By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait continued their negative performance on Monday for the second session in row, in line with a significant decline in the trading activity. The All-Share Market index retreated by 0.39% or 23.38 points to close at nearly 6,039 points. Similarly, both the Premier and the Main markets shed by 0.04% and 1.37%, respectively.
Boursa Kuwait’s liquidity decreased by 22.4% to KWD 23.31 million on Monday, versus KWD 30.05 million in the previous session. Similarly, the trading volume declined by 34.4% to reach 133.66 million shares, versus 203.58 million.
The oil and gas segment led six decliners with 1.12%. Meanwhile, the basic materials sector advanced four gainers with 0.14%. The International Financial Advisors (IFA) led the losers with 12.61%, while Al Deera Holding was the top winner with 13.27%.
The Gulf Bank of Kuwait (GBK) posted the highest liquidity of KWD 4.36 million, the stock lost 0.64%. Moreover, Aayan Leasing and Investment posted the highest trading volume of 18.54 million shares, the stock went down by 0.77%.
The current geopolitical tension has affected the stock markets in the region negatively, especially in Kuwait, as the verbal war between the US and its allies and Iran widened the negative impact on stock exchanges in the Gulf area, capital market analyst Murad Al Damghi told Mubasher.
Al Damghi noted that the All-Share Market is still trading above the main resistance level at 6,000 points, which is considered positive. He further added that breaking this level will confirm the downward performance which may lead to below the 5,800 point-level in the short term.
