By: Mohamed Farouk
Mubasher: Boursa Kuwait closed Wednesday’s trading activities on a mixed note, as the Main Market index inched up 0.49%, whereas the All-Share Market index and the Premier Market index shed 0.01%, and 0.25%, respectively.
Main-market-listed stocks continue to attract investors, especially since starting 2019 in the green, technical analyst Nizar Younes told Mubasher, indicating that investors focused on Aayan Leasing and Investment, Abyaar Real Estate Development, and Mashaer Holding Co.
The Main Market index’s shares made up over 75% of the bourse’s traded volume on Wednesday and dominated around 32% of liquidity, Younes added.
The analyst further noted that the drop in prices of Main Market shares encouraged investors to purchase them to reduce losses which they had previously suffered.
From a technical perspective, Younes indicated that the Main Market has neared strong resistance at 4,800 points, and that a rise above this level on Thursday, would allow the bourse to see positive performance in the coming week.
The insurance sector led risers with 1.68%, whereas the basic materials sector led losers with 0.71%.
Real Estate Trade Centers’ (Marakez) stock was the best performer after jumping 18%, while Ras Al Khaimah Co. for White Cement and Construction Materials was the worst performer, plunging 9.8%.
Turnover tumbled 13% to KWD 31.57 million, from KWD 36.3 million on Tuesday, whereas traded volume jumped 16.8%, reaching 271.7 million shares against compared to 232.66 million.
Gulf Bank of Kuwait’s (GBK) stock, up 3.05%, topped Boursa Kuwait in terms of liquidity after generating KWD 8 million, while Aayan Leasing and Investment’s stock, up 4.3%, led in terms of trading volume after 34.7 million exchanged shares.
Translated by: Mohamed Hesham Azab
