Kuwait Stock Exchange closes week down two percent
The Kuwait Stock Exchange (KSE) dropped 1.89 percent in the week closing Wednesday, November 7, after having gained ground last week. The uncertainty of oil prices and the US-led strikes on Afghanistan ware cited as the main causes for the slip.
The KSE witnessed a decline in trading activities and turnover value this week. Trading value fell to 29.76 million Kuwaiti dinars, from last week’s KD 44.5 million. The industrial and services sectors led the decline, slipping by 2.6 percent and 2.3 percent respectively. On the whole, stock prices of 56 companies fell, six rose, 21 remained unchanged.
The KSE index closed at 1,628.2 points on Wednesday, down 7.6 points from Tuesday's finish. The daily turnover was KD4.44 million ($14.65 million), traded in 519 deals of 17.71 million shares.
In the aftermath of the September 11 terror attacks in the United States, the KSE index shed 10.79 percent, gaining back 3.7 percent in October. The index now stands up 20.7 percent on the year. October trading volume fell 34 percent month-on-month, while trading value plunged 40 percent to KD 231.9 million ($760 million).
With market capitalization of about $24 billion for the 86 listed companies, the KSE is the second largest bourse in the Arab world after Saudi Arabia's NCFEI. The KSE lists 77 Kuwaiti companies and nine companies from other Gulf Cooperation Council (GCC) states. It reopened in 1992 following the Gulf War. — (menareport.com)
© 2001 Mena Report (www.menareport.com)