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Price index gains 2.29 pct during July

Kuwait Stock Exchange (KSE) ended July in the green zone. The Price Index closed at 7,130.89 points, up by 2.29% compared to the closings of the month before, the Weighted Index increased by 2.56% after closing at 481.77 points, whereas the KSX-15 Index closed at 1,176.59 points increasing by 3.21%. Furthermore, last month’s average turnover decreased by 31.62%, compared to the preceding month, reaching K.D 13.71 million, whereas trading volume average was 134.63 million shares, recording decrease of 0.01%.

The stock market witnessed a positive performance enabled it to realize good gains for the three indices, to compensate a portion of its June’s losses due to the correction action taken then, and caused all the indices to decline noticeably. In addition, the stock market received support from the purchasing operations that targeted many listed stocks, headed by the largecap ones, especially stocks of some banks and companies of expected positive financial results for the first half of 2014, which positively reflected on the performance of the Weighted and KSX-15 Indices in particular. Also, the Price Index was able to return to the 7,000 point level as a result to the random purchasing operations and the quick speculations that targeted many small-cap stocks, especially in the Real Estate and Financial Services sectors.

Moreover, the stock market was able to realize its gains during the month of July despite of the profit collection operations that were present in few daily sessions of the month, among a rapid decline in the trading value when compared to June’s trading, where the market liquidity reached in one session its lowest level since September 2011.
This period, the stock market is witnessing a general state of watch and cautious in trading, as the investors are waiting for the listed companies disclosures for their first half financial results, which some were announced, waiting for the rest of the companies to disclose theirs after Eid Al-Fitr holiday, especially that the given legal disclosure period for the companies will end in mid of August.
For the annual performance, the price index ended last month recording 5.55% annual loss compared to its closing in 2013, while the weighted index increased by 6.38%, and the KSX-15 recorded 10.12% increase.
Ten of KSE’s sectors ended last month in the green zone, while the other two recorded declines. Last month’s highest gainer was the Banking sector, achieving 4% growth rate as its index closed at 1,096.68 points. Whereas, in the second place, the Financial Services sector’s index closed at 980.11 points recording 3.87% increase. The Consumer Goods sector came in third as its index achieved 3.76% growth, ending the week at 1,294.68 points. The Insurance sector was the least growing as its index closed at 1,173.76 points with a 0.10% increase.
On the other hand, the Technology sector headed the losers list as its index declined by 2.87% to end the month’s activity at 948.67 points. The Consumer Services sector was second on the losers’ list, which index declined by 2.30%, closing at 1,118.60 points.
The Financial Services sector dominated total trade volume during last month with 1.41 billion shares changing hands, representing 58.02% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 13.87% of last month’s total trading volume, with a total of 336.03 million shares.
On the other hand, the Financial Services sector’s stocks where the highest traded in terms of value; with a turnover of K.D. 75.95 million or 30.78% of last month’s total market trading value. The Banking sector took the second place as the sectors last month turnover of K.D. 75.66 million represented 30.66% of the total market trading value.

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