By: Mohamed Farouk
Mubasher: The Kuwaiti indices registered the first rise for the week at Wednesday’s close.
The Premier, Main, and BK 50 indices increased by 1.39%, 0.16%, and 0.72%, respectively, while the All-Share Market went up by 1.03%.
The turnover shrank by 38.1% to stand at KWD 51.79 million from KWD 83.63 million a day earlier. Trading volume retreated by 32.4% to 200.31 million shares from 296.31 million.
The consumer goods segment topped seven risers with 1.75%, whereas the consumer services sector came on top of three fallers with 3.85%.
Kamco Invest was the top winner with 9.8%, whereas Al Madina for Finance and Investment was the top loser with 16.7%.
The National Bank of Kuwait (NBK), up 1.65%, achieved the highest turnover of KWD 14.16 million, whereas the Investors Holding Group led the trading activity through the exchange of 20.79 million shares at a value of around KWD 193,690.
The Kuwaiti market witnessed some purchase transactions today following its major losses at the beginning of the week due to the decreasing oil prices, vice president, investment strategy and research at Kamco Invest, Raed Diab told Mubasher.
The oil price plunge and declining stock markets were helped by OPEC and its allies’ failure to reach a deal on oil output cuts, not to mention the impact of the China coronavirus (COVID-19) worldwide, he added.
Oil prices, however, could bounce back on rising global demand and the end of the negative impact of the coronavirus outbreak, which can boost global trade.
He further predicted the market to remain volatile until the emergence of new incentives.
Translated by: Amal A. Wahaab
