Kuwaiti blue-chip stocks witnessed strong selling last week

GMT 17:47 2014 Saturday ,29 November

Arab Today, arab today Kuwaiti blue-chip stocks witnessed strong selling last week

Kuwait Stock Exchange (KSE)
Kuwait - KUNA

Kuwait Stock Exchange (KSE) ended last week with mixed performance. The Price Index closed at 6,986.68 points, up by 0.01 percent from the week before closing, the Weighted Index decreased by 0.61 percent after closing at 463.48 points, whereas the KSX-15 Index closed at 1,122.03 points, down by 0.51 percent, according to an economic report.
Last week's average daily turnover decreased by 5.28 percent, compared to the preceding week, reaching K.D 15.90 million, whereas trading volume average was 139.98 million shares, recording a decrease of 4.07 percent, showed the report released by Bayan Investment Company.
The stock market indicators closed mixed by the end of the week, as the Weighted and KSX-15 indices declined due to the increased selling operations witnessed by the market during the week's sessions, and were concentrated on the large-cap and blue-chip stocks, which caused it to drop to its lowest levels since last March, it added.
However, the Price Index witnessed sort of stability in its performance, as it ended the last week's trading activity at almost the same level of its previous week's closing, however with one point down, it said.
The market initiated the first week's sessions with an increase to its three indices, among a purchasing activity included many large-cap and small-cap stocks, especially of previous price declines and attractive for purchasing, in light of a noticeable drop in the liquidity level, whereas it broke the K.D.10 million level down, to reach its lowest levels since the beginning of last July.
Also, the stock market continued to realize gains on the next session, with a grouped increase to its three indices, especially the Price Index that was able to return to the 7,000 point psychological level once again, after it lost it in the preceding week, the report added.
This performance came in light of the continued purchasing activity for the second consecutive session, which concentrated this time on the small-cap stocks, among an increased trading activity, on both levels, the value and the volume, it indicated.
Moreover, the stock market could not continue its positive performance that it witnessed on the Sunday and Monday sessions, to record a grouped decline to its three indices on Tuesday's session, due to a strong pressure from the strong selling operations that were concentrated on the large-cap and blue-chip stocks, especially in the Banks sector, which caused the liquidity levels to increase rapidly, and grow by 144.6 percent compared to the previous session.
In addition, on the Wednesday session, the stock market witnessed a mixed performance, as the Price Index continued in declining affected by the effect of the continued decline in prices of some small-cap stocks, while the Weighted and KSX-15 indices were able to reverse its direction to the upward, influenced by the purchasing powers that were present during the session, and concentrated on some large-cap stocks, the report added.
Seven of KSE's sectors ended last week in the green zone, while the others declined. Last week's highest gainer was the Insurance sector, achieving 1.02 percent growth rate as its index closed at 1,182.77 points. Whereas, in the second place, the Real Estate sector's index closed at 1,170.99 points recording 0.78 percent increase. The Oil & Gas sector came in third as its index achieved 0.67 percent growth, ending the week at 1,114.19 points, it said.
On the other hand, the Consumer Services sector headed the losers list as its index declined by 3.36 percent to end the week's activity at 1,133.42 points. The Consumer Goods sector was second on the losers' list, which index declined by 3.11 percent, closing at 1,219.47 points, followed by the Telecommunications sector, as its index closed at 637.30 points with a loss of 1.22 percent, it showed.
The Financial Services sector dominated total trade volume during last week with 299.51 million shares changing hands, representing 42.79 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 23.09 percent of last week's total trading volume, with a total of 161.58 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 36.70 million or 46.17 percent 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 18.26 million represented 22.97 percent of the total market trading value, the report concluded.

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