By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait dropped collectively in the week ended 26 October.
The price index closed the week 0.14% or 9.58 points down at 6,633.07 points.
The weighted index tumbled 0.56% or 2.43 points to the level of 429.09 points.
Similarly, the Kuwait-15 index shed 0.67% or 6.7 points to 998.18 points.
The price index is currently seeing selling pressures, in line with firms’ quarterly financial results announcements, technical analyst Hassan Al-Kandari told Mubasher.
The index has support at the main level of 6,550 points and saw rebounds more than once at this level, Al-Kandari added.
The index may test resistance at 6,650 and 6,745 points, if it rebounded from the support level of 6,550 points, to break resistance above 6850 points, he highlighted.
The analyst noted that the index may target support at 6,220 and 6,030 points in case it did not witness rebounds.
Trading volume dropped 15.7% to 332.35 million shares this from 394.35 million shares last week.
Meanwhile, liquidity shrank 18.9% to KWD 57.07 million, versus KWD 70.34 million in the previous week.
Transactions retreated 11.4% to 13,350 transactions from 15,080 transactions in the week before.
Translated by: Mai Ezz El-Din
