KSE sheds KD 1.8 bln of capital value over 3 days - report

06/03/2011 00:00 AST

Kuwait Stock Exchange (KSE) lost KD 1.86 billion of its capital value, down 5.67 percent, over three days owing to extraordinary political events in the Arab region, according to an economic report. The impacts are due to the fact that some companies listed with the KSE have direct or indirect investments in some embattled Arab countries, showed the report, released by Bayan Investment Company on Saturday. The fact that the regional unrest is not apparently expected to abate soon has added fuel to dealers'' concerns, the report said. Last week, the KSE''s price index edged down by 5.14 percent, while the weighted index shed 5.61 percent. The bourse commenced its trading following national holidays with a slump as a result of large and intensive selling by some investors in parallel with the negative performance and sharp losses of Gulf stock exchanges during the holidays against the backdrop of political unrest in the region, the report, carried by Kuwait News Agency (KUNA), indicated. Heavy-weighted shares kept on leading trading at the market, especially bank shares which had the lion''s share in view of trading, sending their prices into low levels. Selling involved ordinary and small shares; mainly in investment and real estate sectors, while dealers are still watching for listed companies'' financial findings for last y ear, the report said. The KSE''s price index closed last week down by 5.14 percent to 6174,7 points, while the weighted index nosedived by 5.61 percent to 427.5 points, it noted. The capital value of the bourse dipped last week 5.6 percent to KD 30.91 billion, it concluded.

QNA