KSE indices move down early in Monday's session

KUWAIT, Aug 3 (KUNA) -- Main indices of Kuwait Stock Exchange (KSE) dropped 14.7 points to the level of 6,222, weighted index followed suit moving down 1.63 as well as the third key index, Kuwait-15 which lost 5.69.
Value of traded shares reached some KD 1.44 million, volume turnover 17.7 million, exchanged in 343 deals.
The KSE ended Sunday's session on mixed board as the weighted index gained 1.42 points reaching 420.33 points, the price index lost 16.99 points reaching 6,236.72 and the KSX 15 gained 4.45 points, reaching 1,019.38 points Number of trades was 2,886 with a value of KD 9.68 and a volume of 103,2.
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) rk