Kuwait Stock Exchange (KSE) incurred losses in the past week sessions due to local and regional events, according to a report released by Al-Oula Financial Brokerage Company on Saturday.
The KSE benchmark fell 1.4 percent upon opening the past week trades, posting the heaviest daily fall in three months, while Kuwait 15 index dropped one percent in the same session.
The market closed the week trades with losses posted by the three main indices; the price index, 34.7 points, the weighted index, 1.66 percent and Kuwait 15, 5.42 points, amid hefty selloffs by small trading companies and absence “of the major market makers” who shifted to Gulf markets seeking safer trades.
Upcoming week is forecast to witness a prevailing lackluster atmosphere in the Kuwaiti bourse due to Ramadan fasting, absence of incentives and prospected chances’ absence to make good earnings.
Agility stocks made the exception in the last week operations, where these shares dominated 49.5 percent of the trades in the Monday session, at a value of KD 14.3 million of the total turn-over that reached KD 28.9 million, due to swaps of Agility shares by groups of investors.
Despite the week-long bearish trend, the KSE benchmark closed bullishly on Wednesday, amid hefty speculations on cheap chips.
Traders’ purchase appetite was minimal in the Thursday session, thus putting the main indexes in the red zone.
Local and regional events that boosted investors’ jitters, along with inactivity by the major players, led to a downward trend of the market and noticeable liquidity shrinking.
Source : KUNA Kuwait News agency
