Traders panic pushes Kuwait Stock Exchange indices further down

Kuwait Stock Exchange (KSE) plunged further this week as negative traders' sentiments continued to push the market indices more into the red zone, a specialized economic report showed Saturday.
The report, by Bayan Investment Company, stated that the Price Index closed at 6,230.09 points, down by 3.62 percent from the week before's closing, the Weighted Index decreased by 4.77 percent after closing at 416.81 points, whereas the KSX-15 Index closed at 998.22 points, down by 6 percent. Furthermore, last week's average daily turnover increased by 42.11 percent, compared to the preceding week, reaching K.D 30.78 million, whereas trading volume average was 206.62 million shares, recording an increase of 29.72 percent.
"The stock market indicators closed at a loss for the third consecutive week, in light of the continued control of the fear and panic state over the traders, whom increased the random selling operations, causing the stock market indicators to fall steeply, especially the KSX-15 Index which witnessed a noticeable decline during most of the week's sessions," noted the report.
For the annual performance, the price index ended last week recording 17.48 percent annual loss compared to its closing in 2013, while the weighted index decreased by 7.96 percent, and the KSX-15 recorded 6.57 percent loss.
As for the performance of listed sectors, Bayan report stated that all of KSE's sectors ended last week in the red zone.
Last week's biggest loser was the Telecommunications sector, as its index declined by 16 percent to end the week's activity at 491.18 points. Whereas, in the second place, the Financial Services sector's index closed at 792.95 points recording 4.86 percent decrease. The Health Care sector came in third, as its index closed at 914.76 points at a loss of 4.65 percent. The Consumer Goods sector was the least declining as its index closed at 1,179.32 points with a 0.76 percent decrease.