Boursa Kuwait ended last week in the green zone. The Premier Market Index closed at 5,344.48 points, up by 3.17%, the Main Market Index increased by 1.15% after closing at 4,975.74 points, and the All-Share Index closed at 5,213.42 points up by 2.47%. Furthermore, last week’s average daily turnover increased by 37.58%, compared to the preceding week, reaching around K.D 35.83 million, whereas trading volume average was about 191.06 million shares, recording an increase of 66.15%.
Boursa Kuwait was able to hold in the green zone for the third consecutive week, and its three indices were able to record noticeable improvement in the performance during the last week, however at a slower pace than the previous week, compensating most of its losses recorded since the beginning of the market development 2, whereas it ended last week’s trading with a grouped gain supported by the heavy purchasing activity witnessed by the banks and operational stocks during most of the daily session, in addition to the movement witnessed by some government and local portfolios, and the relative movement on some small-cap and low priced and promising stocks, amid a general state of optimism that over controlled the traders after some banks’ disclosures of its fiscal results for the first half of the current year which came beyond expectations, and the relative increase in the oil prices, in addition to the increase in the cash liquidity levels and the trading activity which reached high levels that never reached since the market segmentation, as the trading value recorded in one session of the last week an increase of 49.57% reaching around K.D. 49.08 million, and the traded stocks volume recorded in the same session a growth of 35.02% reaching 262,795,672 stock.
Also, the positive performance of the Boursa Kuwait continued during the last week, however it contained correction movements and profit collection operations during some sessions, in light of a general state of optimism among traders amid a watch state for the listed companies results for the first half of the current year, renewing hope in the Banks sector, especially after the growth announced by some banks during the last week, with expectations that the other listed banks will disclose similar results.
Moreover, Boursa Kuwait recorded weekly gains of around K.D. 700 million, as its market capitalization reached by the end of last week about K.D. 28.70 billion, up by 2.50% of its previous week level that was around K.D. 28 billion. The Boursa market cap gains since the beginning of market segmentation reached approximately K.D. 842.5 million, up by 3.02%. (Note: The market cap of 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).
Furthermore, the leading and operational stocks continued to over control the trading activity in the market during the last week, especially the Banks’ stocks which acquired most of the traded cash liquidity during the last week, whereas the Banks sector trading value reached about K.D. 110.7 million, or 61% of the total market liquidity during the week which was around K.D. 179.14 million.
Moreover, last week witnessed trading over 149 stock out of 174 listed stock in the Market, where prices of 98 stock increased against prices of 38 stock decreased, and prices of 38 stock remained at no change.
Sectors’ Indices
Ten of Boursa Kuwait’s sectors ended last week in the green zone, and two recorded declines. Last week’s highest gainer was the Banks sector, achieving 3.70% growth rate as its index closed at 1,084.82 points. The Real Estate sector came in the second place, as its index closed at 995.69 points recording 2.65% increase. The Basic Materials sector came in third as its index achieved 2.38% growth, ending the week at 1,097.43 points.
On the other hand, the Health Care sector headed the losers list as its index declined by 0.51% to end the week’s activity at 993.40 points, The Consumer Goods sector was second on the losers’ list, which index declined by 0.43%, closing at 924.69 points.
Sectors’ Activity
The Banks sector dominated a total trade volume of around 297.80 million shares changing hands during last week, representing 31.17% of the total market trading volume. The Financial Services sector was second in terms of trading volume as the sector’s traded shares were 26.31% of last week’s total trading volume, with a total of around 251.38 million shares.
On the other hand, the Banks sector’s stocks were the highest traded in terms of value; with a turnover of around K.D 110.70 million or 61.80% of last week’s total market trading value. The Financial Services sector took the second place as the sector’s last week turnover was approx. K.D 19.96 million representing 11.14% of the total market trading value.