KSE posts huge weekly drop of 209.21 pts – All indices close in negative territory
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KUWAIT CITY, Jan 15: The KSE indices all witnessed a close in negative amid worries of sliding global equities; decline in oil prices and geopolitical tensions. Equities across the globe witnessed free fall in response to turmoil in China; further; the Brent crude has been moving downwards with the inception of 2016. The Brent crude currently trades at $30.28 per barrel which is a 21.11% decline on a Year to Date basis.
The markets closed at 5,265.94 down again by a huge drop of 209.21 points on a weekly basis. While the KSX15 which comprises of the market blue chips closed at 828.38 down 48.07 points thus trading below the crucial 900 level.
The Weekly volumes reported 436.43 million shares compared to 423.49 million shares in previous week. Among the major contributors the Financial Services Sector (contributing 36.03%) witnessed 157.25 million shares of trading compared to 176.85 million shares in the previous week, while Real Estate Sector (contributing 25.57%) witnessed 111.56 million shares of trading compared to 103.68 million shares in the previous week.
The overall Market Cap was down 4.5% as it stood at KD 24.35 billion as the market saw a downfall as the blue chips were the main factor. National Bank of Kuwait Ñ NBK (Mcap Ñ KD 3.729 billion) saw its market cap plunge by 6.33%; while Mobile Telecommunication Co Ð Zain (Mcap Ð KD 1.44 billion) also saw its market cap drop by 2.90% during the week.
Among the midcaps Kuwait Food Company Ñ Americana (Mcap Ñ KD 795.73 million) was down by 5.94%. While Agility Public Warehousing Co (Mcap Ñ KD 484.74 million) saw a shocking decline of 10.11%.
On the total market breadth, Of the 56 Islamic Companies, 4 advanced while 37 declined during the week.
The Islamic universe market cap declined to KD 6.22 billion was down by 5.04% . The universe heavyweights like Kuwait Finance House Ñ KFH (Mcap Ñ KD 2.26 billion) saw a plummet of 6.86% while Boubyan Bank (Mcap Ñ KD 876.88 million) witnessed a drop of 2.30% in its market cap.
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