Kuwait oil price drops to $35.69pb

Kuwait Times - - BUSINESS -

KUWAIT: Kuwait oil price dropped in Fri­day’s trades by 41 cents reach­ing $35.69 per bar­rel com­pared to $36.10pb in Thurs­day’s trades, Kuwait Petroleum Cor­po­ra­tion said yes­ter­day. Crude con­tracts had lost 60 per­cent of their value since mid­dle of 2014 due to the sup­ply ex­cess, es­ti­mated at 0.7 per­cent, amount­ing to 2.5 mil­lion bar­rels per day. The mar­ket glut may per­sist through­out next year.

KSE in­dices fall

Mean­while, last week’s open­ing ses­sion at Kuwait Stock Ex­change (KSE) wit­nessed a dras­tic fall of the main in­dices amid hefty stock sell-offs, thus caus­ing liq­uid­ity to shrink, Al-Oula Al-Wasata (Bro­ker­age) Com­pany said in a re­port. Geo-po­lit­i­cal fac­tors, namely tur­bu­lence at the re­gional and in­ter­na­tional lev­els, neg­a­tively af­fected the KSE trades over the past week. Profit pock­et­ing and sus­pen­sion of some com­pa­nies from trad­ing due to their fail­ure to make fi­nan­cial dis­clo­sures on time fu­eled fur­ther the bear­ish trend of the na­tional bourse. The bourse closed Thurs­day’s ses­sion with hike of the top in­dexes; 27.3 for the bench­mark reach­ing 5,725 points, 2.92 for the weighted in­dex and 7.73 by Kuwait-15 in­dex.

News about Saudi Tele­com’s bid to pur­chase Viva tele­com’s stocks, which it does not own, lifted the KSE per­for­mance in gen­eral. Bulk of trades fo­cused on cheap chips with quick earn­ings. How­ever on Mon­day, in par­tic­u­lar, in­vestors fo­cused on the blue-chips, with the Kuwait-15 lur­ing up to 50 per­cent of the traded liq­uid­ity. Th­ese stocks were largely sold in the Wed­nes­day ses­sion, thus sash­ing the liq­uid­ity to KD 10 mil­lion. —KUNA

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