KSE records third consecutive loss as market variables nosedive
The Kuwait Stock Exchange indices extended their decline into the new week, marking the third consecutive loss amidst a decrease in market variables. The General Market index saw a reduction of 0.61 percent, or 44.03 points, closing at 7,194.28 points. Liquidity dropped to 58.5 million dinars, down from 77 million dinars on the preceding Thursday, with 254.3 million shares traded through 12,525 transactions. Out of 124 shares, 36 gained, 69 lost, and 19 remained unchanged.
The Premier Market Index experienced a 0.67 percent decline, losing 53.09 points to close at 7,865.10 points, accompanied by liquidity amounting to 46.3 million dinars. Trading involved 167.7 million shares through 6,860 transactions, with 31 shares traded, where only 6 gained, 23 lost, and two remained unchanged, reports Al-Jarida daily.
The Main Market index also registered a 0.38 percent decline, losing 22.49 points to close at 5,949.29 points. Liquidity surpassed 12 million dinars, with 86.5 million shares traded through 5,665 transactions. Out of 93 traded shares, 30 gained, 46 lost, and 17 remained unchanged.
Leading stocks, particularly in the banking sector, contributed to the decline for the third consecutive session. Notably, National Bank, Burgan, International, and KFH witnessed notable decreases. Al-Mabanee experienced a 1 percent decline, and Arzan shares from the IFA bloc stood out with varying increases, including significant percentages for IFA Hotels and First Takaful shares. Kuwait Real Estate shares declined, with MENA Real Estate recording significant growth of more than 25 percent upon its return to trading.
Unicap shares rose by over 12 percent, breaching the 100 fils level after reaching its lowest point this month at 88 fils. Aayan stock faced pressure, declining by more than 6.5 percent due to the announcement of annual dividends. The auction period was relatively subdued with limited offers and requests for leading stocks, primarily Eva and Arzan stocks.
In the Gulf, GCC market indices displayed varied performances in the initial sessions of the week. Bahrain and Saudi Arabia indices rose modestly, while Kuwait, Qatar, and Oman indices declined. Oil prices traded at their lowest levels in three weeks at 77.5, following a substantial percentage loss exceeding 7 percent during the previous week on the standard Brent barrel.
