Kuwait Stock Exchange Impacted By Subdued Sentiments, Falling Oil Prices

All major Kuwait Stock Exchange (KSE) indices close in negative last week amid negative global developments and the free fall of the crude, a report said on Friday. The Brent price was at USD 40.18 per barrel while the NYMEX was trading below the USD 40 benchmark at USD 37.1 per barrel; these levels were last seen during 2008/09, according to the latest report by the Kuwait Finance House (KFH).

Last week, the KSE Price Index shed 102.59 points to close at 5,686.15 down while the KSX-15 closed at 914.80 down 24.32 points. The Islamic Index MUDX fell by 2.62 percent to close at 562.47 during the week while the KSE weighted was down by 2.06 percent during the week. It has been the blue-chip stocks which have been hit the hardest which explains the 2 percent decline in the KSE market cap.

The Weekly volumes stood at 558.28 million shares compared to 543.83 million shares the previous week, a rise of 2.65 percent, the KFH report said The overall Market Cap was down by 2.0 percent as it stood at KWD 26.40 billion. National Bank of Kuwait (NBK) saw its market cap decline by 2.47 percent. The Mobile Telecommunication Co. ( Zain) also saw its market cap drop by 2.77 percent.

Kuwait Food Company (Americana) witnessed a plunge of 7.58 percent in its market cap during the week. Counters with gains include Mezzan Holding Co. On the total market breadth, of the 57 Islamic companies, 6 advanced while 36 declined during the week. The Islamic universe market cap was down by a heavy 3.06 percent to close at KWD 6.87 billion, as most of the universe heavyweights witnessed a drop in their market caps during the week, the KFH report concluded.

 

SOURCE : THETIMES

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