Saturday , September 22 2018

Kuwait stock market witnesses mixed week – Market capitalization ticks 0.1 pct down to KD 24.49 billion

The KSE Indices witnessed a mixed week as the KSE price index closed with 5,410.60 an increase of 0.62% up 33.55 points compared to the previous week. As the MUDX also witnessed a decrease of 0.17% to close at 511.86 for the week. While the market blue-chip index the KSX15 closed at 814.65 points down 0.42% during the week.

Gulf stock witnessed a mixed week ahead of an OPEC meeting that will discuss the possibility of coordinated action among oil producers to support prices. Brent crude oil crossed the $50 mark, closing at $51.98 per barrel.

The reported weekly volumes were 389.58 million shares compared to 779.24  million shares in previous. Among the major contributors, the Financial Services Sector (contributing 39.51%) witnessed 153.93 million shares of trading compared to 216.42 million shares in the previous week, while Real Estate Sector (contributing 18.95%) witnessed 73.80 million shares of trading compared to 187.08 million shares in the previous week.

The overall Market Cap witnessed a negative week as it stood at KD 24.49 billion down 0.1% on weekly basis. As for the blue chips,  National Bank of Kuwait – NBK (Mcap – KD 3.43 billion)  saw its market cap drop 1.61% during the week. Moreover; Kuwait Food Co – Americana (Mcap – KD 828.12 million) saw it market cap plunge 3.74%, after media reports denying the sale of  Al Khair National for stocks and real estate Company stake in in the company. While Kuwait Projects Co- KIPCO ( Mcap – KD 766.25 million) saw its market cap increase 1.96% during the week.

On the total market breadth, Of the 56 Islamic Companies,13 advanced while 18 declined during the week.

The Islamic universe market cap witnessed a decrease of 0.20% in its market cap to close at KD 6.24 billion. The universe heavyweights like Kuwait Finance House – KFH (Mcap – KD 2.32 billion)  saw its market cap remain unchanged during the week. While  Boubyan Bank (Mcap — KD 866.57 million) alos saw its market cap remain unchanged. Kuwait Telecommunications Co. (Mcap- KD 469.44 million) was up 2.17% during the week.

By KFH Capital

 

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