Trading at KSE down amidst pressure, caution

Kuwait Stock Exchange (KSE)
Kuwait Stock Exchange (KSE)

KUWAIT, May 22 (KUNA) — Trading at Kuwait Stock Exchange (KSE) was down on Sunday due to a lack of technical incentives, amidst spiraling rumors of the purchase of a nutrition company and in increase in selling pressure.
The drop in trading comes at a time where the three main indices of KSE have landed in the red zone, overwhelmed by a state of caution and stagnant trading.
Moreover, the selling pressure contributed to a halt in the growth of the three main indices, particularly, the KSX-15, which had a detrimental effect on trading of various key companies including banks, consumer and industrial companies and those in the telecommunications sector.
Meanwhile, the downward trend ceased the transactions of nearly 20 companies, while certain shares administers unprecedented growth, which paved the way for taxes to be imposed on these shares, which partially stifled their growth.
In addition, shares of some companies did perform unexpectedly well, namely, Safwan, Energy House Holding Company and MENA. Amongst the companies hit hard by the downward spiral are National Investment Company and HITS Telecom.
It is expected that the downward trend is likely to continue well after the holy month of Ramadan, as the value of market capitalization stood at KD 23.28 billion at the end of last week, down from KD 23.57 in the previous week, a drop of 1.23%.
Shares of some companies, however, did manage to finish strong in the last two remaining minutes before trading closed, largely due to the fact that sales shares exceeded purchase ones. (end) aas.nam

Related Post
دبي، الإمارات العربية المتحدة، 26 أكتوبر 2017 /PRNewswire/ — تتمثل جوانب دعم الأساس لمفهوم ’المباني
NEW YORK, Nov. 23, 2017 /PRNewswire/ — The 2017 Carnegie Medal of Philanthropy awards ceremony