(MENAFN- Kuwait News Agency (KUNA)) Performance of Kuwait's stock market was affected by delay in companies' filing their first quarter results, which resulted in investors treading with caution and the drying up of market liquidity, according to a report released by Kuwait Financial Centre (Markaz), examining and analyzing performance of equity markets in the MENA region as well as the global equity markets for May.
Both the KSE weighted and price indexes fell by 3.0% and 1.3%, respectively, as value and volume traded dropped by over 20%. Brent crude maintained its gains from April, and closed the month down 1.8% from last month.
Nil expectations of OPEC production cut, high supplies and stronger US dollar ensured that the oil price remains at level of over USD 65 per barrel. OPEC countries pumped at a 2.5 year high of 31.22 million barrels of oil per day (bpd) in May, well above its target of 30 million bpd, underlining the focus of top exporter Saudi Arabia and other key members on market share.
MENA markets had a negative May as nearly all indices, barring Amman and Muscat, closed the month in red. Weak Chinese manufacturing data led to equities across the globe to shed points, while little expectation of an output cut from OPEC caused oil to fall 1.8% in May.
Amman index was the only ray of sunshine for MENA markets, ending the month up 7.3%, while Dubai (-7.2%) and Kuwait weighted (-3.0%) indices were the worst hit.
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