Kuwait Stock Exchange (KSE) rebounded in the past week operations re-posting earnings with the three main indexes being mainly drawn into the green zones in most of the sessions, according to a weekly report released by the Kuwaiti investing company Bayan on Saturday.
By contrast, the price, weighted index and Kuwait 15 were swinging between the red and green zones, where purchase focused on the blue-chips and speculations that centered on cheap chips, particularly in the financial, services and reality sectors.
Some of the sessions started in a bearish manner due to sell-off's pressure targeting stocks that posted price gains in the previous session. However, the purchase forces were active and enabled the market to make up for losses, thus pushing the indices into the green zone at closing of the sessions.
The report confirmed that the market witnessed substantial inflow of liquidity, buoyed by upbeat sentiments among the investors whose worries tapered off with positive signs on the local political scene, namely renewed pledges by officials and policy-makers to push ahead with long-shelved development schemes.
Price index, as compared to the level of closing of the past year, rose 2.
91 percent. The weighted index grew 3.7 percent and Kuwait 15 climbed 2.2 percent as compared to its to status of inauguration that had also coincided with the installment of the new trading system.
According to another report, the market witnessed last week noticeable trades by leading players, thus leading to reasonable hikes by the main indices of the stock market.
Al-Oula Financial Brokerage Company said in a report issued on Saturday that traded liquidity rose particularly during the last three session, where it exceeded KD 57 million, including KD 31 million, involving in particular trades of the Commercial Bank of Kuwait.
Trades soared due to upbeat sentiments among investors, with launch of works of the National Assembly (parliament) and formation of a new government. Substantial speculations also boosted this tendency.
Average daily value of trading reached KD 41.6 million, compared with KD 31.
5 million last week.
The report indicated that investors were also motivated with forecast distribution of stock dividends and profit pocketing by investing companies.
Forecast optimism may draw more liquidity into the market in coming days.