June 17, 2024

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KSE benchmark bleeds, sheds 100 points

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 Kuwait Stock Exchange (KSE)
Kuwait Stock Exchange (KSE)

Price index of Kuwait Stock Exchange (KSE) drastically dropped at the week opening session on Sunday.
The benchmark shed up to 100 points, recording yet a new downward record trend, following the past week bearish trading.

— Volume of traded shares has amounted to 80.9 million and value of exchanged stocks KD 14 million in today’s session.
The KSE ended the last week operations in the red zone, amid selling pressures and the profit collection operations as well as political tension escalation, a specialized economic report showed Saturday. The report, by Bayan Investment Company, noted that the Price Index closed at 7,244.13 points, down by 1.27 percent from the week before closing, the Weighted Index decreased by 1.00 percent after closing at 487.30 points, whereas the KSX-15 Index closed at 1,191.50 points down by 1.03 percent.
Furthermore, last week’s average daily turnover decreased by 6.23 percent, compared to the preceding week, reaching K.D 22.48 million, whereas trading volume average was 140.73 million shares, recording a decrease of 1.63 percent.
A separate report, issued on Saturday by Al-Oula Financial Brokerage Company said the incurred losses in the past week sessions were due to local and regional events.
Also according to Al-Oula, coming weeks are forecast to witness a prevailing lackluster atmosphere in the Kuwaiti bourse due to Ramadan fasting, absence of incentives and prospected chances’ absence to make good earnings.
Local and regional events that boosted investors’ jitters, along with inactivity by the major players, led to a downward trend of the market and noticeable liquidity shrinking, the report said.

Source : KUNA Kuwait News agency

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