Report indicates risk due to delay of companies' disclosures in Kuwait

GMT 18:10 2014 Saturday ,15 November

Arab Today, arab today Report indicates risk due to delay of companies' disclosures in Kuwait

Kuwait Stock Exchange (KSE)
Kuwait - KUNA

Financial disclosures by companies listed Kuwait Stock Exchange (KSE) were "totally good," however the revelations' delay by some of these inventing firms put a large segment of stocks at risk of being suspended, according to the First Securities Brokerage Company (Oula Wasata).
Oula Wasta, an affiliate of the Kuwait-based Global Investment House, said in a report released on Saturday that this situation led to lower positive forecasts, particularly with respect of profits' generation, covering a large number of chips that turned bullish during the past week session.
The stock market closed, on Thursday, with drop of the benchmark and Kuwait 15 index, respectively 0.65 points to the level of 7,201 and 0.97 points, However, the weighted index rose 0.31 points.
KSE remained gripped with jitters, largely due to worries emanating from bleak forecast with respect of oil prices, currently in the range of USD 73-75 per barrel, thus traders, particularly those managing major portfolios, were generally discouraged and liquidity shrank.
On Wednesday, the market recovered some vital activity, when demand for some chips climbed, thus relatively making up for the losses.

Meanwhile, Bayan Investment issued a report, assessing the past week stock operations, saying in party that the KSE ended last week in green zone.
Price Index closed at 7,201.26 points, up by 0.93% from the week before closing, the Weighted Index increased by 0.58% after closing at 475.78 points, whereas the KSX-15 Index closed at 1,149.70 points, up by 0.42%. Furthermore, last week's average daily turnover increased by 6.33%, compared to the preceding week, reaching K.D 19.83 million, whereas trading volume average was 166.26 million shares, recording a decrease of 0.26%.
As far as the KSE indices performance during the last week; the market initiated its activity with an increase to all its indices, whereas the Price Index moved up by 48.19 point to reach 7,180.80 point, in a strong reflex after the market declined in many sessions with big losses during the last week, followed by the Weighted and KSE-15 indices, supported by the strong and active purchasing activities on the large-cap stocks especially in the Financial sector, in parallel with the return of the GCC stock markets to increase once again, among a decline to all of the trading activity indicators.
However on the second session of the week, the stock market returned to its downward direction that over controlled the market performance in general and included the low priced stocks especially of the companies that did not disclose its third quarter financial results of the current year, followed by the Weighted and KSX-15 indices, due to the selling pressures on the large-cap stocks and the investment groups for profit collection objectives, with a slight increase to the trading value.
In addition, the Price Index ended its trading activity on Tuesday's session in the green zone with a 45.73 point up, followed by the Weighted and KSX-15 indices, supported by the limited random purchasing operations executed on the stocks groups especially some large-cap stocks that made it in realizing good gains for the third quarter of 2014, among a decrease in the trading value by 15.33%, due to the absence of the motivators and lack of trust by the large investors. Moreover, the Price Index continued realizing the daily gains on Wednesday's session to break the 7,200 point level up, supported by the random purchasing operations executed on the small-cap stocks that returned to control the market direction, whilst the Weighted and KSX-15 indices declined due to the profit collection operations that concentrated on the large-cap stocks, especially after it witnessed strong increases during the previous session, among an increased trading activity especially the value by 89.99%. The stock market ended the weekly activity with a mixed closing to its three indices, as the Price Index declined slightly, however maintained the 7,200 point level, followed by the KSX-15 due to the selling pressures on the stocks groups, whereas the Weighted Index closed in the green zone.
The Financial Services sector dominated total trade volume during last week with 472.50 million shares changing hands, representing 56.84% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector's traded shares were 16.56% of last week's total trading volume, with a total of 137.70 million shares. On the other hand, the Banks sector's stocks were the highest traded in terms of value; with a turnover of K.D 38.50 million or 38.83% of last week's total market trading value. The Financial Services sector took the second place as the sector's last week turnover was K.D 26.61 million represented 26.85% of the total market trading value.

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