For the third week, a green result for the Kuwait Stock Exchange amid a rise in Kuwaiti stocks
The Kuwait Stock Exchange has been on an impressive streak lately, marking its third consecutive week of positive performance. Let’s delve into the recent statistics and notable shifts within the market.
1. Introducing the Premier Market Index
The Premier Market Index saw a notable ascent, rising by 0.24% to reach a closing point of 7,309.44. This increase, amounting to 17.27 points, signifies the upward momentum that has characterized recent weeks.
2. Unpacking the General Market Index
Experiencing a 0.33% growth, the General Market Index surged to 6664.26, reflecting an elevation of 22 points from the previous week’s closure on November 16, 2023.
3. Insights into the Main Market Index
The Main Market Index concluded trading at 5444.36, boasting a significant 0.69% increase, equivalent to 37.09 points from its last week’s standing.
4. In-Depth Analysis of the Main Market Index 50
A notable 1% surge marked the Main Market Index 50, exhibiting a weekly increase of 53.03 points, closing the trading week at 5348.7 points, portraying a robustly positive trend.
5. Examining Market Value and Trading Activities
The Kuwait Stock Exchange witnessed an increase in market value by 131 million dinars, reaching a closing value of 39.464 billion dinars by the end of the trading week. This surge of 0.33% showcases promising growth.
6. Deep Dive into Trading Dynamics
Trading activities experienced collective growth, depicting a rise of approximately 23.01% in quantities to 983.67 million shares. Liquidity also surged by 10.09% to 231.19 million dinars, reflecting a thriving market.
7. Sectoral Performance Highlights
Seven sectors observed an uptick in performance, notably led by a remarkable 6.75% surge in the technology sector. However, five sectors, predominantly led by consumer goods, witnessed a slight decline of 0.9%, with healthcare maintaining stability.
Conclusion
The consecutive positive performance of the Kuwait Stock Exchange reflects an encouraging trend, showcasing growth across various indices and sectors. These steady surges in market indices and values, coupled with intensified trading activities, paint a promising picture for the market’s stability and growth potential in the near future.
Regarding stocks, “Energy House” stock topped the green list with 28.23%, while “Cinema” came at the top of decliners with about 9.62%.
Regarding the most active, “Arzan”, which rose 8.70%, topped the volume activity with 120.82 million shares, and came at the top in liquidity with a value of 23.22 million dinars.
Financial markets expert Maytham Al-Shass said that the current week’s performance on the Kuwait Stock Exchange was “more balanced” than last week, with an increase in the pace of trading, especially in the last session, supported by the implementation of deals on “IFA” shares, which supported the market.
He explained in statements to “Mubasher Info” that this coincided with the stability of the banking sector, especially the shares of the National Bank of Kuwait and Kuwait Finance House “KFH”, which tend to rise.
Maitham Al-Shahs stated that these factors contributed to compensating the main indices for some of their previous losses, especially the Premier Market Index, which recently reduced its losses since the beginning of the year by about 2%.
According to the “person”, this is in line with relative stability in the geopolitical situation, especially with the State of Qatar’s announcement of reaching an Egyptian-American partnership for a humanitarian truce between the Israeli occupation forces and the Islamic Resistance Movement (Hamas).
The financial markets expert stated that the markets also supported the Federal Reserve’s continued stabilization of interest rates, which gave a boost to investor sentiment, although it is not unlikely that there will be reverse decisions in 2024, which may be to reduce interest rates, which in turn supports the role of investment in financial markets.
He indicated that there are several factors that may affect transactions in the coming week, including investors’ anticipation of the OPEC+ alliance meeting and expectations of a continuation of the voluntary reduction in production at a time when the State of Kuwait is seeking to increase its oil production, especially from the divided region, while anticipating the implementation of the semi-annual review of the Morgan Stanley index. MSCI.
It is noteworthy that 3 Kuwaiti companies were included in the small companies index with the review scheduled to be implemented from the close of the session on November 30, 2023, which are: Arabi Holding Group, Kuwait Real Estate, and Kuwait Telecom “STC”.
