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Friday , February 28 2020

Market chalks gains for all three indices

Kuwait Stock Exchange (KSE) ended last week in the green zone. The Price Index closed at 5,780.76 points, up by 0.86% from the week before closing, the Weighted Index increased by 0.68% after closing at 389.81 points, whereas the KSX-15 Index closed at 929.05 points up by 0.60%. Furthermore, last week’s average daily turnover increased by 8.24%, compared to the preceding week, reaching K.D 12.53 million, whereas trading volume average was 150.04 million shares, recording a growth of 18.11%.

As far as the KSE daily activity, the stock market initiated the first session of the week realizing a grouped gain for the three indices, especially the Price Index which increased by 38.45 point to close at 5,769.71 point level, supported by the active purchasing power on the small-cap and leading stocks.  The market witnessed such performance among an increased trading volume by 25.15%.

The stock market continued its positive performance in the second session of the week to close in the green zone, among a continued increasing speculative purchasing activity that included many small-cap stocks and purchasing and collection operations executed on some large-cap stocks of which expected to announce gains for the third quarter of the current year, which pushed the liquidity level to increase by 33.85% compared to the previous session, crossing by this the K.D. 17 million level.

Also, the positive performance of the KSE continued on Tuesday’s session, and the market was able to realize gains for the three indices for the third consecutive session, supported by the purchasing & collection operations on leading stocks, in addition to the active speculative operations executed on the small-cap stocks, whilst the market witnessed such performance among a declined trading activity, where the liquidity level dropped by around K.D. 7 million and by 38.56%.

On the pre-final session of the week, the stock market recoded declines for the three indices as a result to the increased selling operations executed on many listed stocks of both large-cap and small-cap in a financial position correction operation, especially after the Constitutional Court’s refusal to the appeal on CMA article 122, which negatively affected all the indices performance.

The stock market ended the last session of the week with a grouped decline to its three indices on Thursday’s session, affected by the continued selling operations executed on many previously traded stocks during the week, whereas the Price Index lost around 12.65 point, in a decreased trading activity compared to the previous session.

On the other hand, the market cap for KSE reached by the end of last week K.D. 25.86 billion, up by 0.75% from its level in a week earlier, which was around K.D. 25.67 billion.  However on an annual level, the market cap for KSE listed companies recoded a decline of 7.56% compared to its level in 2014, where it reached then K.D. 27.98 billion.

As far as KSE annual performance, the Price Index ended last week recording 11.55% annual loss compared to its closing in 2014, while the Weighted Index decreased by 11.18%, and the KSX-15 contracted by 12.35%.

Sectors’ Indices

Six of KSE’s sectors ended last week in the green zone, and six recorded declines. Last week’s highest gainer was the Basic Materials sector, achieving 3.64% growth rate as its index closed at 1,025.09 points. Whereas, in the second place, the industrial sector’s index closed at 1,090.05 points recording 1.86% increase. The Consumer Goods sector came in third as its index achieved 1.66% growth, ending the week at 1,087.65 points.

On the other hand, the Technology sector headed the losers list as its index declined by 2.42% to end the week’s activity at 871.29 points. The Telecommunications sector was second on the losers’ list, which index declined by 1.30%, closing at 565.08 points, followed by the Consumer Goods sector, as its index closed at 996.12 points at a loss of 0.78%. The Insurance sector was the least declined during last week, as its index recorded a weekly loss of 0.22%, closing at 1,057.32 point.

Sectors’ Activity

The Real Estate sector dominated a total trade volume of around 253.84 million shares changing hands during last week, representing 33.84% of the total market trading volume. The Financial Services sector was second in terms of trading volume as the sector’s traded shares were 30.93% of last week’s total trading volume, with a total of around 232.08 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 18.71 million or 29.88% 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 11.89 million representing 18.98% of the total market trading value.

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