Boursa Kuwait pares losses, edges up

Kuwait Times - - BUSINESS -

Boursa Kuwait ended last week in the green zone. The Price In­dex closed at 5,480.42 points, up by 1.31 per­cent from the week be­fore clos­ing, the Weighted In­dex in­creased by 2.14 per­cent af­ter clos­ing at 363.13 points, whereas the KSX-15 In­dex closed at 854.82 points up by 2.87 per­cent. Fur­ther­more, the week’s av­er­age daily turnover in­creased by 87.19 per­cent, com­pared to the pre­ced­ing week, reach­ing KD 20.11 mil­lion, whereas trad­ing vol­ume av­er­age was 177.32 mil­lion shares, record­ing an in­crease of 79.16 per­cent.

The Boursa’s three in­dices were able to meet in the green zone af­ter the fluc­tu­ated per­for­mance wit­nessed in a week ear­lier, which came in light of the pur­chas­ing trend that in­cluded a wide range of listed stocks, espe­cially the lead­ing and op­er­a­tional ones which dis­closed pos­i­tive re­sults for the third quar­ter of the cur­rent year, in ad­di­tion to the ran­dom pur­chas­ing op­er­a­tions ex­e­cuted on some small-cap stocks of mar­ket value below its par and book value. Such per­for­mance came in light of the con­tin­ued watch by the deal­ers for the listed com­pa­nies dis­clo­sures for the nine months fi­nan­cial re­sults of the cur­rent year be­fore the end of the as­signed le­gal dis­clo­sure pe­riod, which will end mid of the cur­rent month.

As per the daily ac­tiv­ity, the Boursa was able to re­al­ize in­crease in the be­gin­ning of the week ses­sion sup­ported by the lead­ing stocks ac­tiv­ity espe­cially in the Banks sec­tor, af­ter such stocks were sub­ject to some selling pres­sures in the pre­vi­ous ses­sions, the Boursa wit­nessed such per­for­mance in light of the no­tice­able growth in the trad­ing ac­tiv­ity com­pared to the pre­vi­ous ses­sion, espe­cially the value, which recorded by the end of the ses­sion an in­crease of 123 per­cent to reach KD 18 mil­lion. The Boursa con­tin­ued on the sec­ond ses­sion real­iz­ing gains for the three in­dices, sup­ported by the spec­u­la­tive deal­ing that in­cluded few idle stocks that are be­ing traded below its par and book value, in ad­di­tion to the con­tin­ued pur­chas­ing op­er­a­tions on the lead­ing stocks, espe­cially in the Telecom­mu­ni­ca­tion sec­tor.

On Tues­day’s ses­sion, the Boursa con­tin­ued in en­hanc­ing its three in­dices’ gains, amid con­tin­ued ran­dom trad­ing on the lead­ing and op­er­a­tional stocks and in light of the con­tin­ued growth in the liq­uid­ity lev­els which reached by the end of the ses­sion KD 22.2 mil­lion, its high­est level dur­ing the week.

On Wed­nes­day’s ses­sions, the Boursa train stopped at the profit col­lec­tion sta­tion, where the three in­dices de­clined af­fected by the selling op­er­a­tions that in­cluded many traded stocks, which neg­a­tively af­fected the three in­dices that ended the ses­sion in the red zone for the first time this week, record­ing lim­ited group losses, be­fore it could com­pen­sate such losses at the end of week ses­sion and re­turn to the green zone once again, sup­ported by the pur­chas­ing op­er­a­tions that con­cen­trated on the lead­ing and heavy stocks.

By the end of the week, the mar­ket cap for the listed com­pa­nies in the of­fi­cial mar­ket was able to cross the KD 24 bil­lion level up, af­ter reach­ing KD 24.64 bil­lion, grow­ing by 3.29 per­cent com­pared to its level in a week ear­lier, where it reached then KD 23.86 bil­lion. On an annual level, the de­cline in the mar­ket cap for the listed com­pa­nies in the of­fi­cial mar­ket dropped to reach 2.46 per­cent from its value at end of 2015, where it reached then KD 25.27.

As far as Boursa Kuwait annual per­for­mance, the price in­dex ended last week record­ing 2.40 per­cent annual loss com­pared to its clos­ing in 2015, while the weighted in­dex de­creased by 4.87 per­cent, and the KSX-15 recorded 5.07 per­cent loss.

Nine of KSE’s sec­tors ended last week in the green zone, while the other three recorded de­clines. Last week’s high­est gainer was the Health Care sec­tor, achiev­ing 3.99 per­cent growth rate as its in­dex closed at 1,113.31 points. Whereas, in the sec­ond place, the Telecom­mu­ni­ca­tions sec­tor’s in­dex closed at 598.78 points record­ing 3.18 per­cent in­crease. The Fi­nan­cial Ser­vices com­pa­nies sec­tor came in third as its in­dex achieved 2.27 per­cent growth, end­ing the week at 562.15 points. The In­sur­ance sec­tor was the least grow­ing as its in­dex closed at 946.45 points with a 0.19 per­cent in­crease.

On the other hand, the Con­sumer Goods sec­tor headed the losers list as its in­dex de­clined by 0.89 per­cent to end the week’s ac­tiv­ity at 1,122.31 points. The Con­sumer Ser­vices sec­tor was sec­ond on the losers’ list, which in­dex de­clined by 0.37 per­cent, clos­ing at 919.01 points, fol­lowed by the Tech­nol­ogy sec­tor, as its in­dex closed at 992.32 points at a weekly loss of 0.28 per­cent.

The Fi­nan­cial Ser­vices sec­tor dom­i­nated a to­tal trade vol­ume of around 275.69 mil­lion shares chang­ing hands dur­ing last week, rep­re­sent­ing 31.10 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 25.84 per­cent of last week’s to­tal trad­ing vol­ume, with a to­tal of around 229.09 mil­lion shares.

On the other hand, the Banks sec­tor’s stocks were the high­est traded in terms of value; with a turnover of around KD 40.50 mil­lion or 40.27 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 ap­prox. KD 15.70 mil­lion rep­re­sent­ing 15.61 per­cent of the to­tal mar­ket trad­ing value.

— Pre­pared by the Stud­ies & Re­search De­part­ment, Bayan In­vest­ment Co.

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