By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait closed Tuesday in the green for the second session in a row, boosted by heavy trades despite the short trading hours in Islam's holy month of Ramadan.
The All-Share Market index surged 88 points, or 1.54%, to 5,819.96 points, the Main Market index inched up 0.49%, and the Premier Market index rose 1.93%.
The All-Share Market index’s positive performance continued for the fifth consecutive session due to accumulation deals on blue-chip stocks, head of investment research at KAMCO Raed Diab told Mubasher.
The stocks of the banking sector are still attracting cash inflows due to their strong positions, Diab added.
Listing Boursa Kuwait by global index compilers, such as FTSE and Standard & Poor's, along with the anticipated promotion by Morgan Stanley is expected to boost the bourse, he said.
The reforms by the Capital Markets Authority (CMA) and Boursa Kuwait, in addition to launching the third phase of developing Boursa Kuwait Securities Company impacted positively on trading activities and traders, the analyst noted.
From a technical perspective, Diab forecast the All-Share Market index to achieve more gains over the coming period to hit the levels of 6,000 points and 6,200 points.
The telecommunications sector led the gainers with 2.45%, whereas the insurance sector led the losers with 0.14%.
Liquidity rose 247.4% to KWD 47.17 million from KWD 13.58 million, while trading volume surged 124.5%, reaching 147.98 million shares, compared to 65.91 million on Monday.
Energy House Holding topped the winners with 20.34%, whereas Inovest headed the losers with 9.26%.
Kuwait Finance House (KFH), which inched up 0.44%, spearheaded the bourse in terms of liquidity with KWD 8.73 million, while Ahli United Bank -Bahrain (AUB), which levelled up 0.78%, generated the highest trading volume with 27.69 million shares.
Translated by: Mohammad Hesham Azab
