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Bourse ends in red for 2nd straight week

Kuwait Stock Exchange (KSE) ended last week in the red zone. The Price Index closed at 5,428.91 points, down by 0.79% from the week before closing, the Weighted Index decreased by 0.80% after closing at 348.37 points, whereas the KSX-15 Index closed at 808.96 points down by 0.89%. Furthermore, last week’s average daily turnover decreased by 11.64%, compared to the preceding week, reaching KD 6.44 million, whereas trading volume average was 50.27 million shares, recording a decrease of 25.77%.

The three stock market indices closed in the red zone for the second consecutive week as a result to the continued control of the random selling operations over the trading activity, as it included many of the previously traded stocks during the last week, headed by the leading and operational stocks, which negatively affected all the market indices, especially the KSX-15 Index that was the most losing one compared to the Price and Weighted indices.

As per the daily trading activity for the KSE during the last week, the market witnessed in the first session of the week a grouped decline for the three indices influenced by the increased selling operations on the small-cap stocks, especially the stocks of market value below its par and book value, in addition to the random selling operations concentrated on some leading stocks after it reached high levels in the previous session, mostly the Banks stocks. Also, the market continued in recording grouped losses for the three indices in the next session amid a fluctuated performance with a downward trend, whereas the market was subject to the oil prices decrease and the GCC stock markets drop, and it witnessed an increased selling operations, which caused it to lose more than KD 100 million of its market cap compared to the previous session.

On the mid-week session, the market was able to realize a limited increase for the three indices to return once again to the green zone, supported by the last minute trades of the session that witnessed random purchasing operations included many stocks and concentrated on the leading and operational stocks, especially after the noticeable declines witnessed in the previous session which enabled the market after all from realizing some gains. Moreover, the market returned in the last two sessions of the week to record losses once again affected by the profit collection operations in light of the relatively weak trading activity, amid a return of the selling pressures in controlling the trading direction.

By the end of the last week, the market capitalization reached KD 23.38 billion down by 0.78% compared to its level in a week earlier, whereas it reached then KD 23.57 billion, however on the annual level, the market cap for the listed companies in KSE declined by 7.45% 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 3.32% annual loss compared to its closing in 2015, while the weighted index decreased by 8.73%, and the KSX-15 recorded 10.16% loss.

Sectors’ Indices

Ten of KSE’s sectors ended last week in the red zone, while the other two recorded increases. The Oil & Gas sector headed the losers list as its index declined by 1.84% to end the week’s activity at 769.44 points. The Telecommunication sector was second on the losers’ list, which index declined by 1.57%, closing at 582.64 points, followed by the Industrial sector, as its index closed at 1,158.10 points at a loss of 1.42%. The Consumer Goods sector was the least declining as its index closed at 1,219.23 points with a 0.21% decrease.

On the other hand, last week’s highest gainer was the Health Care sector, achieving 2.11% growth rate as its index closed at 1,070.78 points. Whereas, in the second place, the Insurance sector’s index closed at 1,003.90 points recording 0.32% increase.

Sectors’ Activity

The Financial Services sector dominated a total trade volume of around 114.74 million shares changing hands during last week, representing 45.65% of the total market trading volume. The Banks sector was second in terms of trading volume as the sector’s traded shares were 16.98% of last week’s total trading volume, with a total of around 42.67 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 15 million or 46.61% 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 6.08 million representing 18.90% of the total market trading value.

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