Trading volume dips 15,66 pct to average 243,73 mln shares
Kuwait Stock Exchange (KSE) ended last week in the red zone. The price index closed at 7,903.74 points, down by 0.45% from the week before closing, the weighted index decreased by 1.51% after closing at 459.69 points, whereas the KSX-15 index closed at 1,082.72 points down by 1.79%. Furthermore, last week's average daily turnover decreased by 29.51%, compared to the preceding week, reaching K.D 23.80 million, whereas trading volume average was 243.73 million shares, recording decrease of 25.66%. The stock market ended the second week of November with a drop in the trading level to all its indices, however remained in the 7900 points level for the second consecutive week, due to the speculative operations that increased the sale-for-profit operations. In addition, the Weighted Index and KSX-15 index declined throughout all the week session, affected by the selling pressures, especially on Banking sector.
On the other hand, the stock market last week was subject to a natural profit collection operations, which in turn limited the market gains. However, the quick speculative operations were not absent to influence the trading activity, thus the purchasing operations did not go in line with the selling operations during most of the trading periods. As a result, the stock market three indices were pushed to end the week in the red zone, and this explains the speculative activity that controlled the market behavior throughout most of the week's sessions and included the large-cap and small-cap stocks.
Also, the waiting and watching state of the traders for the listed companies' 2013 third quarter financial results, which period ends by next Sunday, and their fears from having some companies being stopped from trading, for late announcements; controlled the stock market trading activity and was reflected on the main indices performance, especially by the end of the week, whereas the trading activity declined and the liquidity level dropped by 11.89% For the annual performance, the price index ended last week recording 33.19% annual gain compared to its closing in 2012, while the weighted index increased by 10.07%, and the KSX-15 recorded 7.30% increase.
Sectors' Indices
Six of KSE's sectors ended last week in the red zone, while five recorded increase, and one remained with no change. The Telecommunication sector headed the losers list as its index declined by 4.46% to end the week's activity at 809.59 points. The Banking sector was second on the losers' list, which index declined by 1.62%, closing at 1,098.83 points, followed by the Insurance sector, as its index closed at 1,145.72 points at a loss of 0.99%. The Industrials sector was the least declining as its index closed at 1,199.57 points with a 0.46% decrease. On the other hand, the Technology sector headed the gainers list as its index increased by 2.84% to end the week's activity at 1,045.04 points. The Oil and Gas sector was second on the gainer's list, which index improved by 2.37%, closing at 1,237.26 points. The Consumer Services sector was the least week gainer, which index grew by 0.41%, closing at 1,187.64 points, whereas the Basic Materials sector remained at no change.
Sectors' Activity
The Financial Services sector dominated total trade volume during last week with 599.85 million shares changing hands, representing 49.22% of the total market trading volume. The Real Estate sector was second in terms of trading volume as the sector's traded shares were 29.59% of last week's total trading volume, with a total of 360.63 million shares. On the other hand, the Financial Services sector's stocks were the highest traded in terms of value; with a turnover of K.D 46.15 million or 38.77% of last week's total market trading value. The Real Estate sector took the second place as the sector's last week turnover was K.D 25.13 million represented 21.11% of the total market trading value.
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© Arab Times 2013
