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Wednesday , October 27 2021

Kuwait bourse witnesses negative week – Market capitalisation falls 0.6 pct to KD 24.52 billion

The KSE Indices witnessed a negative week as the KSE price index closed with 5,377.05 a decrease of 0.36% down 19.62 points compared to the previous week. As the MUDX also witnessed a decrease of 0.52%to close at 512.74 for the week. While the market blue-chip index the KSX15 closed at 818.10 points down 1.61% 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 fell from the $50 mark, closing at $49.77 per barrel.

  The reported weekly volumes were 779.24 million shares compared to 832.68  million shares in previous. Among the major contributors, the Financial Services Sector (contributing 27.77%) witnessed 216.42 million shares of trading compared to 294.94 million shares in the previous week, while Real Estate Sector (contributing 24.01%) witnessed 187.08 million shares of trading compared to 182.15 million shares in the previous week.

Sectors with noticeable weekly volumes included the Consumer Goods sector, the sector saw 48.44 million shares traded compared to 24.78 million the previous week, counters like Danah AlSafat Food Stuff Co (Mcap — KD 35.85 million) witnessed 47.07 million shares compared to 23.58 million shares the week before.

The overall Market Cap witnessed a negative week as it stood at KD 24.52 billion down 0.6% on weekly basis. As for the blue chips,  National Bank of Kuwait – NBK (Mcap – KD 3.49 billion)  saw its market cap drop 1.59% during the week. Moreover; Kuwait Food Co — Americana (Mcap — KD 860.28 million) saw it market cap plunge 8.55%, after media reports denying the sale of  Al Khair National for stocks and real estate Company stake in the company. While Kuwait Projects Co- KIPCO ( Mcap – KWD 751.52 million) saw a drop of 1.92% during the week.

On the total market breadth, Of the 56 Islamic Companies, 6 advanced while 24 declined during the week.

The Islamic universe market cap witnessed a decrease of 0.61% in its market cap to close at KD 6.26 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) saw a decrease of 1.23% in its market cap. Kuwait Telecommunications Co. (Mcap- KWD 459.45 million) was down 1.08% during the week.

By KFH Capital

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