Boursa Kuwait ended last week in the red zone. The Premier Market Index closed at 5,381.57 points, down by 1.36%, the Main Market Index decreased by 1.39% after closing at 4,894.32 points, and the All-Share Index closed at 5,208.54 points down by 1.37%. Furthermore, last week’s average daily turnover decreased by 44.32%, compared to the preceding week, reaching around K.D 16.15 million, whereas trading volume average was about 93.17 million shares, recording a decrease of 38.79%.
The Boursa was affected mainly by the noticeable declines it witnessed at the beginning of the last trading week prior to the Eid holiday, as the strong selling operations over controlled the trading activity and the selling pressures that targeted many listed stocks of different sectors, caused its three indicators to decrease noticeably during the first and second sessions of the week. Also, despite the relative solidity of the Market in the next two sessions, it could not succeed in compensating its previous sessions, and ended the week in the red zone.
The market capitalization of the Boursa recorded losses of around K.D. 250 million, as it reached by the end of the last week prior to the holiday about K.D. 29.03 billion, down by 0.85% compared to its level in the previous week, where it was K.D. 29.28 billion, to contract the Boursa gains since the application of the new market segmentation phase and reach K.D. 1.17 billion, or 4.22%. (Note: The market capitalization for the listed stocks in the Market is calculated based on the weighted average number of shares as per the latest available official financial statements).
Moreover, the number of the companies that disclosed its fiscal results for the first half period of 2018 reached 167 company, and its total fiscal profit exceeded the one billion K.D. level, after it reached approximately K.D. 1.09 billion, up by 11.64% compared to the same companies’ results for the same period of 2017, which was then around K.D. 972.92 million.
Last week witnessed trading over 164 stock out of 175 listed stock in the Market, where prices of 45 stock increased against prices of 94 stock decreased, and prices of 36 stock remained at no change.
Sectors’ Indices
All of Boursa Kuwait’s sectors ended last week in the red zone, while the Health Care sector’s index closed with no change from the week before. The Technology sector headed the losers list as its index declined by 11.85% to end the week’s activity at 865.73 points, the Consumer Goods sector, was second on the losers’ list, which index declined by 2.27%, closing at 888.31 points, followed by the Industrial sector, which index declined by 2.06%, closing at 1,014.33 points. The Insurance sector was the least declining as its index closed at 942.80 points with a 0.12% decrease.
Sectors’ Activity
The Financial Services sector dominated a total trade volume of around 174.84 million shares changing hands during last week, representing 37.53% of the total market trading volume. The Banks sector was second in terms of trading volume as the sector’s traded shares were 27.87% of last week’s total trading volume, with a total of around 129.82 million shares.
On the other hand, the Banks sector’s stocks were the highest traded in terms of value; with a turnover of around K.D 40.84 million or 50.58% 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 16.79 million representing 20.79% of the total market trading value.