KSE main indices in green zone Sunday

KUWAIT, April 19 (KUNA) -- Main indices of Kuwait Stock Exchange (KSE) were in the green zone in the new week's opening session on Sunday, as weighted index gained 1.48 points, reaching 436.27, price index gained 31.67 points and rose to level of 6,327.42 points and the KSX 15 put on 4.01 points, settling at 1,058.71.
Number of trades stood at 1,938, with value of traded shares amounting to KD 8,792,535.198 and a volume turnover at 105,309,109 shares.
Top gainers were COAST, SHIP, MAYADEEN, SAFRE and INVESTORS. Those on top in terms of volume shares were ADNC, HITSTELEC, INVESTORS, BIIHC and MANAZEL.
The three indices posted gains last week, due to optimism over approval of amendments to the Capital Markets Authority (CMA) law, a report said on Saturday. The state of optimism that prevailed over the previous week boosted buying momentum and increased liquidity, said the report by Bayan Investment said. The indices' gains were attributed to a buying wave over most of the week's sessions.
Buyers mainly targeted blue chips and banking shares, following the announcement of positive results for the first quarter of the year, the report added. Optimism had a special effect on the KSE 15 index, that was the highest by the end of the trading week, compared to the price and weighted indices.
However, the market still suffers some problems that require immediate remedy, the Bayan report advises, referring to a "phenomenon" among listed companies that prefer optional withdrawal, amid a retreat of trading levels and weakness of the investment environment.
This last reason is likely to lead to a decline of market value and liquidity levels as well as reducing the number of listed companies.
The KSE enjoyed a buyers' support concentrating on heavy and operational shares, led by the banking sector, yet it suffered from profit-taking that focused on small and medium stocks, in particular those that realized mixed gains.
Market capitalization by the end of the week hit KD 27.90 billion, marking a rise of about 2.3 percent compared to KD 27.28 billion the week before. (1 KWD = USD 3.3). (end) mka.hb.msa.skm.ag