KSE ends trading week on tepid note

The stock market ended the trading week today on a mixed note with traders running after profit collection and some shares getting hammered hard by some traders who abandoned them for cheaper shares, said two market watchers in statements to KUNA.
Small investors were looking today for increases in the price of leading shares only to be disappointed through the trading period right up until almost closing time when the picture for some coveted shares started to look better, said Mohammad Al-Tarrah, a market analyst.
Hamad Al-Shimmeri, another market observer, shared the same view that at the start of the trading session today, there was optimism among many investors and traders that the session would be a profitable one for everyone which was not the case.
There was however a noticeable rush on the shares of two Islamic banks, despite many traders staying away most of the trading day from buying shares due to unfavorable market conditions, which fluctuated from being moderately robust in the beginning to downright tepid in the middle of the session to ending it on a hopeful note.
There was naturally no denying the salient role a number of major portfolios and mutual funds played, and always play, in shaping today's trading posture. The market closed, up 7.6 points, at the level of 7,404 points with an overall trading amount of KD 21 million.