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Saturday , September 21 2019

KSE price index posts 40.96 pts weekly drop; volume edges lower – Market cap falls

KUWAIT CITY, Nov 20: The KSE Price Index closed at 5,725.41 down 40.96 points as the market failed to recover after the initial 1.14% decline as the markets reopened post events in France. The KSX-15 closed at 933.99 down 20.65 points; while the Islamic Index MUDX lost 10.66 points to close at 569.1 during the week.

The Weekly volumes stood at 663.04 million shares compared to 727.84 million shares in previous week a decline of 8.9%. Among the major contributors Financial Services Sector(contributing 39.15%) reported 259.57 million shares of trading compared to 202.22 million shares in the previous week, while Real Estate Sector (contributing 26.45%) witnessed 175.37 million shares of trading compared to 288.62 million shares in the previous week.

The Telecommunications sector (contributing 7.41%) reported 46.63% increase in volumes as the sector saw surge in volumes across counters. Mobile Telecommunication Co – Zain (Mcap – KD 1.59 billion) recorded 15.29 million shares of trading while Hits Telecom Holding Co. (Mcap – KD 26.17 million) saw 26.9 million shares exchanged during the week.

Kuwait Telecommunications Co — VIVA (Mcap — KD 484.42 million)witnessed 7.16 million shares of volumes as the company disclosed that it has received an offer from their parent company STC to increase its stake in the company to 100% and waits approval

The overall Market Cap was down by 1.7% as it stood at KD 26.68 billion. National Bank of Kuwait – NBK (Mcap – KD 4.18 billion)saw its market cap drop by 3.5%, while Gulf Bank of Kuwait (Mcap — KD 838.23 million) also saw its market cap drop by 5.36%during the week.

On the total market breadth, Of the 57 Islamic Companies,10advanced while 19 declined during the week.

The Islamic universe market cap was down by 2.04% as it closed at KD 6.97 billion, as the universe top stocks witnessed a drop in their market cap.

The universe heavyweight Kuwait Finance House – KFH (Mcap – KD 2.71 billion)saw its market cap plummet by 5.0%.

However; the universe had gainers like Kuwait Telecommunications Co — VIVA (Mcap — KWD 484.42 million) saw it market cap goup by 6.59% during the week.

By KFH Capital

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