By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait closed Tuesday’s trading session with a massive decline; the benchmark price index edged down 0.07% or 4.9 points to 6,619.33 points.
Similarly, both the weighted and Kuwait-15 indices retreated 1.05% and 1.55%, respectively.
Boursa Kuwait was not impacted by the recovery of the US stocks in addition to the latest increase in oil prices, deputy head of the investment research unit at KAMCO, Raed Diab, told Mubasher.
The price index is being supported at 6,530 points, while it may see a correction movement to a short-term upward after the continuous decline for eight sessions, the analyst added.
Diab noted that closing above the resistance 6,833 points will build a baseline for an ascending trend in the coming period.
The banking sector led six decliners with 1%, dragged by the National Bank of Kuwait (NBK) which lost 4.5%.
Meanwhile, telecom companies topped five gainers with 0.54% in line with the rise of both Aan Digital and Viva with 1.49% and 1.45%, respectively.
Hayat Communications was the top loser with a fall of 20%, while Salbookh topped the winners with a 17.25% incline.
Boursa Kuwait’s turnover shrank by 14.8% to KWD 8.27 million on Tuesday compared to KWD 9.71 million in the previous session after the trading volume grew by 12.3% to 38.66 million shares from 34.42 million.
Kuwait Finance House (KFH) was the most active stock on which 4.72 million shares were exchanged at a value of KWD 2.78 million. The stock retreated 0.34% to 588 fils.
