Kuwaiti economists predict of third quarter closing

Economists expect that some financial portfolios invested in the Kuwait Stock Exchange (KSE) will see mixed performance in the next couple of weeks, notably ahead of the closing of the third quarter of 2014.
The Kuwaiti bourse has been more reliant upon individuals than institutional financial portfolios, General-Manager of Al-Arabi Financial Brokerage Company Maitham Al-Shakhth said to KUNA here on Sunday.
Dwindling confidence in some investment companies have led to a drop in financial portfolios and investment funds, but some governmental portfolios have surged, he added.
But, General-Manager of Mena Financial and Economic Consultancy firm Adnan Al-Duleimi expected the closing of the third quarter of this year to witness record surges as the market recorded 50 points last week and the trend has turned from negative into positive.
This pace is anticipated to last until the fourth and last month of this year, which shows that dealers are waiting for good distributions all over the year, he pointed out.
For his part, Kuwait Dealers Association Mohammad Al-Tarrah believed that active portfolios have played a key part since July, reflecting the daily monetary value.
In spite of the balanced performance of portfolios, some funds have largely capitalized on successive market hikes, which has led to record price indexes, not to mention the gradual surge of traded value, Al-Tarrah added.
Main indices of the Kuwaiti bourse were in the green zone upon closing on Sunday with the weighted, the price, and the KSX 15 indices up by 1.67, 13.85, and 4.72 points respectively.
Number of trades amounted to 6,505, value of traded shares was KD 37,112,753.025, and volume of exchanged stocks was 284,544,855.
Top gainers were ALNAWADI, ZIMAH, MADAR, TAHSSILAT and KBT. Top losers were PEARL, ADNC, MAYADEEN, GIH and KMEFIC. Top volume stocks were that of ADNC, KBT, ALDEERA, COAST and ISKAN.