Stock Market Breaks 7-Week Losing Streak

The Kuwait Stock Exchange has ended a seven-week streak of weekly declines, during which indices recorded varying losses, marking a reversal of the previous trend as the market returned to positive territory and achieved weekly gains.

Market indices posted varied weekly gains, supported by buying interest. Despite a relative decline in circulating liquidity levels, confidence among a large segment of traders has clearly returned.

Diplomatic moves and efforts led by several countries to contain regional tensions and attempt to end the state of “neither war nor peace” contributed to strengthening the positive atmosphere.

Additionally, the results of the U.S. elections undermined the likelihood of a military confrontation between the United States and Iran, further bolstering optimism about the possibility of containing escalation and calming the situation in the region.

The positive performance witnessed by the local stock exchange coincided with a wave of rises in regional markets, which in turn benefited from the calming of regional conditions and a dose of optimism that prevailed during the week.

The First Market Index rose by 1.12 percent, adding approximately 100.29 points, while the Main Market Index gained about 0.94 percent, amounting to 79.81 points. Consequently, the General Market Index recorded an increase of approximately 1.09 percent, equivalent to 92.72 points.

As a result, the stock exchange gained approximately 707 million dinars, representing a 1.39 percent increase, bringing the market capitalization to 51.33 billion dinars, compared to 50.62 billion dinars, at the close of the week ending on October 29.

Despite the positive performance, market variables declined collectively. Circulating liquidity fell by 19.1 percent to reach 330.6 million dinars, compared to 409 million dinars previously.

The First Market continued to hold the largest share of this liquidity, accounting for 68 percent, while the Main Market captured the remaining 32 percent.

Traded volumes also declined by 21.5 percent to reach 1.28 billion shares, compared to 1.64 billion shares previously. The number of transactions dropped by 13.9 percent to 83,955 deals, down from 97,604 deals.

Regarding the final session of the week, the stock exchange closed on a positive note, resulting in a weekly tally of declines in two sessions versus gains in three trading sessions. The market succeeded in offsetting part of its losses and ending the week on a positive note.

All stock exchange indices witnessed good rises in the final session, amid continued buying interest in many listed shares, particularly leading shares and those listed in the First Market, which positively reflected on the performance of the General Market Index.

The value of trades during the session rose by 30.7 percent to reach approximately 81.9 million dinars, compared to about 62.6 million dinars in the Wednesday session. The First Market held the largest share of this liquidity at 65 percent, while the Main Market captured the remaining 35 percent.

Many shares recorded positive performance. The share of Qaem Investments led the most rising shares in the First Market with a gain exceeding 5 percent. Shares such as Eiva Hotels, Alghanim, and Gulf Bank also posted gains exceeding 3 percent each.

At the overall market level, the share of Umm Al Quwain topped the list of the most rising shares with a gain exceeding 8 percent, while shares such as Portland, Mashael, Al Bayt, and Al Safa each recorded rises exceeding 5 percent.

Approximately 131 shares were traded, with 95 rising, 22 falling, and prices stabilizing for 14. Weighted indicators rose for seven market sectors, led by the technology sector with a 3.38 percent increase and the consumer services sector with a 2.03 percent gain. Meanwhile, indicators fell for five sectors, headed by healthcare with a 1.44 percent decline and energy with a 1.27 percent drop, while prices remained stable for the utilities sector.

In terms of index performance, the general market index rose by approximately 69.04 points, equivalent to 0.81 percent, reaching 8,546 points. A total of 292.5 million shares were traded across 18,645 transactions.

The First Market Index also gained, rising by 73.82 points, or 0.83 percent, to reach 8,992 points. Trading volume amounted to 53.4 million Kuwaiti dinars, with 145 million shares exchanged through 8,962 transactions.

The main index increased by 63.40 points, or 0.75 percent, closing at 8,534 points. The traded value was 28.5 million dinars, with 147.4 million shares traded via 9,683 transactions.

Regarding the most actively traded stocks by value, Baitak ranked first with a value of 8.5 million dinars, closing at a price of 755 fils. It was followed by Al Watani with 7.9 million dinars, closing at 870 fils, then Noor with 5.1 million dinars, closing at 459 fils, and Gulf Bank with 5.1 million dinars, closing at 337 fils. Fifth was Makhazen with 3.4 million dinars, reaching a price of 149 fils.

Al Uqair stock topped the list of the most rising shares, gaining 8.06 percent with a volume of 1,659 shares, closing at 134 fils. It was followed by Portland by 5.84 percent, with a traded volume of 72,500 shares, closing at 580 fils, then Mushair by 5.74 percent, with a volume of 1.5 million shares, closing at 129 fils, and Al Bayt by 5.30 percent, with a volume of 7.4 million shares, closing at 83.5 fils. Fifth was Al Safa by 5.04 percent, with a volume of 8.2 million shares, closing at 125 fils.

On the other hand, Tamayez stock recorded a decline of 4.93 percent, leading the list of the most falling shares, albeit with only one share traded, closing at 328 fils. It was followed by Al Kout by 4.80 percent, with 1,653 shares traded, dropping to a price of 774 fils, then Hotels by 4.55 percent, with 1,301 shares traded, closing at 189 fils, and Petroliac by 4.33 percent, with 57,100 shares traded, dropping to 773 fils. Fifth was Al Tadamun by 4.19 percent, with only 850 shares traded, closing at 480 fils.