Only 64 firms reported 2015 financial results – Companies post KD 1.16bn in profit

KUWAIT: By the end of last week, the number of companies that disclosed its 2015 financial results reached only 64, out of the 190 total listed companies in Kuwait Stock Exchange (KSE), however more than half of the legal disclosing period have passed, said a report.

The disclosed companies have realized around KD 1.16 billion, with an increase of 4.28 percent compared to the results of the same companies for year 2014, Bayan Investment Company added in its report yesterday.

On the other hand, the market capitalization for KSE reached by the end of last week KD 23.28 billion, down by 0.22 percent from its level in a week earlier, where it was KD 23.33 billion. On an annual level, the market cap for the listed companies in KSE dropped by 7.87 percent from its value at end of 2014, where it reached then KD 25.27 billion, the report noted.

As far as KSE annual performance, the price index ended last week recording 8.44 percent annual loss compared to its closing in 2015, while the weighted index decreased by 8.35 percent, and the KSX-15 recorded 8.61 percent loss, it showed.
KSE ended last week with mixed performances. The Price Index closed at 5, 140.96 points, up by 0.18 percent from the week before closing, the Weighted Index decreased by 0.15 percent after closing at 349.83 points, whereas the KSX-15 Index closed at 822.89 points down by 0.52 percent, it said.

KSE indicators closed mixed last week, among a continued decline in the trading activity compared to a week earlier, as the purchasing operations that included many small-cap stocks of positive annual results continued in providing support to the Price Index, which enabled it to realize some gains by the end of the week, whilst the Weighted and KSX-15 indices couldn’t follow due to the continued profit collection operations in controlling the large-cap and operational stocks’ activity during the week, it mentioned.

Furthermore, last week’s average daily turnover decreased by 25.51 percent, compared to the preceding week, reaching KD 8.95 million, whereas trading volume average was 123.58 million shares, recording a decrease of 12.57 percent, it pointed out.
Eight of KSE’s sectors ended last week in the green zone, while the other four recorded declines. Last week’s highest gainer was the Health Care sector, achieving 5.48 percent growth rate as its index closed at 987.80 points, it said.

Whereas, in the second place, the Technology sector’s index closed at 822. 10 points recording 3.07 percent increase, it stated. The Telecommunications sector came in third as its index achieved 2.43 percent growth, ending the week at 564.87 points, it concluded.

KSE trading
Meanwhile, Al-Oula Brokerage Company said yesterday that Kuwait Stock Exchange (KSE) ended last week trading on variation in the performance due to negative trading indexes, weak trading and selective operations on shares that witnessed sales’ pressure. Al-Oula special report said most sessions witnessed anticipation of financial results of the last quarter of 2015, which played a role in reducing investment desires to benefit from the prevailing selling tendencies.

Al-Oula added the market closed last Thursday with low turnout by the three main indexes, with 5.32 points in price index to 5,140 points and 2.28 for weighted index, and 8.41 for Kuwait-15 index. The report also noted some deals’ announcements which helped in boosting trading in the KSE, including the announcement of financial results. -KUNA

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