KSE rises despite low volume: KFH report – Market cap up by 1.9 pct to KD 25.54 billion

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KUWAIT CITY, Feb 26, (KUNA): The three main indexes of Kuwait Stock Exchange (KSE) have closed at end of current week with an increase on weekly basis, while weekly trading volumes saw a decrease despite indexes rise, Kuwait Finance House (KFH) said Thursday. The KSE indices were positive despite oil prices drop, the market closed at 5,174.69 up by a marginal 0.66 percent, KFH said in its weekly report, adding that the MUDX Islamic Index was also up by 2.67 percent to close at 507.70 points, while the KSX15, which comprises of the market blue chips, closed at 838.19 up 15.30 points. Equities across the Middle East reacted weakened as top oil producers continued giving mixed signals on oil production; further; the Brent crude slid down during the week, currently trading at $32.61 per barrel, the KFH said in a report.

The Weekly volumes reported 539.53 million shares compared to 617.83 million shares in previous week, the report mentioned, adding that among the major contributors; the Financial Services Sector, contributing 42.57 percent, witnessed 229.69 million shares of trading compared to 281.79 million shares in the previous week, while Real Estate Sector, contributing 24.69 percent, witnessed 133.20 million shares of trading compared to 192.52 million shares in the previous week as the drop is mainly due to a short week due to the National Day Holiday.

Sectors

Sectors with notable volumes included the Health Care sector, witnessed 7. 51 million traded shares with an increase of 914.75 percent in volumes during the week, it said, noting that counters like Yiaco Medical Co. (Mcap — KD 41. 47 million) witnessed 7.51 million shares in trading compared with 0.740 million shares the previous week, after denying media reports regarding the KD 17 million that it received from the Ministry of health. The overall market cap was up by a 1.9 percent as it stood at KD 25.54 billion, the market saw a positive trend in the blue chips during the week as the National Bank of Kuwait (NBK) (Mcap — KD 3.67 billion) saw its market cap increase by 2.82 percent, while Mobile Telecommunication Co (Zain) (Mcap — KD 1.53 billion) saw its market cap go up by 1.43 percent, and Ahli United Bank (AUB) (Mcap — KD 1.36 billion) saw an increase of 7.14 percent in its market cap. On the total market breadth, Of the 56 Islamic Companies, 24 advanced while 13 declined during the week. The Islamic universe market cap witnessed a positive week to close at KD 6.18 billion an increase of 3.16 percent.

Meanwhile, Kuwait Finance House (KFH) (Mcap — KD 2.43 billion) saw an increase of 6.25 percent in its market cap, while Boubyan Bank (Mcap — KD 804. 67 million) remained unchanged during the week.

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