Random stocks purchasing to cover KSE's last week losses -- analysts

KUWAIT, Aug 30 (KUNA) -- Stocks of operational value might be randomly purchased during this week's trading to cover the losses suffered last week at Kuwait Stock Exchange (KSE), said analysts Sunday.
In separate interviews for KUNA, the analysts also indicated that pressure to sell shares with the low value of 100 fils will dominate proceedings at the stock exchange.
Chairman of the Mutadaweloon (traders) society Mohammad Al-Tarrah predicted that the market will carry out these specific actions to cover last week's losses which were then attributed to speculation, the dire situation at GCC markets, as well as the decrease in Kuwaiti oil price.
This week's sessions are expected to witness some change to the value of shares suffering losses last week, said Al-Tarrah, adding that pressure on popular shares might result in random selling actions.
On his part, head of Mina for economic consultancy company Adnan Al-Dulaimi said that random purchasing actions on shares under the 50 fils margin today was evident of the prediction that the market was looking into measures to recover.
He predicted that the last sessions of this month will focus on regaining from the KD 858 million losses suffered last week, noting that a number of companies will focus on increasing the rates of certain shares to achieve market composure.
KSE closed Sunday's session in the green zone with the weighted index gained 1.82 points, the price index gained 27.6 points reaching 5,904.12 points, and the KSX 15 gained 4.77.
The number of trades was at 4,332 with a value of KD 17 million, and a volume of 175 million shares. (end) mke.gta