By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait closed Thursday’s session in the green, on the back of the disclosure of the positive annual financial results for the National Bank of Kuwait (NBK) and Boubyan Bank.
The All-Share index added 0.23%, while the Main and Premier market indices went up 0.23% and 0.24%, respectively.
The banking sector led risers with 0.4%, while the industrials sector headed decliners with 0.51%.
Kuwait and Middle East Financial Investment (KMEFIC) topped gainers, jumping 18.3%, while First Takaful Insurance led fallers with 17.4%.
Boursa Kuwait’s liquidity surged 39% to KWD 31.17 million on Thursday, against KWD 22.43 million in the previous session, while trading volume levelled up 11.6% to 151.63 million shares, compared to 135.93 million shares on Wednesday.
Gulf Bank of Kuwait’s (GFK) stock, up 1.5%, topped the market in terms of volume and value after 24.63 million shares were exchanged at a turnover of KWD 6.65 million.
Boursa Kuwait registered the best performance after NBK and Boubyan Bank announced their positive annual financial results, technical analyst Mostafa Al-Garhy told Mubasher.
Financial results have been the main driving force for trading activities since the beginning of 2019, Al-Garhy explained, forecasting that the positive performance would continue till the end of this quarter on the back of the disclosure of both quarterly and annual financial statements.
The All-Share index broke resistance at 5,235 points and will face more resistance between 5,245 and 5,270 points next week, the analyst noted, adding that if these levels are broken in the next two to three sessions, the index is likely to surpass 5,300 points.
Translated by: Zeinab Adel
