By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait registered a grouped fall by the end of Tuesday’s trading session.
The benchmark price index retreated by 1.31% or 88.08 points to 6,624.13 points, the weighted index went down 0.79%, and the Kuwait-15 index inched down 0.55%.
Boursa Kuwait was influenced by the recent plunge in the US stock market, which has been rising since President Trump won elections and has been in office since 20 January 2017, the deputy head of the investment research unit at KAMCO, Raed Diab, told Mubasher.
The following support level for the price index is at 6,590 points as long as the index remains above 6,530 points, Diab added.
There is a need to break the resistance level at 6,740 points to gradually target the level 6,940 points, Diab said.
Technology companies led eight decliners with 5.8%, followed by the oil and gas sector which dropped 1.9% in line with the 16.7% drop of The Energy House.
Meanwhile, the basic materials segment topped three gainers with 0.91%, followed by insurance companies with a rise of 0.12%.
Boursa Kuwait’s turnover grew by 73.9% to KWD 19.09 million on Tuesday compared to KWD 10.98 million in the previous session after the trading volume increased by 43.5% to 128.33 million shares from 89.44 million.
Kuwait Finance House (KFH) posted the highest liquidity of KWD 4.56 million. The stock went down 0.17%.
Ithmaar was the most active stock on which 18.72 million shares were exchanged.
