Kuwait bourse indices post weekly gain–Market capitalization up margin

29/05/2016 05:19 AST

The KSE Indices witnessed a positive week as the KSE price index closed with 5,396.67 an increase of 1.36% up 72.62 points compared to the previous week. As the MUDX remained stable with a marginal 0.01%to close at 515.44 for the week. While the market blue-chip index the KSX15 witnessed closed at 831.5 points up 0.07% during the week.

Gulf stock markets lost ground this trading week after oil prices retreated. Brent crude oil crossed the $50 mark for the first time in 6 months, closing at $50.15 per barrel.

The reported weekly volumes were 832.68 million shares compared to 551.15 million shares in previous. Among the major contributors, the Financial Services Sector (contributing 35.42%) witnessed 294.94 million shares of trading compared to 154.85 million shares in the previous week, while Real Estate Sector (contributing 21.88%) witnessed 182.15 million shares of trading compared to 127.35 million shares in the previous week.

Sectors with noticible weekly volumes included the Consumer Services sector, the sector 25.5 million shares traded compared to 4.3 million the previous week, counters like Zima Holding Co. (Mcap – KD 4.35 million) witnessed 23.6 million shares compared to 1.5 million shares the week before, amid reporting healthy earnings for Q1-2016 turning a net loss of KWD 133,640 in Q1-2015 to a net profit of KD 3,066.

The overall Market Cap witnessed a stable week as it stood at KWD 24.68 billion up 0.3% on weekly basis. As for the blue chips, National Bank of Kuwait – NBK (Mcap – KWD 3.55 billion) saw its market cap remain unchanged during the week.

Moreover; Kuwait Food Co. – Americana (Mcap – KWD 940.68 million) saw an increase of 2.63% on weekly basis. While Kuwait Projects Co- KIPCO ( Mcap – KWD 766.25 million) saw a drop of 1.89% during the week.

On the total market breadth, Of the 56 Islamic Companies, 27 advanced while 16 declined during the week.

The Islamic universe market cap witnessed an increase of 0.02% in its market cap to close at KWD 6.29 billion. The universe heavyweights like Kuwait Finance House – KFH (Mcap – KWD 2.32 billion) saw a decrease of 1.06% in its market cap. While Boubyan Bank (Mcap – KWD 877.40 million) saw and increase of 1.25% in its market cap. Kuwait Telecommunications Co. (Mcap- KWD 464.44 million) was down 1.06 % during the week.

Arab Times