The Kuwait Stock Exchange experienced a significant decline in its main indices as several leading entities and banking stocks suffered losses amidst systematic liquidation by electronic accounts, financial portfolios, and investment funds. The decline of eight sectors, particularly banks, caused a significant drop in general indicators, with the market value losing 840 million dinars in just two sessions before the monthly closings, reported Al Rai Daily.
Among the biggest losers were stocks in the first market, which declined by 176.08 points, or 2.49%, closing at 6,904.75 points, its lowest level since July 14, 2021. Meanwhile, the general index of the stock market fell by 141.87 points, or 2.18%, to trade at its lowest level since July 13, 2021. The main market also declined by 58.65 points.
During the trading session, only 18 of the 112 stocks traded closed with an increase, while 83 saw a decline. The volume of liquidity in circulation reached 52.58 million dinars, with most transactions concentrated on the leading stocks in the first market, where the majority of buying, selling, and liquidation activities took place.
It is expected that this decline will significantly impact the performance of investment funds by the end of October, with data indicating they may incur substantial losses. Investment sources pointed out that the global and regional financial markets are affected by wars and political developments.
However, the sources added that many markets trade in a balanced manner between activity and decline. The decline of the Kuwait Stock Exchange can be attributed, among other factors, to the absence of investment alternatives in the market, the lack of flexibility in applying standards and controls on companies, and the need for groups to take the initiative to support their stocks through available tools and provide positive economic data. These factors are essential to provide a suitable environment for the stock market to fully recover.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
