By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait closed Tuesday lower; the second consecutive session in decline.
The benchmark price index went down 0.54% or 36 points to close at 6,613.22 points, the weighted index fell by 1.05%, and the Kuwait-15 index went down 1.54%.
We are not yet sure if the negative performance at Boursa Kuwait is about to end, as the benchmark price index is still heading downward, deputy head of the investment research unit at KAMCO Raed Diab told Mubasher.
Profit taking transactions were registered on blue chips in Tuesday’s session, following the rises seen in the past period, in line with the companies’ disclosures of the third-quarter income statements, which reported good results, Diab added.
He noted that the price index is targeting a strong support level close to 6,535 points, which is expected to attract further purchasing transactions and to prevent sliding to low levels.
Meanwhile, the price index is facing several resistance levels; however, breaking the 6,740-point level will be a positive sign to target 6,810 points, Diad said, noting that it is important for the index to close above the solid resistance of 6,940 points to reduce the chances of falling.
The banks segment led eight decliners with 1.25%, dragged by Gulf Bank of Kuwait (GBK) which lost 4.85%.
The telecom sector also retreated 1.16%, in line with the 3.6% drop of Zain.
Meanwhile, the real estate segment topped three gainers with 0.31%, backed by Al Themar International which jumped 20% to be the top winner.
Boursa Kuwait’s liquidity shrank by 34.3% to KWD 28.05 million on Tuesday compared to KWD 42.7 million on Monday, after the trading volume decreased by 18.7% to 145.88 million shares from 179.47 million.
Zain recorded the highest turnover of KWD 9.4 million.
Abyaar was the most active stock on which 20.9 million shares were traded, falling 7.31%.
