By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait closed Wednesday’s session in the red, with the All-Share index falling 0.41%, while the Premier and Main market indices retreated 0.35% and 0.52%, respectively.
The insurance sector led gainers with 6.5%, while the consumer services sector rose 0.93%.
Kuwait Reinsurance headed decliners and retreated 43.43%, whereas Real Estate Trade Centers (Marakez) topped risers with 11.9%.
Boursa Kuwait’s liquidity climbed 82.8% to KWD 30.24 million on Wednesday, from KWD 16.54 million in the previous session, while trading volume jumped 51.5% to 154.79 million shares, against 102.15 million on Tuesday.
Bahrain’s Ahli United Bank’s stock (AUB – Bahrain), up 3.2%, topped the market in terms of volume and value after 35.11 million shares were exchanged at a turnover of KWD 7.93 million.
Boursa Kuwait’s downward trend on Wednesday was expected as part of the profit-taking deals following the recent rises of stocks, technical analyst Baddar Al Badr told Mubasher, noting that growing sell-offs that dent trades is the only concern.
The retreat of blue-chip shares especially in the banking sector had a negative impact on trading especially Kuwait Finance House’s (KFH) stock prior its meeting with Bahrain’s AUB regarding the potential merger, the analyst noted.
From a technical perspective, the All-Share index slid below an important resistance level at 5250 points and broke the first support level at 5240 points, Al Badr added.
He expected the index to continue to move closer to the important support level at 5200 points if it extends the losing streak on Thursday.
Translated by: Zeinab Adel
