Kuwait to boost industrial sector
Boursa Kuwait witnesses unsteady activity
Kuwait will witness in foreseeable future qualitative leap for boosting the industrial sector, said the Minister of Commerce and Industry yesterday. The forecast’s major step will be in light of the State strategy for diversifying income resources, said Khaled AlRoudhan, also the Minister of State for Youth Affairs, in a statement after inaugurating the international industrial fair, “Maker Faire.” The minister affirmed keenness on supporting industrial ventures, in general, innovative projects in particular, indicating that some national projects in display at the exhibition need financial support. He also pledged to back young Kuwaiti industrialists. The three-day “Make Faire” exhibition is held at the fair ground.
Unsteady activity
Meanwhile, stock trades at Boursa Kuwait in the passing week sessions were largely unsteady amid noticeably purchases targeting small and inactive chips. In the past five sessions, portfolios and funds targeted stocks under umbrella of Kuwait-15 index, thus reflecting on its closing, which was low in value as compared to other shares, by 20-25 percent. Traders namely “small ones” were affected by local and geopolitical events, however these effects were short lived as the trades partially revived despite speculations, profit bagging and selling pressure on most stocks Continuing disclosures of operational profits by some enlisted banks positively impacted on many banking stocks, namely those of Al-Ahli Bank of Kuwait, earnings of which rose by seven percent reaching KD 32.5 million (2016).
Investment groups’ activities were visible throughout the past week session, namely Al-Madina and National Investments, although these groups’ portfolios targeted their companies’ stocks to alter their prices, many of which were at reasonable levels. As to today’s session, it witnessed further pressure on small and large chips, amid renewed rumors regarding financial disclosures’ delay by operating companies, thus resulting in greater profit bagging operations during the auction period (two minutes ahead of the closing).
Some stocks of operating companies, namely Americana and Agility, faced selloffs’ pressure due to their operations in some Arab countries. Kuwait Bourse ended Thursday’s trading with the main indices in the red zone. The benchmark dropped by 72.78 points to settle at 6,582.75 points. The weighted index shed 5.52 points to stand at 420.28 points. The third key index, KSX 15, which reflects blue chips’ trades, went down by 16.98 points to stand at 962.07. Value of shares was KD 55 million with stock turnover amounting to 531 million, done in 10,573 deals.
e-networks safe
In another development, governor of the Central Bank of Kuwait Dr Mohammad Al-Hashel has re-affirmed that banking accounts are well protected and secured. There has been no “illegitimate entries into the accounts of the Kuwaiti banks; except for the Commercial Bank of Kuwait where there have been very limited entries,” he said in a statement on Thursday, responding to some social media reports. The CBK is coordinating with the Commercial Bank and other local banks to contain the irregular act and ensure sound status of the banks’ electronic networks, he said, noting that a CBK special team is examining the situation. — Agencies