Bourse ends in green as volume rises – Market cap hits KD 23.04 bln, up 0.46%

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Kuwait Stock Exchange (KSE) ended last week in the green zone. The Price Index closed at 5,407.99 points, up by 0.24% from the week before closing, the Weighted Index increased by 0.72% after closing at 354.21 points, whereas the KSX-15 Index closed at 812.34 points up by 0.67%. Furthermore, last week’s average daily turnover increased by 53.79%, compared to the preceding week, reaching KD 13.86 million, whereas trading volume average was 103.10 million shares, recording an increase of 13.83%.

The three stock market indices were able to end the week’s trading in the green zone, benefiting from the optimism state that over controlled a large stake of the traders after completing Americana deal, which positively reflected on the trading indicators that witnessed a noticeable increase by the end of the week. Also, the red color was not absent from the indices performance during the last week, as the market witnessed quick profit collection operations in few sessions of the week limited its weekly gains noticeably.

As per the daily trading activities, the three stock market indices were able to end the first session of the week with large gains, as a result to the strong purchasing operations and the active dealing witnessed by some investment groups. The purchasing operations concentrated on the leading and heavy stocks, which was reflected on the performance of all the market indices, and contributed into the growth of the trading value by 63%.  The second session of the week witnessed quick profit collection operations that included many stocks of different sectors, which caused the three market indices to decline by the end of the session.

The market was able to return once again to record gains, on Tuesday’s session, whereas the three market indices witnessed an increase, however with a noticeable decrease in the trading activity.  Thereafter, the market witnessed on Wednesday’s and Thursday’s sessions a return to the selling and profit collection operations in controlling the trading direction, which caused the market indices to meet in the red zone, and limit its weekly gains.

By the end of the week, the market cap reached KD 23.04 billion, increasing by 0.46% compared to its level in a week earlier, where it was KD 22.94 billion. On an annual level, the market cap for the listed companies in KSE declined by 8.80% from its value at end of 2015, where it reached then KD 25.27 billion.

As far as KSE annual performance, the price index ended last week recording 3.69% annual loss compared to its closing in 2015, while the weighted index decreased by 7.20%, and the KSX-15 recorded 9.78% loss.

Sectors’ Indices

Six of KSE’s sectors ended last week in the green zone, while the other six recorded declines. Last week’s highest gainer was the Consumer Goods sector, achieving 4.90% growth rate as its index closed at 1,179.83 points. Whereas, in the second place, the Oil & Gas sector’s index closed at 792.24 points recording 1.20% increase.

The Telecommunications sector came in third as its index achieved 1.05% growth, ending the week at 609.77 points.

On the other hand, the Insurance sector headed the losers list as its index declined by 2.71% to end the week’s activity at 1,007.77 points. The Technology sector was second on the losers’ list, which index declined by 1.90%, closing at 976.27 points, followed by the Consumer Services sector, as its index closed at 996.01 points at a loss of 0.60%.

Sectors’ Activity

The Financial Services sector dominated a total trade volume of around 263.26 million shares changing hands during last week, representing 51.07% of the total market trading volume. The Banks sector was second in terms of trading volume as the sector’s traded shares were 18.60% of last week’s total trading volume, with a total of around 95.86 million shares.

On the other hand, the Banks sector’s stocks were the highest traded in terms of value; with a turnover of around KD 34.12 million or 49.23% of last week’s total market trading value. The Financial Services sector took the second place as the sector’s last week turnover was approx KD 15.41 million representing 22.23% of the total market trading value.

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