By: Mohamed Farouk
Mubasher: Boursa Kuwait ended Sunday on a positive note, with the All Share Index rising by 0.12%, while the Main and Premiere market indices added 0.09% and 0.13%, respectively.
Liquidity increased by 8.2% to KWD 16.45 million, compared with KWD 15.21 million in the previous sessions, despite traded volumes declining by 19% to 130.51 million shares from 161.14 million shares on Thursday.
Eight market sectors ended Sunday’s trading session in the green zone, led by consumer services that added 1.34%, while telecom and insurance were the only decliners, sliding by 0.24% and 0.29%, respectively.
Energy House led the rising stocks, soaring 17.32%, while Dar Al Thuraya closed as the biggest losing stock, dropping 9.37%.
Market analyst Moustafa Al Garhy told Mubasher that the rise of the Kuwaiti stock market today means that it has absorbed the implications of the Cabinet’s resignation last week, noting some viewed the disagreements between the Parliament and cabinet members as an obstacle in the way of achieving the government’s program.
Another point of view saw the resignation as unnecessary since the cabinet is working through an agreed-upon mechanism and a strategy that targets the national interest, which makes the resignation an escape from the political responsibility in front of the general public, Al Garhy added.
Nevertheless, anticipation continues for the new cabinet, said the analyst, noting that the rise of market indices gives a positive sign to investors, especially since it is supported by positive financial results during the third quarter (Q3) and the first three months of the year.
