Kuwait bourse witnesses negative week – Market capitalization slips 1.1 pct to KD 24.61 bln
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The KSE Indices witnessed a negative week as the KSE price index closed with 5,324.05 a decrease of 1.32% down 71.46 points compared to the week before. As the MUDX saw a decrease as well of 1.21% to close at 515.37 for the week down 6.31 points. While the market blue-chip index the KSX15 witnessed a decrease of 14.08 points to close at 830.91 down 1.67%. |
Gulf stock markets lost ground this trading week after oil prices retreated. Moreover, Asian stocks fell based on speculation that the United States would raise interest rates as early as June.
The reported weekly volumes were 551.22 million shares compared to 592.84 million shares in previous week down 7% and 41.62 points. Among the major contributors, the Financial Services Sector (contributing 28.09%) witnessed 154.85 million shares of trading compared to 207.01 million shares in the previous week down 25% in weekly basis, while Real Estate Sector (contributing 23.10%) witnessed 127.35 million shares of trading compared to 171.65 million shares in the previous week down aswell by 25.81% on weekly basis.
The overall Market Cap witnessed a negative close as it stood at KD 24.61 billion down 1.1% on weekly basis. As for the blue chips, National Bank of Kuwait — NBK (Mcap – KD 3.55 billion) saw its market cap increase 1.66% during the week. Moreover; Ahli United Bank — AUB (Mcap – KD 1.25 billion) saw its market cap move down by 1.08%.While Kuwait Food Co – Americana (Mcap – KD 916.56 million) saw a decline of 5.79% on weekly basis. Kuwait Projects Co- KIPCO ( Mcap – KD 780.99 million) was stable and unchanged for the week.
On a not so positive note Livestock Transport & Trading Co — CATTL(Mcap – KD 32.92 million) was probably hit the hardest with a 14.61% decline on a weekly basis. This was mainly due to declined earnings published earlier this week. On the total market breadth, of the 56 Islamic Companies, 9 advanced while 31 declined during the week.
The Islamic universe market cap witnessed a decrease of 1.42% in its market cap to close at KD 6.29 billion. The universe heavyweights like Kuwait Finance House – KFH (Mcap – KD 2.35 billion) saw a decrease of 1.05% in its market cap. While Boubyan Bank (Mcap – KD 866.57 million) was unchanged for the week the same goes to. Kuwait Telecommunications Co (Mcap- KD 469.44 million) was down 3.09% during the week.
By KFH Capital
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