The Kuwait Stock Exchange (KSE) ended last week in the red zone as the speculation operations controlled the overall market performance.
The report, by Bayan Investment Company, stated that the Price Index closed at 7,134.61 points, down by 3.08 percent from the week before closing, the Weighted Index decreased by 1.90 percent after closing at 473.02 points, whereas the KSX-15 Index closed at 1,144.88 points, down by 2.21 percent.
Furthermore, Bayan said that last week’s average daily turnover increased by 9.21 percent, compared to the preceding week, reaching K.D 18.65 million, whereas trading volume average was 166.68 million shares, recording an increase of 15.71 percent.
As far as the KSE indices performance during the last week; the stock market initiated November trading activity with mixed performance to its three indices, whereas the Price Index witnessed limited decline by 1.70 point due to the selective speculative operations that increased the sale for profit operations, going on the opposite direction of most of the GCC stock markets, which its technical indicators increased in response to the recovery of the international financial markets on the preceding week, whilst both of the Weighted and KSX-15 indices increased, supported by the limited purchasing operations executed on the large-cap stocks, among a drop in the liquidity level.
“The stock market continued to decline on the second session of the week, however more steeply from the day before, to close at 7,318.99 point with a decrease of 40.92 point, as the speculations controlled the overall market performance and included the small-cap stocks, especially that that did not disclose its third quarter financial results for the current year,” noted the report.
The Weighted Index followed the same direction of the Price Index, due to the selling pressures on the small-cap and mid-cap stocks, however the KSX-15 Index was able to hold and realize limited gains.
“In addition, the Price Index continued its downward direction on Tuesday’s session, accompanied by the Weighted and KSX-15 indices due to the strong selling pressures on the small-cap stocks and the profit collection operations on the large-cap stocks of previous increases, where the trading activity recorded a noticeable decline and the volume decreased by 65.34 percent,” it said.
On Wednesday’s session, the Price Index slipped by 99.83 point to close below the 7,200 point level, in light of a general state of selling and refrain from purchasing by the traders, accompanied by the Weighted Index and KSX-15 Index and in parallel with the GCC stock markets performance, where all its indicators declined headed by Dubai Financial Market, which decreased by 3.26 percent on the same day.
The report added that the Kuwait Stock Market ended the weekly trading activity in the red zone, closing at 7,134.61 point, the lowest level since the first week of August 2014, with a weekly loss of 3.08 percent, as a result of the random selling operations that pushed the traders to draw back from the market and watch the performance until settles and away from risk, meanwhile the cash liquidity level has increased noticeably.
For the annual performance, Bayan said that the price index ended last week recording 5.50 percent annual loss compared to its closing in 2013, while the weighted index increased by 4.45 percent, and the KSX-15 recorded 7.16 percent growth.
All of KSE’s sectors ended last week in the red zone, whereas the Health sector’s index closed with no change from the week before.
“The Financial Services sector headed the losers list as its index declined by 5.38 percent to end the week’s activity at 965.15 points. The Consumer Goods sector was second on the losers list, which index declined by 5.13 percent, closing at 1,285.84 points, followed by the Technology sector, as its index closed at 944.20 points at a loss of 4.83 percent. The Insurance sector was the least declining as its index closed at 1,191.58 points with a 0.45 percent decrease,” reads the report.
It added that the financial services sector dominated total trade volume during last week with 472.51 million shares changing hands, representing 56.70 percent of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 16.96 percent of last week’s total trading volume, with a total of 141.38 million shares.
“On the other hand, the Banks sector’s stocks were the highest traded in terms of value; with a turnover of K.D 35.96 million or 38.57 percent of last week’s total market trading value. The Financial Services sector took the second place as the sector’s last week turnover was K.D 26.03 million represented 27.92 percent of the total market trading value,” the report concluded.
Source : KUNA Kuwait News agency
