Market mixed; 156 firms post KD 1.62bn profit

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Kuwait Stock Exchange (KSE) ended last week with mixed performance. The Price Index closed at 5,228.75 points, down by 0.75% from the week before closing, the Weighted Index increased by 0.24% after closing at 359.82 points, whereas the KSX-15 Index closed at 850.50 points up by 1.15%. Furthermore, last week’s average daily turnover increased by 41.08%, compared to the preceding week, reaching KD 18.25 million, whereas trading volume average was 203.90 million shares, recording an increase of 44.32%.

For the KSE weekly performance, both of the Weighted and KSX-15 indices were able to record limited gains by the end of the week, however the Price Index couldn’t inverse its direction to close in the red zone, whereas the low-priced and small-cap stocks were subject to quick speculative operations for profit collection, which had a main role in pushing the index thus couldn’t increase by the end of the week.  Also, the market was subject to profit collection operations that concentrated on the leading stocks, and was a reason to shrink the gains of the Weighted and KSX-15 indices.

Moreover, the stock market initiated its first session of the week with a grouped losses for the three indicators, affected by the selling pressures and the profit collection operations executed on many large-cap and small-cap stocks, as the Weighted Index recorded its lowest level during the month of March to close at 355.62 point, in light of a noticeable refrain from purchase by some traders, which also caused the trading activity to drop in general.

 On the second session of the week, the three stock market indicators were able to inverse its direction to close in the green zone, supported b the active purchasing operations on most of the stocks especially the large-cap ones, which were subject to selling pressures and strong profit collection operations in the previous session, which pushed the trading activity to rise, especially the cash liquidity that grew by 94.16%.

Furthermore, the active purchasing trend continued in the mid-week session, as it concentrated on the small-cap and low-priced stocks, which enhanced the profits of the Price and Weighted indices, whilst the selling pressures that the leading stocks were subject to pushed KSX-15 Index to decrease, in light of relatively active trading, especially the volume which increased by 47.45% by the end of the session.

The mixed performance of the three indicators continued on Wednesday’s session, as the Price Index’s performance declined due to the selling pressures and the profit collection operations witnessed by the small-cap stocks, especially the ones are threatened to be stopped from being traded for not disclosing its 2015 financial results, while the purchasing and collection operations witnessed by the leading stocks pushed the Weighted and KSX-15 indices to close in the green zone, with a noticeable improvement in the cash liquidity levels in the market.

On the end of week session, the Price Index continued its downward direction which added to its daily losses, and the Weighted Index couldn’t continue its previous session’s increase to follow the Price Index and close in the red zone, as a result to the strong selling operations witnessed by the low-priced stocks which did not disclose its 2015 financial results until the end of the day, which increased the traders’ fears of such companies getting stopped and pushed them to liquidate such stocks, meanwhile KSX-15 Indicator maintained a part of its gains due to the limited purchasing operation witnessed by the leading stocks.

On the other hand, the number of companies that disclosed its 2015 financial results reached 156 company by the end of last week, representing 82.98% of the total 188 listed company in the primary market, realizing around KD 1.62 billion, with an increase of 1.82% from 2014 results for the same companies, where it was around KD 1.59 billion.

By the end of last week, the market capitalization for the listed companies in the primary market reached around KD 23.01 billion, decreasing by 0.80% from its value in a week earlier, where it was KD 23.19 billion.

As far as KSE annual performance, the price index ended last week recording 6.88% annual loss compared to its closing in 2015, while the weighted index decreased by 5.73%, and the KSX-15 recorded 5.55% loss.

Sectors’ Indices

Ten of KSE’s sectors ended last week in the red zone, while the other two recorded growth. Last week’s highest gainer was the Basic Materials sector, achieving 2.28% growth rate as its index closed at 954.61 points. Whereas, in the second place, the Banks sector’s index closed at 809.61 points or 0.26% increase.

On the other hand, the Technology sector headed the losers list as its index declined by 5.98% to end the week’s activity at 905.09 points. The Health Care sector was second on the losers’ list, which index declined by 3.59%, closing at 912.92 points, The Insurance sector was third on the losers’ list, which index declined by 1.43%, closing at 1,072.13 points. The least declining sector was the Consumer Goods, as its index closed at 1,067.90 points at a loss of 0.08%.

Sectors’ Activity

The Real Estate sector dominated a total trade volume of around 374.53 million shares changing hands during last week, representing 36.74% of the total market trading volume. The Financial Services sector was second in terms of trading volume as the sector’s traded shares were 23.29% of last week’s total trading volume, with a total of around 237.47 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 30.97 million or 33.93% of last week’s total market trading value. The Health Care sector took the second place as the sector’s last week turnover was approx KD 13.48 million representing 14.77% of the total market trading value.

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

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