Kuwait stocks end week with mixed performance

20/07/2014 00:58 AST

The Kuwait Stock Exchange (KSE) ended last week with mixed performance as the Price Index closed at 7,097.04 points.

Almost 30% from the week before closing, the Weighted Index decreased by 0.14% after closing at 477.55 points, whereas the KSX-15 Index closed at 1,164.14 points down by 0.38%.

A specialised economic report prepared by Bayan Investment Company said yesterday that last week’s average daily turnover increased by 51.97%, compared to the preceding week, reaching K.D 17.89mn, whereas trading volume average was 183.36mn shares, recording an increase of 50%, Kuwait news agency Kuna reported.

It added that the stock market indices were not able to realise gains, except for the Price Index, which received support from the purchasing power that included many stocks of different sectors, especially in the real estate and technology sectors; whilst both the Weighted Index and KSX-15 Index declined as a result to the quick profit collection operations that were executed on some large-cap stocks of previous gains.

In addition, the Price Index was able to realise the gains for the fourth consecutive week, as the small-cap stocks continued to play the outstanding role in realising such gains, through the purchasing and the quick speculative operations on such stocks.

Moreover, last week’s stock market performance came in light of the noticeable increase in the trading activity, especially the value, which recorded in one session its highest level during the current month.

Also, the stock market initiated the first session of last week with gains to its three indices, in light of the strong purchasing operations that included many stocks, among positive expectations for the listed companies first half results, which activated the purchasing operations.

However, during the end of the week’s session, the stock market indices declined, due to the strong profit collection operations, among a drop in most of the traded stocks during the same session, despite the increase in the trading activity compared to the previous session.

QNA