By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait closed Tuesday’s trading session in the red zone for the second day in a row.
The price index went down 0.37% or 24.2 points to close at 6,598.36 points, the weighted index retreated 0.29%, and the Kuwait-15 index edged down 0.39%.
Boursa Kuwait is still witnessing profit collection activity for the second session in a row in line with the lack of new catalysts as well as the anticipation for more companies to disclose their financials, deputy head of the investment research unit at KAMCO, Raed Diab, told Mubasher.
The effect of promoting Boursa Kuwait to an emerging market has vanished in the current time, Diab added.
The analyst expected the stock market to register further volatility with a tendency to decline.
The benchmark index is facing resistance close to 6,660 points, which needs to be broken to ease the decline, and target 6,740 points, Diab noted.
He added that the support level may lie at 6,535 points.
The financial services segment led six decliners with 0.7%, dragged by Umm Al Qaiwain General Investment Co which lost 16.05% to be the top loser.
The banks sector also retreated 0.29%.
Bourse Kuwait’s turnover shrank by 3.5% to KWD 9.81 million on Tuesday compared to KWD 10.16 million in the previous session, after the trading volume decreased by 17.5% to KWD 51.6 million shares from 62.55 million.
The National Bank of Kuwait (NBK) recorded the highest liquidity of KWD 1.69 million, falling 0.64%.
Investors was the most active stock on which 9.32 million shares were traded, down 1.06%.
