Kuwait bourse sinks into red as volume dips –

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Kuwait Stock Exchange (KSE) ended last week in the red zone. The Price Index closed at 5,377.05 points, down by 0.36% from the week before closing, the Weighted Index decreased by 0.64% after closing at 355.37 points, whereas the KSX-15 Index closed at 818.10 points down by 1.61%. Furthermore, last week’s average daily turnover increased by 2.96%, compared to the preceding week, reaching KD 11.90 million, whereas trading volume average was 155.91 million shares, recording a decrease of 6.38%.

The stock market witnessed a new chapter of the weekly losses series, as it ended the last week’s trading activity with a decrease of the three indices, in light of the overwhelming of the selling pressures and the profit collection operations over the purchasing power that was limitedly present in few daily sessions of the week.

The selling operations concentrated on the leading stocks in the market, which were able to record increases in the previous sessions, which negatively affected the Weighted and KSX-15 indices, the most losing indices compared to the Price Index.

As per the daily trading activity; Sunday’s session witnessed a limited decline for the three stock indices, in light of the quick profit collection operations executed on many stocks of different weights, among a noticeable decline in the trading activity, especially the value, which dropped by 37%.

On Monday’s session, the market continued its downward direction for the second consecutive session amid a continued decline in the trading indicators, however slower than the previous session, while the market was able of realizing good gains in the midweek session, for the three indices, especially the Price Index which was able to compensate all of its previous losses and break the previous week’s closing in an upward direction, benefiting from the random purchasing operations that concentrated on the small-cap stocks in particular.

The market returned to the red zone on Wednesday once again, affected by the return of the profit collection operations, which pushed all its indices to close with grouped losses, while the end of week session witnessed a mixed closing for the three indices, as the Price Index was able to realize some increase, however the Price Index and KSX-15 Index continued its decrease, adding up to its weekly losses.

By the end of the week, the market capitalization reached KD 23.16 billion, down by 0.89% compared to its level in a week earlier, where it was KD 23.37 billion.

On an annual level, the market cap for the listed companies in KSE declined by 8.32% 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 4.24% annual loss compared to its closing in 2015, while the weighted index decreased by 6.90%, and the KSX-15 recorded 9.14% loss.

Sectors’ Indices

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

The Basic Materials sector headed the losers list as its index declined by 5.42% to end the week’s activity at 917.99 points.

The Financial Services sector was second on the losers’ list, which index declined by 2.14%, closing at 559.55 points, followed by the Oil & Gas sector, as its index closed at 768.18 points at a loss of 1.67%.

The Real Estate sector was the least declining as its index closed at 853.15 points with a 0.11% decrease.

On the other hand, last week’s highest gainer was the Consumer Services sector, achieving 5.50% growth rate as its index closed at 986.87 points.

Whereas, in the second place, the Consumer Goods sector’s index closed at 1,122.30 points recording 0.34% increase.

The Telecommunications sector came in third as its index achieved 0.13% growth, ending the week at 609.16 points.

Sectors’ Activity

The Financial Services sector dominated a total trade volume of around 216.91 million shares changing hands during last week, representing 27.83% of the total market trading volume.

The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 24% of last week’s total trading volume, with a total of around 187.08 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 12.56 million or 21.12% 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 10.56 million representing 17.76% of the total market trading value.

For further details, please visit our web site: www.bayaninvest.com

 

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