KSE market capitalization gains 1.62% during week

11/07/2010 00:00 AST

Kuwait Stock Exchange’s performance solidified last week, as it was able via the recorded increases throughout the week to register a weekly gain for its weighted index, while the price index closed with a minimal loss. The market started-off the week’s activity on a sharp decline that caused it to dip below the financial crisis’s bottom and reach its lowest level since November of the year 2004, as KSE price index closed on Sunday at 6,320.6 points after registering a 1.73 percent daily loss.

However, the market’s performance gradually improved over the following days in terms of both market indices and trading indicators, as last week’s average daily turnover grew by 68.75 percent, compared to previous week’s levels, to reach KD 34.95 million, whereas trading volume average amounted to 254.53 million shares, at an increase of 75.50 percent.

This improvement in market performance was attributed to optimism driven by news of near government actions for improving the overall economic situation of the country. Nevertheless, due to fragile traders’ confidence, quick profit taking transactions were strongly present in last week’s activity.

By the end of the week, the price index closed at 6,430.9 points, down by 0.01 percent from the week before closing, whereas the weighted index registered a 1.73 percent weekly gain after closing at 397.15 points. And as a result of last week’s outcome, price index’s losses, compared to previous year’s closing level, reached 8.20 percent, while weighted index’s year-to-date gains reached 2.96 percent.

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Kuwait Times