Boursa Kuwait equities mixed amid growing selling pressures

Market capitalization reached KD 28.71 billion

KUWAIT: Boursa Kuwait ended last week with mixed performance. The Premier Market Index closed at 5,261.82 points, down by 2.23 percent, the Main Market Index increased by 0.06 percent after closing at 4,897.46 points, and the All-Share Index closed at 5,132.31 points down by 1.46 percent. Furthermore, last week’s average daily turnover increased by 16.70 percent, compared to the preceding week, reaching around KD 18.84 million, whereas trading volume average was about 76.15 million shares, recording a decrease of 18.27 percent.

The Boursa ended the trading of last week of August with mixed closing for its three indices, whereas the Premier Market Index and the All-Share Index continued recording losses for the second consecutive week amid increased selling pressures and profit collection operations on many leading and heavy stocks headed by the stocks in the Banks and Telecommunication sectors, while the Main Market Index succeeded in recording some weekly gains supported by the random purchasing operations executed on some small-cap stocks especially in the last session of the week.

The market capitalization of the Boursa recorded weekly losses equivalent to KD 319.14 million, as it reached by the end of the last week around KD 28.71 billion, down by 1.10 percent compared to its level in the previous week, where it was KD 29.03 billion. The market cap gains of Boursa since the application of the new market segmentation contracted reaching KD 855.29 million or 3.07 percent. (Note: the market capitalization for the listed companies in the Market is calculated based on the weighted average number of outstanding shares as per the latest available official financial statements).
Last week witnessed trading over 147 stock out of 175 listed stock in the Market, where prices of 48 stock increased against prices of 83 stock decreased, and prices of 44 stock remained at no change.

Sectors’ indices
Seven of Boursa Kuwait’s sectors ended last week in the red zone, three recorded increases, while the Heal Care & Technology sector’s index closed with no change from the week before. Last week’s highest loser was the Real Estate sector, as its index declined by 2.37 percent to end the week’s activity at 986.77 points, The Banks sector was second on the losers’ list, which index declined by 1.84 percent, closing at 1,062.19 points, followed by the Telecommunications sector, which index declined by 1.41 percent, closing at 931.63 points.
On the other hand, Last week’s highest gainer was the Consumer Services sector, achieving 2.23 percent growth rate as its index closed at 1,056.99 points. The Oil & Gas sector came in the second place, as its index closed at 1,097.18 points recording 0.99 percent increase. followed by Consumer Goods sector, achieving 0.23 percent growth rate as its index closed at 890.39 points

Sectors’ activity
The Banks sector dominated a total trade volume of around 119.29 million shares changing hands during last week, representing 31.33 percent of the total market trading volume. The Financial Services sector was second in terms of trading volume as the sector’s traded shares were 24.88 percent of last week’s total trading volume, with a total of around 94.72 million shares.
On the other hand, the Banks sector’s stocks were the highest traded in terms of value; with a turnover of around KD 44.17 million or 46.88 percent of last week’s total market trading value. The Industrial sector took the second place as the sector’s last week turnover was approx. KD 16.14 million representing 17.13 percent of the total market trading value. — Prepared by the Studies & Research Department , Bayan Investment Co.

BAYAN WEEKLY MARKET REPORT

This article was published on 01/09/2018