By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait closed Wednesday’s session on a collective decline, after the All-Share index fell 0.18%, while the Main and Premier market indices tumbled 0.11% and 0.32%, respectively.
Boursa Kuwait’s drop on Wednesday’s session was an expected correction following the profit-taking deals, technical analyst Saad Al Roumi told Mubasher.
Boursa Kuwait’s three indices are still moving within a balanced zone with a positive outlook in the short term which might be extended till the end of the first quarter, coinciding with the disclosure of quarterly and annual financial results, Al Roumi added.
Although the All-Share index failed to break resistance at 5,235 points several times, there is still an important resistance level at 5,250 points awaiting to be reached by the index, the analyst stated, noting that 5,200 points was a strong support level for the index.
The telecommunications sector headed fallers with 0.5%, while consumer goods sector led gainers with 0.7%.
Kuwait Real Estate Holding’s stock led decliners, plunging 9.75%, whereas Kuwait and Middle East Financial Investment led risers with 10.86%, its highest level in two years.
Boursa Kuwait’s liquidity shrank 11.8% to KWD 22.43 million on Wednesday, against KWD 25.44 million in the previous session, while trading volume fell 10.1% to 135.93 million shares, compared to 151.26 million on Tuesday.
Gulf Bank of Kuwait’s (GBK) stock, up 1.9% to 268 fils, topped the market in terms of volume and value after 22.31 million shares were exchanged at a turnover of KWD 6 million.
Translated by: Zeinab Adel
