Kuwait stock market ends week trading on mixed board
Kuwait Stock Exchange (KSE) ended last week trading on mixed board amid speculation, selling pressure and some traders’ drawback from the market over lack of motivations, a specialized economic report showed Saturday.
The report, Bayan Investment Company, stated that the Price Index closed at 7,403.74 points, down by 0.04 percent from the week before closing, the Weighted Index increased by 0.002 percent after closing at 492.04 points, whereas the KSX-15 Index closed at 1,194.61 points down by 0.49 percent. The data also showed that last week’s average daily turnover decreased by 2.34 percent, compared to the preceding week, reaching K.D 22.05 million, whereas trading volume average was 220.09 million shares, recording increase of 45.78 percent.
Bayan noted that the Weighted Index was able to realize some gains, supported by the purchasing operations that targeted few large-cap stocks, especially in the Banking and Consumer Goods sectors, whilst the Price Index and KSX-Index declined on the weekly level, affected by the continued sale-for-profit operations that included many listed stocks, especially in the Real Estate sector, which was the most losing one.
In addition, the stock market was taking a downward direction in general last week, in light of the limited fluctuation performance, among presence of the speculations and selling pressures that included many stocks, plus the continued drawback of the traders from the market due to the lack of investment motivations, and the wait for the local political events’ results.
“Moreover, the most common reason for the stock market decline last week is the investors’ drawback from trading, in light of their watching state for the listed companies first quarter financial results, especially during the beginning of the weekly sessions, among fears of having some stocks getting stopped, if such companies could not disclose its financial results before the end of the legal disclosure period, which explains the drop in the liquidity levels during some daily sessions,” reads the report.
For the annual performance, the price index ended last week recording 1.93 percent annual loss compared to its closing in 2013, while the weighted index increased by 8.65 percent, and the KSX-15 recorded 11.81 percent growth.
At the sector level, the report disclosed that seven of KSE’s sectors ended last week in the green zone, while the other five recorded declines.
“Last week’s highest gainer was the Consumer Services sector, achieving 4.74 percent growth rate as its index closed at 1,170.97 points. Whereas, in the second place, the Insurance sector’s index closed at 1,179.74 points recording 4.21 percent increase. The Health Care sector came in third as its index achieved 4.05 percent growth, ending the week at 1,123.50 points,” added the report.
On the other hand, the Real Estate sector headed the losers list as its index declined by 2.28 percent to end the week’s activity at 1,284.76 points. The Technology sector was second on the losers’ list, which index declined by 1.79 percent, closing at 965.72 points, followed by the Telecommunications sector, as its index closed at 806.09 points at a loss of 1.23 percent.
Meanwhile, the figures also showed that the Industrial sector dominated total trade volume during last week with 363.07 million shares changing hands, representing 32.99 percent of the total market trading volume. The Financial Services sector was second in terms of trading volume as the sector’s traded shares were 26.22 percent of last week’s total trading volume, with a total of 288.53 million shares.
“On the other hand, the Banking sector’s stocks were the highest traded in terms of value; with a turnover of K.D 34.55 million or 31.34 percent of last week’s total market trading value. The Financial Services sector took the second place as the sector’s last week turnover was K.D 25.43 million represented 23.07 percent of the total market trading value.”
Source : KUNA Kuwait News agency