Boursa Kuwait witnesses mixed performance
KUWAIT: Boursa Kuwait ended last week with mixed performance. The Premier Market Index closed at 5,345.74 points, down by 0.32 percent, the Main Market Index increased by 0.11 percent after closing at 4,762.03 points, and the All-Share Index closed at 5,138.52 points down by 0.18 percent. Furthermore, last week’s average daily turnover decreased by 59.34 percent, compared to the preceding week, reaching around KD 20.81 million, whereas trading volume average was about 104.18 million shares, recording a decrease of 35.16 percent.
The Premier Market Index and the All-Share Index declined last week affected by the strong selling pressures executed on many listed stocks in the Boursa, headed by the leading and operational stocks listed in the Premier Market, while the Main Market Index was able to record limited weekly gains supported by the random purchasing operations executed on some small-cap and mid-cap stocks.
In addition, the overall performance of the Market during the last week took a selling trend, as many traders tended towards profit collections, and the selling operations concentrated on the leading companies’ stocks, especially the ones that joined FTSE Russel Index lately, whereas after the positive performance and the noticeable increases witnessed by such stocks during the previous period, that came in parallel with the optimism state that was present in the Market after promoting the Boursa to the emerging markets; some sessions last week witnessed strong profit collection operations executed on such stocks which contributed into its decrease to a great extent, especially on the first session of last week, which witnessed a drop in the three Boursa indices, especially the Premier Market Index that recorded in the same session its highest decrease since its launch with the application of the new market segmentation phase last April.
Moreover, the market capitalization of the Boursa recorded a weekly loss of KD 48.95 million, as it reached by the end of last week around KD 28.75 billion, down by 0.17 percent of its level in the previous week, where it was KD 28.80 billion. The market cap gains since the application of the new market segmentation reached around KD 897.47 million, or 3.22 percent. (Note: The market capitalization of the listed companies in the Market is calculated based on the weighted average number of outstanding shares as per the latest available official financial statements).
Last week witnessed trading over 151 stock out of 175 listed stock in the Market, where prices of 56 stock increased against prices of 80 stock decreased, and prices of 39 stock remained at no change.
Sectors’ Indices
Nine of Boursa Kuwait’s sectors ended last week in the red zone, while the other three recorded increases. Last week’s highest loser was the Technology sector, as its index declined by 8.59 percent to end the week’s activity at 851.18 points, The Health Care sector was second on the losers’ list, which index declined by 1.01 percent, closing at 985.51 points, followed by the Industrial sector, which index declined by 0.98 percent, closing at 981.76 points.
On the other hand, Last week’s highest gainer was the Oil & Gas sector, achieving 3.16 percent growth rate as its index closed at 1,134.70 points. The Basic Materials sector came in the second place, as its index closed at 1,170.03 points recording 1.84 percent increase, followed by Real estate sector, achieving 0.11 percent growth rate as its index closed at 893.60 points. — Prepared by the Studies & Research Department, Bayan Investment Co.