Boursa Kuwait ended last week with mixed performance. The Premier Market Index closed at 5,378.62 points, up by 0.48%, the Main Market Index decreased by 0.08% after closing at 4,949.13 points, and the All-Share Index closed at 5,226.03 points down by 0.29%. Furthermore, last week’s average daily turnover decreased by 26.95%, compared to the preceding week, reaching around K.D 21.14 million, whereas trading volume average was about 91.67 million shares, recording a decrease of 27.05%.
Boursa Kuwait witnessed during the last week a fluctuated performance included some buy & hold and profit collection operations executed on most of the listed stocks in the Market especially the Premiere Market. It also included some speculative operations on small-cap stocks which caused its three indices to close mixed by the end of last week, in light of the decline of the purchasing activity on the Banks and leading stocks, which caused it to lose part of its gains realized in the previous weeks, and lead to weakness in the trading indicators on the weekly level, despite the positive financial results announced by some listed companies for the first half of year 2018 and the disclosures released during the last week on the mergers deal of one local bank with another GCC bank where both are listed in Boursa Kuwait, in addition to the disclosure related to the sale of shares in one listed company in the Industrial Sector of the Main Market.
On the other hand, Boursa Kuwait is currently witnessing a general state of watch for the listed companies financial results for the first half of year 2018, especially that most of the listed companies did not disclose its results yet. By the end of last week, the number of companies that disclosed its fiscal financial results for the period ended on 30 June 2018 reached 38 company out of 175 listed company in the Market, including companies with different year end, realizing net profit of around K.D. 347.85 million for the second quarter of year 2018, up by 15.22% from the same company’s results for the same period of year 2017, where it was approximately K.D. 301.89 million.
Moreover, Boursa Kuwait recorded weekly gains of around K.D. 76.23 million, as its market capitalization reached by the end of last week approx. K.D. 28.79 billion, up by 0.27% from its level in a week earlier, where it was about K.D. 28.71 billion. The market cap gains for the Boursa since the application of the new market segmentation reached around K.D. 930.11 million, up by 3.34%. (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 financial statements).
Last week witnessed trading over 156 stock out of 175 listed stock in the Market, where prices of 57 stock increased against prices of 81 stock decreased, and prices of 37 stock remained at no change.
Sectors’ Indices
Six of Boursa Kuwait’s sectors ended last week in the red zone, and six recorded increases. Last week’s highest loser was the Consumer Goods sector, as its index declined by 4.31% to end the week’s activity at 896.20 points, The Consumer Services sector was second on the losers’ list, which index declined by 1.28%, closing at 1,061.42 points, followed by the Insurance sector, which index declined by 0.62%, closing at 947.68 points.
On the other hand, last week’s highest gainer was the Technology sector, achieving 6.61% growth rate as its index closed at 938.48 points. The Oil & Gas sector came in the second place, as its index closed at 1,059.77 points recording 1.29% increase, followed by Industrial sector, achieving 1.05% growth rate as its index closed at 1,009.27 points
Sectors’ Activity
The Banks sector dominated a total trade volume of around 173.59 million shares changing hands during last week, representing 37.87% of the total market trading volume. The Financial Services sector was second in terms of trading volume as the sector’s traded shares were 23.24% of last week’s total trading volume, with a total of around 106.50 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 50.74 million or 48% of last week’s total market trading value. The Industrial sector took the second place as the sector’s last week turnover was approx. K.D 31.78 million representing 30.07% of the total market trading value.