By: Mohamed Farouk
Mubasher: Boursa Kuwait’s indices closed Wednesday varied after the price index edged up 0.09% or six points to 6,636.08 points, whereas the weighted and Kuwait 15 indices shed 0.21% and 0.25%, respectively.
The Kuwaiti market continues to fluctuate ahead of companies’ financial disclosures and amid ongoing local political events, which may negatively affect investor appetite, commented KAMCO’s head of investment research Raed Diab.
There have been significant trades on relatively cheap stocks lately, the analyst told Mubasher, indicating that the price index remains capped below resistance at 6,660 points. Closing above this level would prompt more gains, Diab highlighted.
We may see some profit-taking in the coming sessions, if the resistance level is not surpassed, in which case, the benchmark price index will fall towards 6,530 points, Diab told Mubasher.
Six sectors ended Wednesday in the red, led by healthcare with 2.3%, followed by oil and gas with 1.2%, weighed by three stocks, led by PetroGulf’s 3.09% drop.
On the positive side, three sectors closed higher, led by real estate with 1.6% after Ream jumped 10.19%, while the banking and industrial sectors grew 0.13% and 0.12%, respectively.
Kuwait Cable Vision’s stock led fallers, plunging 19.8%, whereas Ras Al Khaimah White Cement’s stock led gainers, surging 20%.
Boursa Kuwait’s turnover declined 18.9% to KWD 10.65 million from KWD 13.13 million on Tuesday, while traded volume decreased 16.6% to 95.81 million shares exchanged versus 114.84 million.
The National Bank of Kuwait’s (NBK) stock, down 0.51%, was the most active in terms of value with KWD 1.32 million, while PetroGulf, down 3.09%, was most active in terms of volume with 9.6 million traded shares.
Translated by: Nada Adel Sobhi
