Oil prices send shockwaves to Kuwait stock market

Kuwait Stock Exchange (KSE) ended last week in the red zone driven by the sharply declining oil prices which reached a four year-low level, Bayan Investment Company noted in its weekly report issued Saturday.
It pointed out that the Price Index closed at 7,410.34 points, down by 3.11 percent from the week before closing, the Weighted Index dropped by 2.23 percent after closing at 487.69 points, whereas the KSX-15 Index closed at 1,195.58 points down by 1.78 percent.
Trading on the stock market was gravely impacted by the sharply dropping global oil prices as well as the International Monetary Fund (IMF)'s downward revision of the global economic growth forecast for the third time in 2014, Bayan report noted.
It added that the market indices, particularly the Price Index, incurred huge losses in last week's trading as the market was affected by the random selling operations of many shares in various sectors.
For the annual performance, the price index ended last week recording 1.84 percent annual loss compared to its closing in 2013, while the weighted index increased by 7.69 percent.
Furthermore, last week's average daily turnover increased by 5.61 percent, compared to the preceding week, reaching KD 29.10 million, whereas trading volume average was 241.10 million shares, recording a decrease of 8.48 percent, added the report.