dividends received during period

Adjusted for Corporate Actions

When bonus shares or stock splits occur, you must adjust historical prices:

Adjusted Price = Historical Price × Adjustment Factor

For stock split (e.g., 2:1):
  Adjustment Factor = 1/2

For bonus shares (e.g., 10%):
  Adjustment Factor = 1/1.10

Example Calculation

Stock XYZ:

• Price on Jan 1, 2024: 500 fils
• Price on Dec 31, 2024: 550 fils
• Dividends paid in 2024: 25 fils
• 10% bonus shares issued in June 2024

Step 1: Adjust starting price for bonus shares

Adjusted Start Price = 500 / 1.10 = 454.5 fils

Step 2: Calculate total return

Total Return = (550 - 454.5 + 25) / 454.5 × 100%
             = 120.5 / 454.5 × 100%
             = 26.51%

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Step-by-Step Data Collection Process

Method 1: Using Official Sources (Most Authoritative)

Step 1: Gather Historical Price Data

1. Subscribe to Boursa Kuwait Data Services

   • Visit: https://data.boursakuwait.com.kw
   • Request historical trading data for your target stocks
   • Download EOD price files

2. Alternative: Manual Collection

   • Access monthly/yearly market summary reports
   • Extract year-end closing prices for each stock

Step 2: Collect Dividend Data

1. Boursa Kuwait Corporate Actions Page

   • Navigate to: /en/securities/company-information/corporate-actions/
   • Filter by company and date range
   • Record: Ex-dividend dates, dividend amounts (fils per share)

2. Company Annual Reports

   • Download from company IR pages
   • Find dividend history in financial highlights section

Step 3: Collect Corporate Actions

1. Stock Splits & Bonus Shares

   • Same corporate actions page
   • Record dates and ratios

2. Capital Changes

   • IFSAH disclosures
   • AGM announcements

Step 4: Build Adjustment Factor Table

Create a table for each stock:

Step 5: Calculate Adjusted Prices

Adjusted Price = Raw Price / Cumulative Adjustment Factor

Step 6: Calculate Annual Total Returns

For each year:

Annual Total Return = (Adj_Price_End - Adj_Price_Start + Dividends) / Adj_Price_Start × 100%

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Method 2: Using Company Annual Reports

Company annual reports often include:

• 5-year or 10-year financial highlights
• Share price history
• Dividend per share history
• Key ratios including total shareholder return

Advantages: Pre-calculated, audited data Limitations: May not include detailed daily/monthly data

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Secondary & International Sources

These sources derive their data from official Kuwaiti sources but may provide more accessible formats:

Financial Data Aggregators

Regional Sources

Index Providers

ETFs Tracking Kuwait

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Important Considerations

Currency

• All Kuwaiti stock prices are in Kuwaiti Fils (1 KWD = 1,000 fils)
• Dividends are typically expressed in fils per share
• For international comparisons, convert to KWD or USD

Ex-Dividend Date Adjustments

• On the ex-dividend date, stock prices typically drop by approximately the dividend amount
• This is a normal market mechanism, not a loss
• Total return calculations account for this

Bonus Shares vs. Cash Dividends

Kuwait companies frequently distribute bonus shares in addition to or instead of cash dividends:

• Bonus shares increase share count
• Historical prices must be adjusted retroactively
• Both forms represent shareholder returns

Trading Calendar

• Kuwait Stock Exchange follows Kuwait's official calendar
• Markets closed on: Fridays, Saturdays, national holidays, Islamic holidays
• Trading hours: Sunday–Thursday, typically 9:00 AM – 1:00 PM local time

Data Reliability Hierarchy

Most Authoritative → Least Authoritative:

1. IFSAH (CMA) — Regulatory filings
2. Boursa Kuwait — Official exchange data
3. Maqasa — Settlement records
4. Company IR — Direct from issuer
5. International aggregators — Derived data

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Quick Reference

Official Kuwaiti Websites

Boursa Kuwait (Exchange):     https://www.boursakuwait.com.kw
CMA (Regulator):              https://www.cma.gov.kw
IFSAH (Disclosures):          https://ifsah.cma.gov.kw
Maqasa (Clearing):            https://www.maqasa.com
Central Bank of Kuwait:       https://www.cbk.gov.kw

Key Boursa Kuwait URLs

Market Watch:         /en/securities/prices-and-screens/market-watch
Corporate Actions:    /en/securities/company-information/corporate-actions/
Financial Data:       /en/securities/company-information/financial-data/
Listed Companies:     /en/participants/participants/listed-companies/
Announcements:        /en/announcements/news-and-announcements/announcements
Historical Reports:   reports.boursakuwait.com.kw
Data Services:        data.boursakuwait.com.kw

Stock Ticker Format

• Yahoo Finance: TICKER.KW (e.g., KFH.KW, NBK.KW)
• Bloomberg: TICKER:KW (e.g., KFH:KW)
• Boursa Kuwait: TICKER (e.g., KFH, NBK, ZAIN)

Common Kuwaiti Stock Tickers

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Summary

To obtain authoritative data for calculating total returns on Kuwaiti stocks:

1. Price Data: Boursa Kuwait (official exchange)
2. Dividends & Corporate Actions: Boursa Kuwait Corporate Actions page
3. Financial Statements: IFSAH (CMA) or Company Investor Relations
4. Holdings/Settlement Data: Maqasa (Kuwait Clearing Company)

Note: Unlike US markets where platforms like Yahoo Finance automatically provide adjusted prices and total return calculations, Kuwaiti data typically requires manual adjustment for corporate actions. Boursa Kuwait's indices (e.g., BK Main 50) use price return methodology, not total return, meaning dividends are not automatically reinvested in index calculations.

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Document Version: 1.0
Last Updated: December 2024
Sources: Boursa Kuwait, CMA Kuwait, Kuwait Clearing Company (Maqasa)