Kuwait, (Business News Report)|| External factors continue the declines in the global financial markets, which put pressure on Boursa Kuwait for the third week in a row.
Uncertainty dominates global markets due to fears of slowing global economic growth, which has negative repercussions on global stock markets.
The Gulf stock markets were also affected by the repercussions of the global economic crisis.
The downward trend of Boursa Kuwait was reinforced by the drop in oil prices in the global market at rates that reached 6%. Boursa Kuwait, like all other regional stock exchanges, is affected by oil prices as a major driver for it, whether up or down.
As a result of the continuation of the selling trend, the market value of the Boursa Kuwait lost 2.3% of the total by about 1 billion dinars, bringing the total market value at the end of the week to 43 billion dinars, compared to 44 billion dinars at the end of last week.
The level of liquidity decreased by 7.7%, as the weekly total amounted to 287 million dinars, with a daily average of 57 million dinars, compared to 311 million dinars with a daily average of 62 million dinars last week, noting that the Kuwait Stock Exchange received foreign inflows last week as a result of a FTSE Russell review of the weights of the Boursa Kuwait.
While trading volumes increased by 7%, the volume of traded shares reached 1.013 billion shares, up from 948 million shares last week.
The stock market ended the weekly trading with a collective decline of the indices, as the first market index fell by 2.4%, achieving 201 points losses, to reach 8,017 points from 8,218 points last week.
The main market index also achieved 2% losses by about 115 points to reach 5646 points from 5761 points last week.
The general market index also decreased by 2.3%, losing 173 points, to reach 7240 points from 7,413 points.
In a separate context, foreigners’ transactions in Kuwaiti banks’ shares witnessed a selling trend during the week, by reducing their holdings in the shares of five banks through selling, in return for raising the ownerships in three banks, and stabilizing the ownerships in two banks.
The value of foreign ownership in the shares of the 10 Kuwaiti banks amounted to 3.14 billion dinars, which is the same value at the end of last week, according to Boursa Kuwait statistics on the percentage of foreign ownership in Kuwaiti banks on the 22nd of this month.