Bourse ends week in green with 2.26% rise

13/03/2011 00:00 AST

Kuwait Stock Exchange (KSE) was able to compensate some of its preceding weeks' losses, resulted from the recurring political turbulence witnessed and still taking place in some Arab countries, and in parallel to most of the other Gulf Cooperation Council (GCC) stock markets performance, which in turn witnessed speculative increases in a relatively quiet political events, ending the week in a green zone, as both its main indices recorded gains. The price index ended last week with an increase amounted to 2.26 percent, while the weighted index grew by 4.24 percent. Furthermore, last week's trading volume average increased by 20.20 percent, compared to the preceding week, whilst average daily turnover recorded a decrease of 22.69 percent.

The market initiated last week with high trading activity motivated by the return of purchasing power to emerge again, especially after feeling traders that prices of many stocks have become attractive to buy. Most of buying activities took place on blue chip stocks of the market with special focus on banking sector, which still plays a leadership role in moving the helm of the trading. Moreover, the market witnessed some speculative trading of ordinary and small shares particularly in investment and real estate sectors, with positive overall performance driving the market indices to close in green zone.

In addition, the market was influenced by the profit and dividends distribution, which contracted its gains to a certain extent, and was able to push it to the red zone in some sessions.

Caution state was present in the market, due to the annual companies' results; as of Thursday, the number of companies announced their results were around 37 percent.

By the end of the week, the price index closed at 6,286.6 points, up by 2.26 percent from the week before closing, whereas the weighted index registered a 4.24 percent weekly gain after closing at 445.74 points.

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Al Watan