Kuwait stock market ends week’s trading on negative note
Kuwait Stock Exchange (KSE) ended last week in the red zone, with variance in the losses of each of the market’s main indices, a specialized economic report showed Saturday.
The report, by Bayan Investment Company, stated that the Price Index closed at 7,346.83 points, down by 0.77 percent from the week before closing, the Weighted Index decreased by 0.84 percent after closing at 487.92 points, whereas the KSX-15 Index closed at 1,183.92 points down by 0.89 percent.
Furthermore, last week’s average daily turnover decreased by 0.42 percent, compared to the preceding week, reaching K.D 21.96 million, whereas trading volume average was 170.09 million shares, recording a decrease of 22.72 percent.
The report pointed out that that the stock market indicators were combined to end the week in the red zone, among a fluctuated performance, due to the increased number of selling operations performed on many stocks, and the decreased purchasing operations by the investors in light of the negative environment that is surrounding the market, in addition to the limited purchasing operations in general, which decreased the liquidity pumped to the market.
“Moreover, the stock market initiated last week’s activities positively, whereas all its indicators realized increases as a result to the random purchasing operations that included many stocks, especially the leading ones; however, the profit collection operations and the quick speculations witnessed thereafter, caused the stock market to decline once again rapidly,” reads the report.
It added that the selling operations witnessed by the stock market during most of the weekly sessions were concentrated on the blue-chip and large-cap stocks, which negatively affected the three indices, especially the Weighted and KSX-15 indices which were the most losers.
“However, the stock market was able to take an upward direction in some of the week’s sessions, supported by the return of the quick speculations on the small-cap stocks in particular, in addition to the random purchasing operations executed on some leading stocks, but such behavior did not last long, as the market declined again right after,” added the report.
For the annual performance, the Bayan report noted that the price index ended last week recording 2.68 percent annual loss compared to its closing in 2013, while the weighted index increased by 7.74 percent, and the KSX-15 recorded 10.81 percent growth.
On the sectorial level, the data showed that nine of KSE’s sectors ended last week in the red zone, tow recorded increases, whereas the Health Care sector’s index closed with no change from the week before.
The Industrial sector headed the losers list as its index declined by 1.65 percent to end the week’s activity at 1,127.15 points. The Telecommunications sector was second on the losers’ list, which index declined by 1.52 percent, closing at 793.82 points, followed by the Banking sector, as its index closed at 1,119.95 points at a loss of 0.89 percent. The Consumer Services sector was the least declining as its index closed at 1,166.42 points with a 0.39 percent decrease. On the other hand, last week’s highest gainer was the Oil & Gas sector, achieving 0.61 percent growth rate as its index closed at 1,220.12 points. Whereas, in the second place, the Consumer Goods sector’s index closed at 1,303.51 points recording 0.46 percent increase.
Meanwhile, the he Financial Services sector dominated total trade volume during last week with 376.57 million shares changing hands, representing 44.28 percent of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 28.98 percent of last week’s total trading volume, with a total of 246.50 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 41.30 million or 37.62 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 29.77 million represented 27.11 percent of the total market trading value.
Source : KUNA Kuwait News agency