KSE Incurs KD 400mln Worth of Losses in 5 SessionsSource: www.export-egypt.com 11/21/2015, Location: Middle East |
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Kuwait Stock Exchange lost KD 400 million in only five sessions of the past week, when the market witnessed a wave of random selling targeting blue and cheap chips, Bayan Investment Company said.
The heavy losses pushed the market main indices to go down drastically. The local stock losses coincided with fall at external bourses worldwide. Fears resulting from terror attacks and record decline of the crude oil prices sent negative ripples to the markets creating the losses. Up to 179 companies out of 192 enlisted ones in the KSE revealed their financial status last week, the end of the nine-month period for the companies to make the disclosures, the report said noting that the companies that made the announcements posted actual profits of KD 1.34 billion, falling by 0.60 percent as compared to 2014 -- where the earnings stood at KD 1.35 billion. Overall earnings posted by the enlisted investment companies, in the same period, declined by KD 87 million, 35 percent, in contrast to KD 134 million the same period last year. Last week's KSE opening session witnessed drastic fall of the main indices amid hefty stock sell-offs, thus causing liquidity to shrink, according to Al-Oula Al-Wasata (Brokerage) Company, in a report released. Geo-political factors, namely turbulence at the regional and international levels, negatively affected the KSE trades over the past week. Profit pocketing and suspension of some companies from trading due to their failure to make financial disclosures on time fueled further the bearish trend of the national bourse. The bourse closed Thursday's session with hike of the top indexes; 27.3 for the benchmark reaching 5,725 points, 2.92 for the weighted index and 7.73 by Kuwait-15 index. News about Saudi Telecom's bid to purchase Viva telecom's stocks, which it does not own, lifted the KSE performance in general. Bulk of trades focused on cheap chips with quick earnings. However on Monday, in particular, investors focused on the blue-chips, with the Kuwait-15 luring up to 50 percent of the traded liquidity. These stocks were largely sold in the Wednesday session, thus sashing the liquidity to KD 10 million. |
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