Kuwait Stock Market could not keep up with an upward trend it had blazed out over a period of four weeks, having shown poor results in the week that has just ended, indicated a report on Saturday.
This really occurred in a great part as a result of profit sweeping transactions targeting mostly blue chip stocks and smaller stocks with noticeable performance in recent weeks, said a report issued by Bayan Investment Co..
Throughout this past week, the market experienced spotty transactions that at times would bode well for investors at the start of the trading day, only to dash their hopes toward the close of the trading day, said the report.
Besides profit sweeping transactions this past week, an inordinate number of traders aimed at making quick money through speculation, fueling thus gyrations in the price of many stocks, noted a report issued today by Al Oula Financial Brokerage Co.
The KSX 15 index retreated 1.48 points to reach 1021.06 points while the overall price index closed on 5878.9 points and the weighted index hovered round 418 points, said Al Oula.
Counter to previous weeks when the cash infusion in the market would be around the KD 50 million mark, the week just ending saw a noticeable liquidity drawback, said the report which also noted that though there was a dominant tendency toward speculative transactions, none of them affected bank or service companies stocks.
A silver lining in the current market slump is the notion that government-supported investment houses and portfolios would in the next few weeks enter the market with force which should boost the morale of many small and average investors, said the report.