Kuwait stocks come under selling pressure

KUWAIT: The Boursa Kuwait Indices witnessed a negative week as indices decreased this week. The Boursa price index closed at 6,767.04 an decrease of 0.63 percent down 42.74 points compared to the previous week. As the MUDX witnessed an decrease this week of 0.79 percent to close at 664.35  for the week. Furthermore, the market blue-chip index the KSX15 closed on an decrease of 1.17 points down 0.12 percent during the week to close at 970.49.

The reported weekly volumes were 1,042.53 million shares compared to 1,820.73 million shares in previous. Among the major contributors, the Financial Services Sector (contributing 33.71 percent) witnessed  351.41 million shares of trading compared to 522.15 million shares in the previous week, while Real Estate Sector (contributing 35.78 percent) witnessed 372.97 million shares of trading compared to 729.42 million shares in the previous week.

The overall Market Cap witnessed an decrease this week as it stood at KD 29.15 billion down 0.6 percent on weekly basis. As for the blue-chips,  National Bank of Kuwait – NBK (Mcap – KD 4.28billion)  saw its market cap increased by 2.7 percent  during the week. However, Mobile Telecommunication Co – Zain (Mcap – KD 2.048 billion) saw its market cap decreased by 1.04 percent during the week .  Ahli United Bank – AUB (Mcap – KD 1.636 billion) saw it market cap decrease by 3.23 percent during the week.

On the total market breadth, Of the 56 Islamic Companies,10 advanced while 35 declined during the week. The Islamic universe market cap witnessed its market cap an decrease of 0.92 percent to close at KD 8,160 billion. The universe heavyweights  Kuwait Finance House – KFH (Mcap – KD 3.197 billion)  saw its market cap decrease by 1.61 percent during the week . However,, Boubyan Bank (Mcap – KW 931.56 million) saw its market cap unchanged this week. Furthermore, Kuwait Telecommunication Co. – VIVA (Mcap- KD 409.51 million) saw its market decrease by 3.53 percent during the week.

KFH Capital Report on Stock Market

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