KSE continues to fluctuate amid uncertainty

31/01/2010 00:00 AST

Kuwait Stock Exchange (KSE) continued to fluctuate around the 7,000 points level for the fifth consecutive week, while its daily closings during the past week were mostly in the red zone. In addition, KSE performance was similar to the activity that was witnessed in most neighboring stock markets, which also fluctuated during the week and recoded overall losses.

All of GCC stock markets started-off the week by registering significant losses following sharp declines recorded in international stock markets by the end of the previous week, which was the result of the proposed American plan to restrict the activities of the banking sector in the United States. On the other hand, speculations and profit taking transactions continued to dominate the course of trading in KSE during the week. Nevertheless, trading activity declined last week after three consecutive weeks of continuous growth, as average of daily turnover decreased by 5.50% to reach KD 63.52 million, whereas trading volume average amounted to 543.54 million shares, at a decline of 18.12% compared to previous week's levels. By the end of the week, the price index closed at 7,034.7 points, down by 0.39% from the week before closing, whereas the weighted index registered a 2.11% weekly loss after closing at 375.88 points.

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