Boursa Kuwait stocks mixed as traders focus on leading stocks

Three indices fluctuate for second consecutive week

KUWAIT: Boursa Kuwait ended last week with mixed performance. The Premier Market Index closed at 5,305.33 points, up by 0.83 percent, the Main Market Index decreased by 0.63 percent after closing at 4,866.42 points, and the All-Share Index closed at 5,149.42 points up by 0.33 percent. Furthermore, last week’s average daily turnover decreased by 13.45 percent, compared to the preceding week, reaching around KD 16.31 million, whereas trading volume average was about 68.92 million shares, recording a decrease of 9.49 percent.

The Boursa performance last week did not differ much from its previous week’s performance, as the three indices continued its fluctuation for the second consecutive week in light of the traders’ focus over the leading stocks that acquired the largest portion of the cash liquidity traded during the week, which positively reflected on the All-Share and Premier Markets indices, where it was able to close in the green zone, while the Main Market Index ended the week in the red zone affected by the liquidation operations concentrated on the small-cap stocks.

Also, the market performance during the last week came in parallel with its weak cash liquidity, which keep witnessing humble levels one week after another, as the trading value, in the first session of the week particularly, reached around KD 9.5 million only, its lowest level in about three months.

By the end of last week, the market capitalization of the Boursa recorded weekly gains of around KD 95.62 million, as it reached by the end of the week about KD 28.81 billion, up by 0.33 percent of its level in a week earlier, where it was KD 28.71 billion. The Boursa gains since the application of the new Market segmentation reached around KD 950.90 million or 3.41 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 151 stock out of 175 listed stock in the Market, where prices of 62 stock increased against prices of 76 stock decreased, and prices of 37 stock remained at no change.

Sectors’ Indices
Nine of Boursa Kuwait’s sectors ended last week in the red zone, while the other three recorded increases. Last week’s highest loser was the Consumer Services sector, as its index declined by 2.32 percent to end the week’s activity at 1,032.45 points, The Telecommunications sector was second on the losers’ list, which index declined by 1.82 percent, closing at 914.66 points, followed by the Health Care sector, which index declined by 1.53 percent, closing at 981.11 points.
On the other hand, Last week’s highest gainer was the Basic Materials sector, achieving 4.43 percent growth rate as its index closed at 1,167.80 points. The Insurance sector came in the second place, as its index closed at 954.94 points recording 2.36 percent increase, followed by Banks sector, achieving 1.08 percent growth rate as its index closed at 1,073.62 points.

Sectors’ activity
The Banks sector dominated a total trade volume of around 118.78 million shares changing hands during last week, representing 34.47 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 23.80 percent of last week’s total trading volume, with a total of around 82 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 44.57 million or 54.65 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 14.57 million representing 17.87 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 08/09/2018