By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait closed Thursday’s session with a massive decline; the benchmark price index edged down 30.27 points, or 0.44%, to 6,778.18 points, the weighted index lost 0.39%, and the Kuwait-15 index went down 0.46%.
The real estate sector has been affecting Boursa Kuwait’s performance in a negative way since the beginning of this week in line with weak trades, capital market analyst Badar Al Badr told Mubasher.
United Real Estate posted a decline in profits during fiscal year 2017, while Aayan Real Estate incurred losses, pushing the companies to withhold dividends distribution for FY17; this impacted the investors, the analyst noted.
The level 6,800 points will remain a key resistance spot for the benchmark price index, while it is being supported at 6,765 points and 6,730 points, respectively.
Insurance companies led seven decliners with 1.13%, followed by the industrial sector with 0.95%, dragged by Acico which dropped 7.2%.
Meanwhile, the basic materials segment topped three gainers with 0.61%, backed by Boubyan Petrochemical and Qurain Petrochemical which rose by 1.14% and 0.88%, respectively.
Tamdeen Real Estate led losers with 14.8%, while Kuwait Cable topped winners with 19.9%.
Boursa Kuwait’s turnover increased by 42% to KWD 10.76 million on Thursday compared to KWD 7.58 million in the previous session.
The trading volume decreased by 17% to 50.01 million shares from 60.25 million.
Human Soft recorded the highest liquidity of KWD 1.75 million. The stock levelled down 2.4%.
Ajwan was the most active stock on which 8.63 million shares were traded.
