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Kuwait bourse ends down as volume soars – Market cap slides 0.81% to KD 22.94bn

Kuwait Stock Exchange (KSE) ended last week in the red zone. The Price Index closed at 5,394.84 points, down by 0.29% from the week before closing, the Weighted Index decreased by 0.91% after closing at 351.69 points, whereas the KSX-15 Index closed at 806.94 points down by 0.95%. Furthermore, last week’s average daily turnover increased by 29.43%, compared to the preceding week, reaching KD 9.01 million, whereas trading volume average was 90.57 million shares, recording an increase of 16.26%.

The three stock market indicators declined as a result to the selling trend that was subject to during most of the week’s session for profit collection purposes, whereas the selling pressures concentrated on the leading and heavy stocks in the market, amid a fluctuated performance due to the presence of the speculative operations and its effect on the trading activity. On the contrary, the market was able during some daily sessions of the week to increase supported by the random purchasing operations witnessed by some stocks, which limited the three indices’ losses on the weekly level.

As per the daily trading activity, the three market indicators were able to end the first session of the week in the green zone, supported by the speculative operations that concentrated on the small-cap stocks especially in the last moments of the session, in addition to the random purchasing operations that included few leading stocks, while the market could not hold against the selling pressures that it witnessed in the next session, as the three indices declined, amid a limited fluctuated performance, despite the noticeable increase in the trading activity compared to the previous session, especially the value which realized 65.55% growth by the end of the session.

The market continued its downward direction on Tuesday’s and Wednesday’s sessions, however at limited pace, as a result to the continued profit collection operations that included some small-cap and leading stocks, especially that of previous strong increases. On the end of week session, the three stock market indices witnessed mixed closings, whereas the Price Index was able to realize limited increase by the end of the session, supported by the random purchasing operations witnessed by some small-cap stocks, which limited its weekly losses somehow, while the Weighted and KSX-15 indices continued its losses for the fourth consecutive session, affected by the continued selling operations executed on the leading and heavy stocks, which increased its weekly losses noticeably.

By the end of the week, the market capitalization for KSE reached KD 22.94 billion down by 0.81% compared to its level in a week earlier, where it reached then KD 23.13 billion; on an annual level, the market cap for the listed companies in the market dropped by 9.21% from its value at end of 2015, where it was KD 25.27 billion.

As far as KSE annual performance, the price index ended last week recording 3.92% annual loss compared to its closing in 2015, while the weighted index decreased by 7.86%, and the KSX-15 recorded 10.38% loss.

Sectors’ Indices

Six of KSE’s sectors ended last week in the red zone, five recorded increases, whereas the Health Care sector’s index closed with no change from the week before.

The Real Estate sector headed the losers list as its index declined by 1.94% to end the week’s activity at 834.38 points. The Banks sector was second on the losers’ list, which index declined by 1.52%, closing at 798.50 points, followed by the Telecommunications sector, as its index closed at 603.44 points at a loss of 1.42%.

The Financial Services sector was the least declining as its index closed at 562.50 points with a 0.55% decrease.

On the other hand, last week’s highest gainer was the Oil & Gas sector, achieving 5.37% growth rate as its index closed at 782.84 points. Whereas, in the second place, the Consumer Goods sector’s index closed at 1,124.72 points recording 2.06% increase. The Basic Materials sector came in third as its index achieved 1.08% growth, ending the week at 957.73 points.

Sectors’ Activity

The Financial Services sector dominated a total trade volume of around 218.17 million shares changing hands during last week, representing 48.18% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 11.64% of last week’s total trading volume, with a total of around 52.73 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 16.23 million or 36.02% 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 11.53 million representing 25.59% of the total market trading value.

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