Indices close in green; market cap gains 1.1%
Boursa Kuwait ended last week in the green zone. The Price Index closed at 6,813.19 points, up by 0.57% from the week before closing, the Weighted Index increased by 0.97% after closing at 406.12 points, whereas the KSX-15 Index closed at 918.67 points inclining by 0.42%. Furthermore, last week’s average daily turnover increased by 35.29%, compared to the preceding week, reaching K.D 10.90 million, whereas trading volume average was 59.79 million shares, recording a drop of 7.16%.
The market indices returned to meet in the green zone once again, after the losses it recorded in a week earlier, as the market received support from the purchasing powers and the collection operations that included many stocks of different sectors headed by the Financial Services sector which overtook more than 32% of the market liquidity during the last week, and came in light of the optimism state that spread among the investors due to the acquisition deal news of Kuwait Finance House over United Ahli Bank – Bahrain, which contributed in growing the trading activity during some daily sessions of the week, especially the value, which witnessed good increase on a weekly level.
Also, the market realized such gains despite the negative performance that it initiated the last week’s trading with, as the Boursa received the first session of the week with losses to the three indices affected by the quick speculations and the profit collection operations that included many stocks, especially the smallcap ones of prices below 100 Fils, in addition to the selling operations that targeted some heavy stocks and forced the three indices to end the session in the red zone.
The Boursa three indices were able in the next few sessions to increase and compensate a part of its losses gradually, supported by the return of the purchasing powers in control over the trading activity, and included many leading and small-cap stocks, which pushed the three market indices to shift to the green zone and enabled it to end the week’s trading with different gains compared to an earlier week’s closings.
Moreover, the market capitalization of Boursa Kuwait reached by the end of last week K.D. 26.99 billion, up by 1.10% compared to its level in a week earlier, where it was K.D. 26.70 billion. On an annual level, the market cap for the listed companies in Boursa Kuwait recorded a growth of 6.25% from its value at end of 2016, where it reached then K.D. 25.41 billion.
For the annual performance, the Price Index ended last week recording 18.53% annual gain compared to its closing in 2016, while the Weighted Index increased by 6.85%, and the KSX-15 recorded 3.80% growth.
Sectors’ Indices
Eleven of Boursa Kuwait’s sectors ended last week in the green zone, while the Oil & Gas sector was the only loser which index declined by 0.58%, closing at 1,040.15 points. On the other hand, last week’s highest gainer was the Consumer Services sector, achieving 15.27% growth rate as its index closed at 1,014.99 points. Whereas, in the second place, the Technology sector’s index closed at 703.94 points recording 10.34% increase.
The Healthg Care sector came in third as its index achieved 8.63% growth, ending the week at 1,528.57 points.
Sectors’ Activity
The Financial Services sector dominated a total trade volume of around 98.39 million shares changing hands during last week, representing 32.91% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector’s traded shares were 32.51% of last week’s total trading volume, with a total of around 97.19 million shares.
On the other hand, the Financial Services sector’s stocks were the highest traded in terms of value; with a turnover of around K.D 98.39 million or 32.91% of last week’s total market trading value. The Real Estate sector took the second place as the sector’s last week turnover was approx. K.D 97.19 million representing 32.51% of the total market trading value.
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