Broad declines in stock market indices with 53.2 million dinars in liquidity

The Kuwait Stock Exchange began the week’s trading with a broad decline across its indices amid renewed selling pressure affecting many stocks, amid an atmosphere of caution and anticipation.

The market’s negative performance was influenced by the volatility witnessed in global markets at the end of last week, as well as the uncertainty surrounding the regional situation and investors’ anticipation of the outcomes of mediation efforts and diplomatic initiatives led by several countries to prevent the region from the risks of renewed conflict between the United States and Iran.

The bourse opened with a broad decline in its indices, deepening its losses during the first half-hour of trading, with the general index losing more than 1 percent. However, the market later managed to narrow some of its losses as liquidity returned somewhat and trading activity improved marginally.

Trading volumes recorded low levels, reaching approximately 53.2 million dinars. The First Market continued to dominate, capturing 72 percent of that liquidity, while the Main Market accounted for the remaining 28 percent.

Despite the negative sentiment dominating market performance, several stocks managed to record solid gains. Mina stock led the list of the most increased stocks, rising by more than 8 percent, followed by Future Kid, which rose by nearly 7 percent.

A total of 128 stocks were traded, with 29 rising, 79 falling, and 20 remaining unchanged. Weighted indices declined in 9 sectors, led by the Technology sector, which fell by 4.35 percent, and the Insurance sector, which dropped by 2.07 percent. Meanwhile, indices rose in 3 sectors: Benefits (0.78 percent), Basic Materials (0.41 percent), and Energy (0.06 percent).

In terms of index performance details, the General Market Index recorded a decline of approximately 46.43 points, equivalent to 0.54 percent, closing at 8,500 points. A total of 199.3 million shares were traded through 12,011 deals.

The First Market Index also lost approximately 46.39 points, or 0.52 percent, reaching 8,946 points, with liquidity valued at 38.5 million dinars and trading volumes of 110.5 million shares executed through 5,968 deals.

The Main Index declined by approximately 57.99 points, or 0.68 percent, closing at 8,476 points, with a traded value of 14.6 million dinars and a trading volume of 88.8 million shares executed through 6,043 deals.

As a result, the bourse’s market capitalization lost approximately 278.4 million dinars, bringing the total market value to 51.05 billion dinars, compared to 51.33 billion dinars at the close of last Thursday’s trading, representing a decline of 0.54 percent.

Regarding the most traded stocks by value, Bitak ranked first with a value of 6.7 million dinars, closing at 753 fils, followed by Al-Watani with 3.3 million dinars at a price of 866 fils, then Burqan with 2.56 million dinars closing at 176 fils, Watania with 1.98 million dinars at 152 fils, and fifth was Gulf Bank with 1.88 million dinars, closing at 332 fils.

Mina stock led the list of the most increased stocks, rising by 8.06 percent, with 11.8 million shares traded, closing at 134 fils. Future Kid followed with a 6.72 percent increase, trading 9.54 million shares and closing at 143 fils. Hotels came third with a 3.70 percent rise, albeit with only 1,330 shares traded, closing at 196 fils. Youpack ranked fourth with a 3.03 percent increase, trading 37,000 shares and closing at 238 fils. Kimefak rounded out the top five with a 2.99 percent increase, trading 19,700 shares and closing at 138 fils.

On the other hand, Bayt Al Energy’s share price fell by 9.17 percent, leading the list of the most declining stocks, with a trading volume of 24,200 shares, closing at a price of 218 fils. It was followed by Tahasol, which dropped by 8.11 percent, with a trading volume of 192,600 shares, falling to a price of 136 fils. Then came Gulf Insurance, down by 4.93 percent, but with only one share traded, closing at a price of 1.272 dinars. Next was Anzima, down by 4.35 percent, with a trading volume of 389,800 shares, falling to a price of 703 fils. Fifth was Ahli, down by 4.01 percent, with a trading volume of approximately 1.21 million shares, closing at a price of 263 fils.