By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait closed Wednesday’s trading session with a mixed performance after the All-Share and Premier markets inched up 0.2% and 0.4%, respectively, while the Main Market index shed 0.3%.
The health care sector was the best performer after adding 1.06%, while the technology sector led the fallers after dropping 8.31%.
The bourse was impacted by various factors over the course of this month, including profit-taking deals, the region’s geopolitical landscape, and the tension between the US and Iran, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
Trades may decline ahead of the onset of Islam's holy month of Ramadan and the summer vacation, Diab added, noting that investors are awaiting the companies’ financial results of the first quarter of 2019, which are forecast to be positive.
The analyst further noted that the stock market may witness a mixed performance over the next period due to awaiting Morgan Stanley’s review on Boursa Kuwait to be listed on its emerging markets (EM) index, while the outlook for the market remains positive.
From a technical perspective, the All-Share Market index’s first support level stands at 5,700 points, while dropping below this level will lead to a profit-taking trend which will drag down the index to 5,600 and 5,510 points.
Diab indicated that All-Share Market index needs to close above the last resistance level at 5,823 in the next period to resume buying trend, targeting the level of 5,900 and 6,000 points.
Investors Holding Group’s stock topped the risers with 9.62%, while the stock of Hilal Cement was the worst performer after slumping 16.55%.
Trading value levelled down 31.9% to KWD 18.47 million, compared to KWD 27.11 million, while traded volume fell to 129.63 million shares, from 154.08 million on Tuesday.
The National Bank of Kuwait’s (NBK) stock, which inched up 0.76%, led the bourse in terms of liquidity with KWD 5.36 million, while Investors Holding Group’s stock generated the highest trading volume with 22.75 million shares.
Translated by: Mohammad Hesham Azab
