By: Mohamad Farouk
Mubasher: The price index of Boursa Kuwait closed Tuesday’s session in the red zone, falling by 0.3% or 21.05 points to 6,905.98 points.
Similarly, both the weighted and Kuwait-15 indices fell by 0.46% and 0.44%, respectively.
The oil and gas segment led ten decliners with 1.05%, dragged by Burgan Drilling which lost 3.6%.
Al Mudon International led losers with 7.76%, while Marakez was the top gainer with 13.53%.
Boursa Kuwait’s liquidity shrank by 7% to KWD 34.74 million on Tuesday compared to KWD 37.34 million in the previous session, as the trading volume decreased by 14.2% to 136.03 million shares from 158.56 million.
KFH recorded the highest turnover of KWD 7.56 million.
Al Imtiaz was the most active stock on which 17.38 million shares were exchanged, falling 1.09%.
Boursa Kuwait has witnessed a trend of profit taking activity on Tuesday, following the consecutive failure in the past sessions to reach good levels; however, the market’s performance remained positive, deputy head of research unit at KAMCO Investment Raed Diab told Mubasher.
Blue chips witnessed strong activity on Tuesday, with some stocks reaching good levels in almost eight years in line with the market’s higher liquidity, Diad added.
He added that Boursa Kuwait’s main index has to close at the resistance level of 6,940 points in order to forecast reaching 7,000 and 7,1000 points, respectively, while the closest support levels lies at 6,840 points, 6,810 points, and 6,770 points, respectively.
