Profit taking by minor traders and inaction by influential ones featured the performance of Kuwait Stock Exchange (KSE) in the just-ended week, observers said Thursday.
While traders in blue chips responded warily to the news about the first meeting of the KSE board of commissioners, profit taking led small caps, valued at less than 100 fils, to grow in price, financial analyst Maytham Al-Shakhs told KUNA.
“Investors preferred to wait and see how thing will develop after the meeting despite the positive reports on the performance of KSE-listed companies, the rising exchange rate of the USD vs KD and rising oil prices,” he said.
“The average turnover ranged between KD 24 million and 25 million while the Weighted Index rise higher than the Price Index,” Al-Shakhs added.
On his part, Adnan Al-Deleimi said the majority of traders are optimistic about the ability of the new board of commissioners to make decisions to solve the problems of the KSE-listed companies.
Naef Al-Anzi, another analyst, said speculations, rather than real investment, dominated the transaction in this trading week though many observers expected a positive performance by the stock market particularly the blue chips listed on Kuwait-15 Index.
“Investors, notably the minor ones, expect more transparency and reforms that could fill some gaps in the stock market,” he added.
A total of 241.7 million stocks changed hands in 5,539 transactions with a turnover of KD 20.5 million.
The Price Index went up slightly by 8.1 points to close at 7,487.9 points.
Source : KUNA Kuwait News agency
