02/04/2017 07:46 AST
Boursa Kuwait ended last week in the red zone. The Price Index closed at 7,029.43 points, down by 0.20% from the week before closing, the Weighted Index decreased by 2.66% after closing at 413.27 points, whereas the KSX-15 Index closed at 933.84 points down by 3.04%. Furthermore, the week’s average daily turnover decreased by 16.19%, compared to the preceding week, reaching KD 27.16 million, whereas trading volume average was 260.05 million shares, recording a decrease of 31.33%. Boursa Kuwait three indices underperformed last week and none of it was able to record gains by the end of the week, to close in the losses area on the weekly level, as a number of stocks of different sectors were subject to quick sale for profit operations that directly put pressure on the indices and limited its increases, also the market was affected by the random purchasing operations that targeted some cheap stocks of tempting prices, which caused some reaction witnessed by the trading activity during some sessions of the week, however was not enough to pull the indices’ performance to close in higher levels than the previous week.
The market initiated its first session of the week with limited losses to the three indices, affected by the selling pressures and the profit collection operations executed on many leading and small-cap stocks, especially after the increases realized over about 8 sessions, in addition to the random purchasing operations executed on some low-priced stocks, which caused a fl uctuated trading activity, where the value increased by 16% and the volume grew by 8.75%, however the deals dropped by 2.35%. On the second session of the week, the three market indices continued its grouped decline to close in the red zone, affected by the continued strong selling and the speculative operations on a number of listed stocks to build new financial positions, in parallel with a slowed trading activity compared to the previous session.
On the mid-week session, the Boursa indices recorded mixed performance, whereas the Price Index was able to compensate its previous losses, to end the session at 7,051.84 point, its highest level in more than two years, specifically since 18 November 2014 session, supported by the active speculative operations executed on the cheap stocks after it reached tempting purchasing levels, however, the selling pressures and the profit collection operations that the leading stocks were subject to, pushed the Weighted and KSX-15 indices to close in the red zone, and caused the trading activity to fl uctuate. Wednesday’s session witnessed a noticeable drop in the Boursa’s performance, as the Price Index declined steeply by 43.73 point to close at 7,008.11 point level by the end of the session, to lose by this all its gains realized since the beginning of the week, affected by the continued profit collection operations that targeted the small and cheap stocks, while the Weighted and KSX-15 indices decreased for the fourth consecutive session, in light of the selling pressures that the leading and heavy stocks were subject to, especially in the Financial Services and the Banks sectors.
On Thursday’s session, the three market indices were able to redirect its downward performance to close in the green zone, compensating by this some of its losses recorded during the previous week’s sessions, as a result to the random purchasing operations that concentrated on the small-cap stocks, in addition to the speculative selling operations executed on some leading stocks and the stocks that did not disclose its 2016 financial results as at end of Thursday, fearing of banning such stocks from trading, whereas the number of deals executed during the session increased by 24.92%.
Moreover, Boursa Kuwait lost around KD 900.77 million of its market cap during the last week, as the total market capitalization for the listed companies in the primary market reached about KD 27.17 billion, down by 3.22
Arab Times
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