Boursa Kuwait stocks remain mixed BAYAN WEEKLY MARKET REPORT
KUWAIT: Boursa Kuwait ended last week with mixed zone. The Price Index closed at 5,569.0 points, up by 0.94 percent from the week before closing, the Weighted Index increased by 0.28 percent after closing at 369.61 points, whereas the KSX-15 Index closed at 862.41 points down by 0.13 percent. Furthermore, the week’s average daily turnover decreased by 15.45 percent, compared to the preceding week, reaching K.D 12.24 million, whereas trading volume average was 102.52 million shares, recording a decrease of 20.48 percent.
The Price Index was able to record good gains and close in the green zone for the sixth consecutive week, in light of the speculative operations executed on the small-cap stocks especially the ones being traded under its book or par value. Also, the Weighted Index was able to end the weekly trading activity in the green zone as well, supported by the purchasing powers that were active on some leading stocks, especially the ones that recorded decreases in its prices during a week earlier. The KSX-15 Index however went against the current and ended the week with limited losses due to the profit collection operations executed on some leading stocks especially in the Banks sector.
As far as the daily activity; Boursa Kuwait indicators initiated the first session of the week with mixed closings, whereas the Price Index was able to realize increase supported by the active speculative operations that included some small-cap stocks, while the selling pressures witnessed by some leading stocks pushed the Weighted and KSX-15 indices to end the session in the losses area. Such performance came in light of a steep decline in the pumped liquidity into the market, where it dropped by more than 70 percent to reach K.D. 4.5 million, its lowest level in a month and one half month. Thereafter, the Boursa was able on Monday’s session to increase as for all its indices, supported by the return of the purchasing operations executed on the leading stocks, on contrary with a noticeable increase in the trading levels, where the volume grew by 117 percent and the value increased at the end of the session by 151 percent.
On the mid-week session, the three market indices returned to fluctuate once again, where the Price Index was able to continue its positive performance and closed the session in the green zone, supported by the continued speculative operations on the small-cap stocks, especially the ones being traded below its book and par value, while the Weighted and KSX-15 indices recorded some losses by the end of the session under the influence of the profit collection operations executed on few leading stocks. The Boursa performance was not much different on the next session, as the three stock indices witnessed fluctuation as a result to the different traders’ preferences, amid a noticeable growth in the traded liquidity to reach KD20 million, up by 122 percent compared to Tuesday’s session.
By the end of the week, the three market indices were able to realize gains in light of the purchasing trend that hit many previously traded stocks, especially the leading ones of which performance was reflected on all market indicators’ performance especially the Weighted and KSX-15 indices, the most increasing ones by the end of the session.
At the end of last week, the market capitalization for the listed companies in the primary market reached K.D. 25.06 billion, up by .99 percent compared to its level in a week earlier, where it reached then K.D. 24.81 billion. On an annual level, the decline in the market cap for the listed companies contracted to reach 0.83 percent from its value as at end of 2015, where it reached then K.D. 25.27 billion.
As far as Boursa Kuwait annual performance, the price index ended last week recording 0.82 percent annual loss compared to its closing in 2015, while the weighted index decreased by 3.17 percent, and the KSX-15 recorded 4.22 percent loss.
Nine of Boursa Kuwait’s sectors ended last week in the green zone, while the other three recorded declines. Last week’s highest gainer was the Basic Materials sector, achieving 4.37 percent growth rate as its index closed at 959.14 points. Whereas, in the second place, the Health Care sector’s index closed at 1,267.54 points recording 2.87 percent increase. The Industrial sector came in third as its index achieved 2.38 percent growth, ending the week at 1,269.86 points.
On the other hand, the Technology sector headed the losers list as its index declined by 14.17 percent to end the week’s activity at 699.03 points. The Banks sector was second on the losers’ list, which index declined by 1.02 percent, closing at 821.54 points, followed by the Consumer Goods sector, as its index closed at 1,114.58 points at a weekly loss of 0.07 percent. The Financial Services sector dominated a total trade volume of around 225.14 million shares changing hands during last week, representing 43.92 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 24.51 percent of last week’s total trading volume, with a total of around 125.61 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 KD 15.78 million or 25.77 percent of last week’s total market trading value. The Industrial sector took the second place as the sector’s last week turnover was approx. KD 13.23 million representing 21.60 percent of the total market trading value.