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Kuwait bourse ends in green; volume soars – Market cap reaches KD 23.37 billion during week

Kuwait Stock Exchange (KSE) ended last week in the green zone. The Price Index closed at 5,396.67 points, up by 1.36% from the week before closing, the Weighted Index increased by 0.27% after closing at 357.67 points, whereas the KSX-15 Index closed at 831.50 points up by 0.07%. Furthermore, last week’s average daily turnover decreased by 2.26%, compared to the preceding week, reaching KD 11.56 million, whereas trading volume average was 166.54 million shares, recording an increase of 51.07%.

The stock market witnessed a positive performance that enabled it to end the weekly trading activity in the green zone, especially the Price Index which was the most gainer compared to the Weighted and KSX-15 indices that recorded some gains by the end of the week, where such variance in the indices performance indicates a trading concentration on the small-cap stocks in general while the activity on the leading companies’ stocks was relatively weak during the last week.  On the other hand, last week witnessed an important positive factor, which is a noticeable increase in the trading volume compared to the previous week’s sessions, despite the drop in the liquidity levels by the end of the week, whereas the average daily volume increased by more than 50% from its levels in the previous week, while the average value decreased by around 2%.

As per the daily trading activity, the Sunday’s session witnessed a gradual decrease for the market to end it with a grouped loss for the three indices, and was accompanied by a noticeable decrease in the total value and volume and number of deals.  On the second day, the red zone was also over controlling the trading activity amid a noticeable increase in the three trading indicators, which pushed the market indices to record losses due to the selling operations that included many of the listed stocks, especially the leading ones.  On Tuesday’s session, the market was able to reverse its direction upward, and the three indices were able to end the session in the green zone, amid a decline in the trading activity.

In light of the noticeable growth in the three trading variables, the market was able to realize good gains on Wednesday’s session, benefiting from the active purchasing trend witnessed by many stocks of different weights, and the collection operations witnessed by the investment groups.  Also, the market witnessed in the last session of the week a mixed performance for the three indices, whereas the Price Index continued its positive performance amid a continued purchasing activity on some small-cap stocks, enhancing by this its gains recorded at the beginning of the week, while the profit collection operations executed on some leading stocks pushed the Weighted and KSX-15 indices to record limited losses by the end of the session, which relatively limited its weekly gains.

Moreover, the market capitalization for the stock market reached KD 23.37 billion by the end of last week, up by 0.39% compared to its level in a week earlier where it reached KD 23.28 billion; however on the annual level, the market cap for the listed companies in KSE declined by 7.50% 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 3.89% annual loss compared to its closing in 2015, while the weighted index decreased by 6.30%, and the KSX-15 recorded 7.66% loss.

Sectors’ Indices

Ten of KSE’s sectors ended last week in the green zone, while the other two recorded declines. Last week’s highest gainer was the Health Care sector, achieving 3.68% growth rate as its index closed at 990.98 points. Whereas, in the second place, the Consumer Goods sector’s index closed at 1,118.55 points recording 3.38% increase. The Industrials companies sector came in third as its index achieved 2.30% growth, ending the week at 1,055.77 points. The Banks sector was the least growing as its index closed at 817.01 points with a 0.18% increase.

On the other hand, the Basic Materials sector headed the losers list as its index declined by 1.40% to end the week’s activity at 970.57 points. The Oil & Gas sector was second on the losers’ list, which index declined by 1.01%, closing at 781.25 points.

Sectors’ Activity

The Financial Services sector dominated a total trade volume of around 295.16 million shares changing hands during last week, representing 35.45% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 21.87% of last week’s total trading volume, with a total of around 182.15 million shares.

On the other hand, the Financial Services sector’s stocks were the highest traded in terms of value; with a turnover of around KD 14.63 million or 25.31% of last week’s total market trading value. The Telecommunications sector took the second place as the sector’s last week turnover was approx KD 10.13 million representing 17.54% of the total market trading value.

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