Kuwait stock market continues downward trend

Kuwait Stock Exchange (KSE) continued its south journey and ended last week trading in the red zone driven by the heavy selling operations under the traders' panic after the OPEC decision not to increase the oil production ceiling, a specialized economic report showed Saturday.
The report, by Bayan Investment Company, stated that the Price Index closed at 6,776.09 points, down by 3.01 percent from the week before closing, the Weighted Index decreased by 1.50 percent after closing at 456.55 points, whereas the KSX-15 Index closed at 1,110.29 points, down by 1.05 percent.
Furthermore, last week's average daily turnover increased by 19.26 percent, compared to the preceding week, reaching K.D 18.96 million, whereas trading volume average was 171.43 million shares, recording an increase of 22.47 percent.
"The stock market indicators declined as a result to the heavy selling operations executed by the investors under the panic state they lived after the OPEC decision not to increase the oil production rate," reads the report.
"The selling operations included many listed stocks of both large-cap and small-cap stocks, which negatively affected the market indicators performance, especially the Price Index, that declined in one of the week's sessions to its lowest levels since April of last year." For the annual performance, the price index ended last week recording 10.24 percent annual loss compared to its closing in 2013, while the weighted index increased by 0.81 percent, and the KSX-15 recorded 3.92 percent growth.
As for the performance of the different sectors, the report stated that all of KSE's sectors ended last week in the green zone, except for one sector. The Consumer Services sector was the only gainer, and ended last week with a 0.31 percent increase reaching 1,136.95 point.
"On the other hand, the Financial Services sector headed the losers list as its index declined by 5.21 percent to end the week's activity at 894.81 point. The Real Estate sector was second on the losers' list, which index declined by 3.70 percent, closing at 1,127.68 point, followed by the Telecommunications sector, as its index closed at 615.31 point with a loss of 3.45 percent," said the report.