The Kuwait Stock Exchange ended the trading of the second week of Ramadan to continue the collective gains at the level of all its indices, especially the main index that includes most of the listed companies, which witnessed a remarkable increase in light of the buying momentum on medium and small stocks.
This continuous rise in the performance of the stock market is in line with the positive data that the stock market enjoys in general, foremost of which is the stability of the price of a barrel of Kuwaiti oil above the level of $100 per barrel, which is positively reflected on the overall economic activity in the country, in addition to the clear growth in the financial results of companies and banks. during the last fiscal year.
The market value of the Kuwaiti Stock Exchange witnessed an increase at the end of weekly trading to 48.899 billion dinars, an increase from 48.602 billion dinars last week, an increase of 0.6%. The average daily trading during the week’s sessions amounted to 64 million dinars, with a total sum of 318 million dinars, compared to 340 million dinars, with a daily average of 68 million dinars last week, and it appears through the stock exchange’s transactions in the last sessions that the levels of liquidity in Ramadan have become similar to those before the holy month, despite the short trading time . The volume of traded shares decreased by 30%, with 777 million shares traded, down from 1.108 billion shares last week.
The stock market ended the weekly trading on a collective rise in performance, as the premier market index rose by 0.09%, adding 8 points to its previous gains, to reach 9,174 points, up from 9,166 points last week, and the main market index rose by 2.5%, with gains of 161 points, to reach 6558 points. Up from 6,397 points at the end of last week, the main market index rose 0.6%, with gains of 51 points, to reach 8,312 points, up from 8,261 points.
Foreign ownership in banks
In another context, the value of foreign ownership in Kuwaiti banks declined to 3.123 billion dinars, compared to 3.145 billion dinars last week, due to the decline in the price values of some bank shares during the week’s sessions.
According to the stock exchange’s statistics on the percentages of foreign ownership in Kuwaiti banks on April 13, purchasing transactions were dominated during the week by an increase in ownership rates in 5 banks, namely, the National Bank of Kuwait, the Gulf, the Kuwait Finance House (KFH), Boubyan, and Al-Ahly, while their ownership declined. The 3 banks are Burgan, KIB International, Warba, and settled in Al-Tijari and Al-Muttahed.