KSE trades mixed early in week's opening session

KUWAIT, Aug 2 (KUNA) -- Benchmark of Kuwait Stock Exchange (KSE) dropped 2.11 points to 6,251 in early trades on Sunday, the new week's opening session. However, weighted index moved up 0.71, likewise Kuwait-15, 2.21 points.
Value of traded shares reached approximetely KD 684.4, volume turnover some 8.51 million, exchanged in 230 transactions.
The KSE has been largely lackluster for some time. A weekend report by Al-Oula brokerage company said the sluggish dealing is due to major dealers' absence, as well as their shifting to other bourses in the Gulf, namely the Saudi and UAE markets.
The past seven months "were the worst in the KSE history," the report said, noting that liquidity was largely unchanged, except for the weighted index and Kuwait-15's levels. The report added that the benchmark was relatively steady, however its stability was not translated into hiking liquidity volume, where trading was dominated with speculation, except for last Tuesday's session, when value of traded stocks reached approximately KD 14 million. Random speculations targeted, in particular, "popular stocks," trading at 50-100 fils, the report said, adding that the market needs "psychological push to motivate the investors." Although companies revealed profits, trading has remained stagnant. Companies that have not publicized their financial statements have only two weeks to do so, or face penalty. the report added.
(USD is currently traded at KD 0.302). (end) fh.abd.rk