By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait closed Wednesday with a mixed performance after the All-Share and Main markets inched up 0.07% and 0.39%, respectively, while the Premier Market index shed 0.06%.
The real estate sector led the gainers with 1.61%, while the technology sector was the worst performer with 10.56%.
The All-Share Market index has stabilised after a wave of declines in the previous sessions, vice president of investment research at KAMCO Raed Diab said.
From January to April, Boursa Kuwait remains in the second place among the GCC’s most growing stock markets due to the strong performance of large-cap companies, Diab added.
The analyst further noted that the anticipation of the bourse’s promotion by Morgan Stanley and the rise in oil prices contributed to boosting Boursa Kuwait’s performance in the first four months of this year.
Profits of some firms and banks in the first quarter of 2019 were good and they would lead the bourse to stabilise over the coming period, he said.
The bourse may see a weak performance ahead of the onset of Islam's holy month of Ramadan and the summer vacation, Diab said.
From a technical perspective, if the All-Share Market index drops below the support level of 5,600 points, it will fall to 5,500 and 5,450 points.
The KAMCO’s vice president said that the All-Share Market index needs to settle above 5,700 points to reach the resistance level of 5,823 points.
Amwal International Investment topped the winners with 20.91%, while Al Eid Food Company led the losers with 18.92%.
Boursa Kuwait’s liquidity tumbled 10% to KWD 17.22 million from KWD 19.13 million, while trading volume declined 6.9%, reaching 78.64 million shares, compared to 84.45 million on Tuesday.
The National Bank of Kuwait (NBK), which shed 0.32%, led the market in terms of traded value with KWD 3.46 million, while Al Madina for Finance and Investment, which slid 0.46%, generated the highest trading volume with 6.47 million shares.
Translated by: Mohammad Hesham Azab
