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Thursday , April 25 2019

KSE indices wind up last week on mixed note

Boursa Kuwait ended last week with mixed performance. The Price Index closed at 6,196.50 points, down by 0.69% from the week before closing, the Weighted Index increased by 0.70% after closing at 398.78 points, whereas the KSX-15 Index closed at 908.54 points up by 0.25%.Furthermore, the week’s average daily turnover increased by 7.39%, compared to the preceding week, reaching K.D 12.28 million, whereas trading volume average was 64.16 million shares, recording an increase of 14.11%.

The trading activity during the last week revealed a mixed closing for the three indices, amid a fluctuated performance, whereas the Weighted and KSX-15 indices were able to realize increases supported by the purchasing operations that included some leading and heavy stocks, while the Price Index could not follow its peers, and ended the week in the red zone affected by the selling pressures that concentrated on some small and idle stocks.

In addition, Boursa Kuwait recorded during the last four sessions of last week market gains of around K.D. 150 million, as the market capitalization for the total listed stocks in the regular market reached K.D. 26.67 billion, up by 0.56% compared to its value in a week earlier, where it was K.D. 26.52 billion.  On an annual level, the market cap gains reached 4.98% compared to its value at end of last year, where it was K.D. 25.41 billion. (Note: The market cap for the listed companies in the regular market is calculated based on the average number of outstanding shares as per the latest available official financial statements).

Moreover, the market initiated the first session of the week with mixed gains to its three indices, which came as a result to the purchasing activity that included many listed stocks, headed by the leading and operational ones and contributed in pushing the market indices to end the session in the green zone.  However, the second session witnessed a drop in the three indices, especially the KSX-15 Index, which lost around 1% of its value by the end of the session, due to the quick profit collection operations witnessed by the market during the session, and were concentrated on the heavy stocks.

Tuesday’s session witnessed mixed closings for the three indices, whereas the Weighted and KSX-15 indices were able to realize limited growth by the end of the session, supported by the increases recorded by some leading stocks, while the Price Index went against the current and ended the session in the losses zone; the market witnessed such performance amid a noticeable drop in the trading activity of both the volume and the value, especially the latter, which reached K.D. 6.35 million only, its lowest level since about mid of last June.   Also, the market indices continued its fluctuation in the end of week session, as the Price Index ended the session in the red zone, adding by such to its losses on the weekly level, while the Weighted and KSX-15 indices continued its upward direction, to end the session in the green zone, enhancing by such its weekly gains to a certain extent.

For the annual performance, the Price Index ended last week recording 7.80% annual gain compared to its closing in 2016, while the Weighted Index increased by 4.92%, and the KSX-15 recorded 2.66% growth.

Sectors’ Indices

Six of Boursa Kuwait’s sectors ended last week in the green zone, while other five recorded decreases, whereas the Health Care sector’s index closed with no change from the week before. Last week’s highest gainer was the Telecommunications sector, achieving 2.67% growth rate as its index closed at 547.08 points. Whereas, in the second place, the Consumer Services sector’s index closed at 919.51 points recording 2.40% increase. The Oil & Gas sector came in third as its index achieved 1.49% growth, ending the week at 941.47 points.

On the other hand, The Technology sector headed the losers list as its index declined by 10.40% to end the week’s activity at 498.90 points. The Consumer Goods sector was second on the losers’ list, which index declined by 4.71%, closing at 877.26 points, followed by the Industrial sector, as its index closed at 1,705.40 points at a loss of 2.98%.The Basic Materials sector was the least declining as its index closed at 1,236.57 points with a 0.61% decrease.

Sectors’ Activity

The Financial Services sector dominated a total trade volume of around 93.45 million shares changing hands during last week, representing 36.41% of the total market trading volume. The Banks sector was second in terms of trading volume as the sector’s traded shares were 27.84% of last week’s total trading volume, with a total of around 71.46 million shares.

On the other hand, the Banks sector’s stocks were the highest traded in terms of value; with a turnover of around K.D 24.20 million or 49.29% 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. K.D 8.28 million representing 16.86% of the total market trading value.

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