Unstable oil prices, anticipation grip KSE in Jan. — analysts

KUWAIT, Jan 31 (KUNA) — Kuwait Stock Exchange (KSE) in January was mainly affected with control of companies with cheap shares over performance, fluctuation in oil prices and expectation of data of companies in the last quarter of 2015, said two Kuwaiti analysts.
Selling pressures were present in all sessions during January, negatively affecting the sectors’ indicators, the analysts told KUNA on Sunday, in two separate interviews.
Pressures the market suffered from during January’s trading were caused by reluctance of many dealers to get into selling orders so as to avoid losses, Mohammad Al-Tarrah said, adding as a result, the price index went down to 5,000 points in some sessions.
Many managers of financial portfolios turned to shares, below 50 fils, as they had attractive prices and had become an opportunity for all that may not be provided next month, when companies would announce their financial results in the last quarter of last year, he said. On his part, Hamad Al-Hajri, said small dealers will follow up in February on movement of major groups to imitate them in a bid to compensate some losses in the last quarter of last year, due to decline in oil prices.
Phycology of many dealers controls their decisions in the market, he said, urging key investment groups to support performance, instead of helping their companies make gains.
KSE ended trading on Sunday in the green zone. The price index was up by 104.13 points to reach 5,114.52 points, the weighted index also went up by 8.56 points to stand at 353.43 points, as well as the KSX 15 which increased by 20.12 points, to read 829.8 points.
Trade value was KD 25.3 million while the volume was at 286 million shares, done through 6,433 deals. (end) mka.ht.tb.hm