By: Mohamed Farouk
Mubasher: Boursa Kuwait finished Tuesday's trading session on a mixed note, amid a bigger focus by investors on the Main Market index’s stocks.
The All-Share and Premier markets shed 0.97% and 1.56%, respectively, while the Main Market index went up 0.54%.
By the end of the mid-week session, the All-Share Market index tumbled due to seeing technical correction and profit-taking wave after its high growth over the previous period with as much as 14% gains until 7 April, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
The bourse may see investor reluctance to create new positions and a wave of fluctuations over the coming period, Diab added.
From a technical perspective, the analyst further noted that the near support levels of the All-Share Market index stand at 5,600, 5,550, and 5,500 points.
If the All-Share Market index surpasses the last resistance level at 5,816 points, it will target 5,900 and 6,000 points.
The banking sector led losers with 1.64%, while the technology sector surged near 46%.
Hilal Cement’s stock led losers after plunging 18.18%, while the stock of Automated Systems soared 46%.
Boursa Kuwait’s liquidity slid 21.4% to KWD 39.35 million, from KWD 50.04 million, while traded volume increased by 7.4% to 235.18 million shares, compared to 218.97 million on Monday.
Kuwait Finance House’s (KFH) stock, which fell 2.65%, generated the highest turnover with KWD 6.89 million, while Aayan Leasing and Investment’s stock, which upped 2.04%, topped the bourse in terms of trading volume with 36.65 million shares.
Translated by: Mohammad Hesham Azab
