KSE ends week sessions bearishly

Kuwait Stock Exchange maintained bullish trend for five consecutive weeks recently however it ended last week's session in a bearish manner, moderately though. Bayan Investment Company said in a report released on Saturday the slump was attributed to hefty profit generation that covered a large number of stocks, amid jitters that resulted in tangible trade shrink. The KSE was also affected with the current political conditions, namely the anticipation of forming a new government. Of almost equal effect on the market status was delay of the companies' declaration of the results for the first quarter of 2011. Only 47 firms made such a declaration by Thursday -- some 22 percent of the 217 listed companies. This particular issue fuelled fears among traders that some of the companies might be suspended due to the illegal delay of the outcome revelation. Elaborating, the report said the companies posted KD 582.8 million worth of earnings, with a growth estimated at 140.5 percent. Speculations that targeted some of the chips were constituted one the factors that affected the market conditions and operations. Capital value of the market dropped 0.67 percent to KD 31.81 billion.