|08 January, 2017

Kuwait Stock Exchange names new chairman

Kuwait’s emir appointed previous chairman Essam Abdul Mohsen Al-Marzouq to head the oil ministry after opposition candidates won around half of the parliament’s 50 seats last month

The exterior of the Kuwait Stock Exchange is seen November 13, 2008. Kuwait stopped trading on its stock exchange after a court order on Thursday and the government launched a bailout fund for investment firms as shockwaves from the financial crisis spread. REUTERS/Stephanie Mcgehee

The exterior of the Kuwait Stock Exchange is seen November 13, 2008. Kuwait stopped trading on its stock exchange after a court order on Thursday and the government launched a bailout fund for investment firms as shockwaves from the financial crisis spread. REUTERS/Stephanie Mcgehee

REUTERS/Stephanie McGehee
08 January 2017

KUWAIT — The Kuwait Stock Exchange has selected a new chairman for its board of directors, following the appointment of its previous chairman as oil minister in December, it said in a statement on Saturday.

The bourse named as chairman Mohammed Ahmed Alsaqqaf, a member of the board’s executive committee and nomination and remuneration committee.

Kuwait’s emir appointed previous chairman Essam Abdul Mohsen Al-Marzouq to head the oil ministry after opposition candidates won around half of the parliament’s 50 seats last month.

Meanwhile, the indexes of the Boursa Kuwait are predicted to be more active in the coming period due to a set of positive factors, mainly rising oil prices, Bayan Investment Company said in a report Saturday.

Boursa Kuwait ended last week in the green zone. The Price Index closed at 5,831.19 points, up by 1.45% from the week before closing, the Weighted Index increased by 1.25% after closing at 384.86 points, whereas the KSX-15 Index closed at 898.24 points up by 1.49%, the report said. The three Boursa indices were able to end the first week›s trading of 2017, which was limited to four sessions only, with good gains supported by the continued control of the purchasing powers over the trading activity, amid traders› concentration on the stocks that are expected to announce positive results and good distributions for the year ended.

The Boursa witnessed such performance in light of a noticeable growth in the trading levels compared to a week earlier, especially the cash liquidity which reached in once daily session of the week about K.D. 28 million, its highest level since last October, it indicated.

Moreover, the Kuwait Boursa initiated the first session of 2017 with a grouped increase for the three indices, supported by the speculative trading executed on the small-cap stocks in particular, which positively reflected on the Price Index performance, the most increasing Index at the end of the session compared to the Weighted and KSX-15 indices, it added.

The second session of the week witnessed fluctuation in the three indices› performance, whereas the Price Index closed with limited loss affected by the profit collection operations that included few small-cap stocks, while the Weighted and KSX-15 indices closed in the green zone supported by the return of the purchasing and collection operations executed on the leading stocks, it noted.

On Wednesday›s session, the three Boursa indices returned to meet in the green closing zone, supported by the continued purchasing operations that concentrated on the heavy stocks, in addition to the quick speculative operations received by the small-cap stocks, especially of values below 100 fils.

However, the trading indicators continued in increasing for the second consecutive session, whereas the cash liquidity grew at the end of the session by 35%, and the volume recorded an increase of about 44%.

On the end of week session, the Boursa indices continued its positive performance and were able to close in green zone affected by the strong purchasing operations that included a wide ray of listed stocks especially in the Financial Services and the Real Estate sectors, it added.

Such performance came in light of the increased volume of the traded stocks by the end of the session, where it increased by 19%, while the cash liquidity level dropped by 18%, the report showed.

By the end of the last week, the market capitalization of the listed companies in the primary market reached K.D. 25.72 billion, up by 1.23% when compared to its level in a week earlier, as it reached then K.D. 25.41 billion. the report added.

© The Saudi Gazette 2017

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