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Saturday , August 15 2020

Kuwait bourse ends in red, volume dives – Market cap down 0.84% to reach KD 22.92 bln

Kuwait Stock Exchange (KSE) ended last week in the red zone. The Price Index closed at 5,364.57 points, down by 0.80% from the week before closing, the Weighted Index decreased by 0.78% after closing at 351.44 points, whereas the KSX-15 Index closed at 805.71 points down by 0.82%. Furthermore, last week’s average daily turnover decreased by 23.63%, compared to the preceding week, reaching KD 10.59 million, whereas trading volume average was 96.62 million shares, recording a decrease of 6.28%.

The three stock market indices recorded different losses amid control of the selling operations over many stocks of different sectors, especially the leading ones, in addition to the quick speculative operations that concentrated on the small-cap stocks, which negatively affected the market performance in general.

However, the market was able to realize some increases during number of sessions during the week, benefiting from the purchasing operations that concentrated on the stocks of previous declines earlier in the week, but the profit collection operations caused the market to stop its gains, and were able to push its indices to the red zone once again.

As per the daily trading activity, the market witnessed in the first session of the week a negative performance that pushed its three indices to record large losses by the end of the session, whereas the market was subject to the pessimistic traders especially after the news of exiting England from the European Union, which pushed many of them to execute selling operations that included many large-cap and small-cap stocks.

On the second session, the market was able to hold and realize increase for the three indices, however at a slower pace of losses from the previous session, in presence of the random purchasing operation that included few stocks, especially the leading ones.

On the mid-week session, the market was able to increase and realize gains for the three indices, amid a strong presence of the purchasing power and its concentration on the leading stocks, which lightened the Price Index losses somehow, and moved the Weighted and KSX-15 indices to the green zone on the weekly level, before the profit collection operations witnessed on Wednesday’s session to come and push the three market indices to the red zone once again, amid a noticeable decline in the trading activity during the same session.

Also, the market continued on Thursday’s session recording grouped losses for the three indices in light of an increased sale for profit operations, amid a noticeable increase in the value, where it recorded a daily growth of around 98%.

By the end of the week, the market cap reached KD 22.92 billion, down by 0.84% compared to its level in a week earlier, where it reached KD 23.11 billion; on an annual level, the market cap for the listed companies in the market dropped by 9.30% 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 4.46% annual loss compared to its closing in 2015, while the weighted index decreased by 7.93%, and the KSX-15 recorded 10.52% loss.

Sectors’ Indices

Seven of KSE’s sectors ended last week in the red zone, four recorded increases, whereas the Health Care sector’s index closed with no change from the week before. The Industrial sector headed the losers list as its index declined by 1.52% to end the week’s activity at 1,057.20 points. The Real Estate sector was second on the losers’ list, which index declined by 1.50%, closing at 827.94 points, followed by the Consumer Goods sector, as its index closed at 1,162.50 points at a loss of 1.47%. The Telecommunications sector was the least declining as its index closed at 609.56 points with a 0.03% decrease.

On the other hand, last week’s highest gainer was the Basic Materials sector, achieving 2.76% growth rate as its index closed at 980.80 points. Whereas, in the second place, the Insurance sector’s index closed at 1,024.23 points recording 1.63% increase. The Consumer Services sector came in third as its index achieved 1.14% growth, ending the week at 1,007.39 points.

Sectors’ Activity

The Financial Services sector dominated a total trade volume of around 204.07 million shares changing hands during last week, representing 42.24% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 13.93% of last week’s total trading volume, with a total of around 67.27 million shares.

On the other hand, the Banks sector’s stocks were the highest traded in terms of value; with a turnover of around KD 20.06 million or 37.89% 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 KD 9.55 million representing 18.04% of the total market trading value.

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