Markets subdued amid declining oil prices

This news has been read 5939 times!

The KSE indices remained flat as investors witnessed a further decline in crude oil prices as the Brent Crude closed at $36.21 which nearing a 7 year low. Also; the markets are expecting the Saudi Budget early next week for further course of action.

After an initial decline the indices stage a recovery towards the end of a short trading week. The KSE Price Index traded below the 5,600 mark as it recorded 51.76 points decline at the inception of the trading week. However; the index staged a recovery as the week progressed to close at 5,619.98 down 3.71 points compared to last week.

KSX-15 was the only exception with a marginal 0.36 points gain to close in positive at 902.16; while the Islamic MUDX closed at 560.72 down 0.14 points during the week. The KSE Weighted closed at 380.98 down 0.42.

The Weekly volumes reported 347.89 million shares compared to 475.25 million shares in previous week. All sectors recorded decline in volumes with the exception of Healthcare and Insurance as both saw volume surge during the week; although both sector contributions at 0.06 percent and 0.04 percent respectively for any visible impact on the overall market volumes.

The overall Market Cap was down by 0.1 percent as it stood at KD 26.1 billion as market blue chips remained steady during the week supporting the KSX15. Mobile Telecommunication Co – Zain (Mcap – KD 1.48 billion) saw its market cap rise by 1.47  percent; while Kuwait Food Company — Americana (Mcap – KD 795.16 million) was impressive during the week impressed, rising by 4.21 percent. Further; mid-cap counters with gains include Kuwait Projects Co. (Mcap – KD 854.67 million) with 1.75 percent rise in market cap. However; National Bank of Kuwait – NBK (Mcap – KD 4.03 billion) the largest in terms of market cap witnessed a decline of 1.24 percent in its market cap.

On the total market breadth, Of the 56 Islamic Companies, 19 advanced while 20 declined during the week.

The Islamic universe market cap remained flat at KD 6.84 billion was down by a marginal 0.03 percent. The universe heavyweights like Kuwait Finance House – KFH (Mcap – KD 2.67 billion) and Boubyan Bank (Mcap – KD 897.51 million) remaining unchanged. While Ahli united Bank (Mcap – KD 818.94 million) saw its market cap decline by 1.89 percent during the week.

Kuwait Telecommunication Co – VIVA (Mcap – KD 499.4 million) saw its market cap move up by 1 percent on the back of STC announcing KD 1 as the offer price on which the company board has reacted negatively as they believe the price being low.

This news has been read 5939 times!