Kuwait indices post weekly losses – Market capitalization reaches KD 23.6i bln, down 0.98%

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Kuwait Stock Exchange (KSE) ended last week in the red zone. The Price Index closed at 5,373.17 points, down by 0.35% from the week before closing, the Weighted Index decreased by 1% after closing at 362.61 points, whereas the KSX-15 Index closed at 853.35 points down by 1.16%. Furthermore, last week’s average daily turnover decreased by 18.22%, compared to the preceding week, reaching KD 10.55 million, whereas trading volume average was 124.71 million shares, recording a decrease of 22.33%.

The stock market indicators ended last week’s activity, which were limited to four sessions, with different losses, under the control of the selling operations over the trading activity during most of the daily sessions of the week. The losses came in light of a fluctuated performance due to the active speculations and profit collection operations that were executed on many stocks, especially the large-cap ones, which caused the main indicators of the market to decline noticeably, especially the Weighted and KSX-15 indices. In addition, the losses recorded by the market indicators during last week, were expected after the increases realized by the market during the previous weeks.

As per the daily trading activity for Kuwait Stock Exchange for the last week, the three market indicators closings were mixed in the first session of the week, accompanied by a noticeable decline in the trading activity, especially the value, which recorded a drop of more than 25%, and the Price Index was able to increase by the end of the session supported by the continued speculative operations and the random purchasing operations executed on the small-cap stocks, especially the stocks of the companies that are expected to realize good gains for the first quarter period, while the Weighted and KSX-15 indices decreased as a result to the selling pressures that concentrated on a number of the leading stocks, which were made for profit collection purposes.

On the second session, the market performance was similar to the previous session, with changing positions, as the Price Index closed in the red zone affected by the quick profit collection operations that targeted some small-cap stocks, however the Weighted and KSX-15 indices were able to increase and compensate a part of its previous losses due to the random purchasing operations that included some leading stocks, among a continued contraction in the liquidity for the second consecutive session. On Tuesday’s session, the Price Index returned to the green zone again and was able to realize limited increase supported by the quick speculations that concentrated on the small-cap stocks, whilst the Weighted and KSX-15 indices declined affected by the profit collection operations, among a noticeable increase in the liquidity levels in the market, whereas it grew by 42.61% by the end of the session. Also, the three stock market indicators witnessed in the end of week session a mixed performance too, whereas the Price and Weighted indices declined to increase its weekly losses, and KSX-15 Index was able to realize limited increase to lighten its losses made since the beginning of the week, accompanied by a decreased trading activity.

The market capitalization for the KSE reached by the end of last week to KD 23.61 billion, down by 0.98% from its level in a week earlier, whereas it recorded KD 23.84 billion; on an annual level, the market cap for the listed companies in KSE declined by 6.55% from its value at end of 2015, where it recorded then KD 25.27 billion.

As far as KSE annual performance, the price index ended last week recording 4.31% annual loss compared to its closing in 2015, while the weighted index decreased by 5%, and the KSX-15 recorded 5.23% loss.

Sectors’ Indices

Seven of KSE’s sectors ended last week in the red zone, while the other five recorded increases. The Insurance sector headed the losers list as its index declined by 3.44% to end the week’s activity at 998.32 points. The Telecommunications sector was second on the losers’ list, which index declined by 2.78%, closing at 613.66 points, followed by the Health Care sector, as its index closed at 966.69 points at a loss of 2.75%. The Financial Services sector was the least declining as its index closed at 586.71 points with a 0.10% decrease.

On the other hand, last week’s highest gainer was the Technology sector, achieving 2.50% growth rate as its index closed at 992.55 points. Whereas, in the second place, the Oil & Gas sector’s index closed at 794.24 points recording 1.50% increase. The Basic Materials sector came in third as its index achieved 0.93% growth, ending the week at 995.04 points.

Sectors’ Activity

The Financial Services sector dominated a total trade volume of around 196.12 million shares changing hands during last week, representing 39.32% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 22.31% of last week’s total trading volume, with a total of around 111.29 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 13.42 million or 31.79% 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 9.25 million representing 21.91% of the total market trading value.

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

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