KSE indices witness losses as crude oil charts mixed course – Market capitalization drops by 1.1 pct to KD 24.96 billion

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KUWAIT CITY, March 18: The KSE indices all witnessed losses, however oil has seen a mixed week with oil producers announcing to meet in order to discuss oil freezing proposal.  Moreover, the market closed at 5,262.07 down by 0.43%. The MUDX Islamic Index was also down by 0.85% to close at 512.31 points. While the KSX15 which comprises of the market blue chips closed at 857.74 down 13.96 points.

Equities across the Middle East witnessed mixed trends as Oil prices rise during the week; further; the Brent crude witnessed a marginal increase of 0.5% compared to last week, currently trading at $40.88 per barrel.

The Weekly volumes reported 760.71 million shares compared to 993.37 million shares in previous week. Among the major contributors the Financial Services Sector (contributing 37.97%) witnessed 288.86 million shares of trading compared to 389.28 million shares in the previous week, while Real Estate Sector (contributing 21.21%) witnessed 161.37 million shares of trading compared to 269.01 million shares in the previous week.

Volumes

Sectors with notable volumes included the Consumer Services sector, witnessed 54.54 million traded shares with an increase of 69.05% in volumes during the week.

The overall Market Cap was down by a 1.1% as it stood at KD 24.96 billion, the market saw a downward  trend in the blue chips during the week. National Bank of Kuwait – NBK (Mcap — KD 3.72 billion)  saw its market cap decrease by 1.98%. While Mobile Telecommunication Co — Zain (Mcap — KD 1.63 billion)  saw its market cap steady for the week with no change, and Kuwait Food Co — Americana (Mcap — KD 956.76 million) decreased 7.03% in market cap wise, after a surge of almost 13% the previous week on anticipation of possible sale.

On the total market breadth, Of the 56 Islamic Companies, 16 advanced while 23 declined during the week.

The Islamic universe market cap witnessed a negative week to  close at KD 6.25 billion an decrease of 0.99%. The universe heavyweights like Kuwait Finance House — KFH (Mcap — KD 2.35 billion)  saw a decrease of 2.94% in its market cap. While  Boubyan Bank (Mcap — KD 876.88 million) saw an increase of 4.94% in its market cap. Kuwait Telecommunication Co — VIVA ( Mcap — KD 499.40 million) saw a decrease of 1.96% in its market cap during the week.

By KFH Capital

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