Economic analysts in Kuwait, agreed on Thursday that trading in the Kuwait Stock Exchange was bound by several determiners during the week, which resulted in an increase of anxiety among traders after the announcement of 2009 profits was delayed.
On his Head of Deryal Technical Analysis Group Mohammed Al-Hajeri said that fluctuations witnessed by the stock exchange are mainly as a result of observations made of financial statements of companies last year.
News of a lower rating of one of the local industrial companies by the global Moody’s Investors Service affected the performance of this particular sector which has witnessed a period of pressure from speculators, he added.
The lack of liquidity from some investment firms was another factor affecting the mood of investors, he said.
Despite this fluctuation, the market has managed to close above the level of support as a result of a number of purchases of selected shares.
He expected the stock market to regain activity with an increase in liquidity, because of optimism which he thinks is set to be brought about by the announcements of the last year’s operations of banks.
Deputy Executive Chairman for Planning in Mina Holding Mohammad Abdulsalam predicts that a state of mistrust affected trading last week, which forced several portfolio managers to disperse their stocks in fear of losses.
The industry sector saw the most activity, due to the government’s plans to finance a number of local projects, making trade in the sector a lucrative option.
According to a financial report conducted by the Kuwait-based Gulf Invest, news of a lower rating for National Industrial Group Holdings, resulted in fears and a negative outlook on stocks in Kuwait last week.
Moody’s Investors Service’s announcement led to all of the Kuwait Stock Exchange’s indexes decreasing.
Other factors behind this decrease, was the long wait for Agility’s court hearing, after the logistics company was sued by an American firm.
The banking shares were mostly subdued. National Bank of Kuwait did not budge from its previous close of KD 1.060 recovering from loss earlier in the day. Gulf Bank too wound up flat at KD 0.290 after ending lower on Wednesday. Bank of Kuwait and Middle East too did not move in either direction while Al Ahli Bank was not traded during the day.
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