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Kuwait indices return to green zone – Financial services dominate total trade volume of 318.28 mln shares

Kuwait Stock Exchange (KSE) ended last week in the green zone. The Price Index closed at 5,391.81 points, up by 0.84% from the week before closing, the Weighted Index increased by 0.71% after closing at 366.28 points, whereas the KSX-15 Index closed at 863.33 points up by 0.93%. Furthermore, last week’s average daily turnover decreased by 3.38%, compared to the preceding week, reaching KD 12.90 million, whereas trading volume average was 160.56 million shares, recording a decrease of 15.44%.

The three stock market indicators returned to the gains zone once again, supported by the purchasing and quick speculations operations which differentiated the trading activity for this period, and is concentrated mainly on the small-cap stocks. On the contrary, the market was subject to the profit collection operations that were present also during few sessions of the week, which lightened the three indicators’ gains significantly.

As per the daily trading activity for Kuwait Stock Exchange during the last week, the three indicators were able to end the first session of the week with good gains supported by the speculative trading and the active purchasing operations that included a wide range of leading and small-cap stocks, among a minor decline in the pumped liquidity levels to the market compared to the previous session. On the next session, the three market indicators dropped in light of the profit collection trend that included many stocks of different sectors, especially in the Financial Services sector, the most sector affected the trading value.

Moreover, the market returned on Tuesday’s and Wednesday’s sessions to close in the green zone once again, supported by the random purchasing operations that concentrated on the small-cap stocks, especially the ones that were under selling pressures in the previous session, in addition to the collection operations that were executed on some leading stocks of which are expected to disclose positive financial results for the first quarter of the current year. On the last session of the week, the market witnessed strong profit collection operations concentrated on the small-cap stocks in particular, which caused the Price Index to lose some of its weekly gains, while the Weighted and KSX-15 indices were able to realize gains for the third consecutive session, which enhanced its weekly gains.

Furthermore, the market capitalization for KSE reached by the end of last week KD 23.84 billion increasing by 0.88% compared to its level in a week earlier, where it reached KD 23.64 billion; on an annual level, the market cap for the listed companies in the market declined by 5.62% 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 3.98% annual loss compared to its closing in 2015, while the weighted index decreased by 4.04%, and the KSX-15 recorded 4.12% loss.

Sectors’ Indices

Seven of KSE’s sectors ended last week in the green zone, four recorded declines, whereas the Health Care sector’s index closed with no change from the week before. Last week’s highest gainer was the Oil & Gas sector, achieving 4.36% growth rate as its index closed at 782.54 points. Whereas, in the second place, the Real Estate sector’s index closed at 871.84 points recording 2.41% increase. The Telecommunications sector came in third as its index achieved 1.95% growth, ending the week at 631.20 points.

On the other hand, the Insurance sector headed the losers list as its index declined by 2.09% to end the week’s activity at 1,033.92 points. The Financial Services sector was second on the losers’ list, which index declined by 0.76%, closing at 587.27 points, followed by the Consumer Goods sector, as its index closed at 1,073.99 points at a loss of 0.46%.

Sectors’ Activity

The Financial Services sector dominated a total trade volume of around 318.28 million shares changing hands during last week, representing 39.65% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 32.02% of last week’s total trading volume, with a total of around 257.04 million shares.

On the other hand, the Financial Services sector’s stocks were the highest traded in terms of value; with a turnover of around KD 16.48 million or 25.55% of last week’s total market trading value. The Banks sector took the second place as the sector’s last week turnover was approx KD 15.65 million representing 24.25% of the total market trading value.

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