Kuwait Stock Exchange (KSE) ended last week in the red zone, amid selling pressures and the profit collection operations as well as political tension escalation, a specialized economic report showed Saturday.
The report, by Bayan Investment Company, unveiled that the Price Index closed at 7,244.13 points, down by 1.27 percent from the week before closing, the Weighted Index decreased by 1.00 percent after closing at 487.30 points, whereas the KSX-15 Index closed at 1,191.50 points down by 1.03 percent.
Furthermore, last week’s average daily turnover decreased by 6.23 percent, compared to the preceding week, reaching K.D 22.48 million, whereas trading volume average was 140.73 million shares, recording a decrease of 1.63 percent.
“KSE stock indicators recorded different losses in light of the selling pressures and the profit collection operations, which had a limited presence in few daily sessions of the week, whereas the selling operations included many stocks, the small-cap stocks were the most however, thus had a negative impact on the Price Index in particular, which declined mostly during the last week in comparison with the Weighted Index and KSX-15 Index,” reads the report.
Bayan report also noted that many negative factors contributed to the stock market decline during the last week, headed by the increased severity of the latest political movement, which pushed some traders to hold back from trading, waiting for the aggravation to end, and contributed to the decline of the trading indices when compared to the previous week; in addition to the absence of the positive motivators that give the investors trust and assist in improving the investment atmosphere in the stock market.
Moreover, the stock market performance was mixed with a low trend, as some of the sessions witnessed limited increases resulted from random purchasing operations on few small-cap and large-cap stocks; however the quick profit collection operations that followed, caused the indicators to decline once again.
For the annual performance, the price index ended last week recording 4.05 percent annual loss compared to its closing in 2013, while the weighted index increased by 7.60 percent, and the KSX-15 recorded 11.52 percent growth.
The data showed that ten of KSE’s sectors ended last week in the red zone, while the other Two recorded increases.
“Last week’s highest loser was the Technology sector which index declined by 7.66 percent, closing at 911.23 points, The Financial Services sector was second on the losers’ list, which index declined by 2.54 percent, closing at 996.77 points, followed by the Telecommunication sector, as its index closed at 778.30 points at a loss of 2.52 percent. The Consumer Goods sector was the last loser as its index closed at 1,293.10 points at a loss of 0.53 percent,” stated the report.
On the other hand, the Industrial sector, achieving 0.30 percent growth rate as its index closed at 1,131.85 points. Whereas, the Basic Materials sector’s index closed at 1,205.37 points recording 0.17 percent increase.
Meanwhile, the report revealed that the Financial services sector dominated total trade volume during last week with 316.53 million shares changing hands, representing 44.98 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 25.89 percent of last week’s total trading volume, with a total of 182.16 million shares,” the report added.
On the other hand, the Banking sector’s stocks were the highest traded in terms of value; with a turnover of K.D 31.65 million or 28.16 percent of last week’s total market trading value. The Industrial sector took the second place as the sector’s last week turnover was K.D 22.87 million represented 20.35 percent of the total market trading value.
Source : KUNA Kuwait News agency
