Boursa ends higher during week as volume rises
Mideast Stocks
Boursa Kuwait ended last week in the green zone. The Premier Market Index closed at 4,822.65 points, up by 0.74%, the Main Market Index increased by 0.84% after closing at 4,877.88 points, and the All-Share Index closed at 4,842.68 points up by 0.77%. Furthermore, last week›s average daily turnover increased by 0.77%, compared to the preceding week, reaching K.D 10.63 million, whereas trading volume average was 42.74 million shares, recording an increase of 9.72%.
The three Market indices ended the trading of last week prior to the Eid El-Fitr holiday with relatively good gains, supported by the active trading and purchasing operations that included wide ray of listed stocks headed by the leading ones, the biggest support to the Boursa during the current period, especially in the Premier Market where it acquires the largest portion of the cash liquidity pumped into the Market.
In addition, and despite the negative start that the Market initiated last week’s trading activity with due to the profit collection operations, especially during the first two sessions of the week; the strong purchasing trend that followed in the latter sessions enabled the Market from compensating all of its losses and pushed its three indices to end the week in the green zone for the third consecutive week.
The good performance witnessed by the Boursa during the last week was positively reflected on the total market cap, as it realized gains over K.D. 199 million, after it reached by the end of last week K.D. 26.68 billion against K.D. 26.48 billion in the previous week, with a growth of 0.75%. Therefore the market cap losses of the Boursa since the application of the new market segmentation contracted to reach K.D. 1.18 billion, down by 4.22%. (Note: The market cap for the listed companies in the Market is calculated based on the weighted average number of outstanding shares as per the latest official financial statements available).
Moreover, the Market witnessed such performance amid partial increase in the trading activity of the volume or the value, whereas the active trading witnessed by the Boursa during last Wednesday’s session contributed into it, as it witnessed a noticeable purchasing activity on the leading stocks, especially in the Telecommunications and Banks sectors, which positively reflected on all the Market indices, especially the trading value that reached by the end of the same session its highest level in the month, and recorded K.D. 15.9 million, up by approximately 44% compared to the previous session.
Moreover, last week witnessed trading activity on 135 stocks out of 175 listed stock in the Market, where prices of 73 stock increased against prices of 41 stock decreased, and prices of 61 stocks remained with no change. Sectors’ Indices Nine of Boursa Kuwait’s sectors ended last week in the green zone, two recorded declines, while the Health Care sector’s index closed with no change from the week before. Last week’s highest gainer was the
Technology sector, achieving 8.33% growth rate as its index closed at 945.75 points. The Telecommunications sector came in the second place, as its index closed at 836.46 points recording 2.22% increase. The Insurance sector came in third as its index achieved 1.82% growth, ending the week at 937.48 points.
On the other hand, the Oil & Gas sector headed the losers list as its index declined by 0.84% to end the week’s activity at 1,037.81 points, followed by the Basic Materials sector, which
index declined by 0.71%, closing at 1,021.21 points. Sectors’ Activity The Banks sector dominated a total trade volume of around 68.41 million shares changing hands during last week, representing 32.08% of the total market trading volume. The Financial Services sector was second in terms of trading volume as the sector’s traded shares were 20.78% of last week’s total trading volume, with a total of around 44.32 million shares.
On the other hand, the Banks sector’s stocks were the highest traded in terms of value; with a turnover of around K.D 27.44 million or 51.67% of last week’s total market trading value. The Telecommunications sector took the second place as the sector’s last week turnover was approx. K.D. 10.13 million representing 19.07% of the total market trading value.
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