KSE price index up by 1.06 pct during week Oil and Gas sector highest gainer, achieves 3.81% growth rate

Kuwait Stock Exchange (KSE) ended last week in the green zone. The price index ended last week with an increase amounted to 1.06%, and the weighted index advanced by 0.92% compared to the closings of the week before. In addition KSX-15 index increased by 0.89%. Furthermore, last week’s average daily turnover increased by 23.84%, compared to the preceding week, reaching KD 27.92 million, whereas trading volume average was 327.05 million shares, recording increase of 51.89%.

The stock market continued its New Year positive performance, as the three indices were able to realize good gains by the end of the last week, among a strong purchasing trend focused on many listed stocks, with special attention to the leading and operational stocks in banking sector. In addition, the positive speculative operations during the week continued its market support, as it concentrated on the small-cap stocks, and positively reflected on the Price Index in particular, realizing the highest gain among the three market indices, to close at its highest since last June.

Moreover, the stock market is witnessing a purchasing activity concentrating on the leading and large-cap stocks, where many traders prefer to handle due to its expected positive annual results and good dividends, especially the banking and other operational stocks.  As a result, the market liquidity was improved and gains were recorded in one of the last week’s trading sessions.  On the contrary, the sale for profit operations were present to influence the market performance during last week, and caused the indices to fluctuate, within limited margins however, but lightened its weekly gains.
By the end of the week, the price index closed at 6,067.83 points, up by 1.06% from the week before closing, whereas the weighted index registered a 0.92% weekly gain after closing at 426.57 points. Moreover, the KSX-15 index closed at 1,033.33 points, increasing with 0.89%.

Sectors’ Indices
All of KSE’s sectors ended last week in the green zone, while the other two recorded declines. Last week’s highest gainer was the Oil & Gas sector, achieving 3.81% growth rate as its index closed at 970 points. Whereas, in the second place, the Consumer Goods sector’s index closed at 944.32 points recording 2.45% increase. The Insurance sector came in third as its index achieved 2.40% growth, ending the week at 933.38 points. The Consumer Services sector was the least growing as its index closed at 941.13 points with a 0.10% increase.

On the other hand, the Technology sector headed the losers list as its index declined by 1.50% to end the week’s activity at 825.46 points. The Basic Materials sector was second on the losers’ list, which index declined by 0.06%, closing at 981.86 points.

Sectors’ Activity
The Financial Services sector dominated total trade volume during last week with 746.42 million shares changing hands, representing 45.65% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 31.74% of last week’s total trading volume, with a total of 519.04 million shares.
On the other hand, the Financial Services sector’s stocks were the highest traded in terms of value; with a turnover of KD 42.88 million or 30.72% of last week’s total market trading value. The Banks sector took the second place as the sector’s last week turnover of KD 33.74 million represented 24.17% of the total market trading value.

By: Bayan Investment

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