By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait closed Wednesday’s trading session with a mixed performance for the first time after the market segmentation that started 1 April.
The Main Market index registered a rise of 0.27% or 13.05 points to 4,877.18 points; this is the first growth since the segmentation.
Meanwhile, both the Premier Market index and the All-Share index retreated 0.8% and 0.4%, respectively.
The positive side in the market segmentation will reflect in the long run in line with the promotion of Boursa Kuwait’s to FTSE Emerging Markets list; this upgrade is expected to attract more liquidity ranging from $1 billion to $1.5 billion, the deputy head of the investment research department at KAMCO, Raed Diab, told Mubasher.
Investors are awaiting the disclosures of the first quarter’s income statements, Diab added.
Real estate companies led the decliners with 0.9%, dragged by 1.82% drop of Mabanee, in the Premier Market.
Al Massaleh Real Estate’s was the top loser with a decline of 12.8%.
Meanwhile, the oil and gas segment topped four gainers with 2.3%, backed by IPG and PetroGulf which posted a rise of 5.1% and 0.4%, respectively.
Boursa Kuwait’s turnover shrank by 13.7% to KWD 11.17 million on Wednesday compared to KWD 12.94 million in the previous session after the trading volume decreased by 16.8% to 43.96 million shares from 52.86 million.
More than 73% of the liquidity was pumped into the Premier Market with a value of KWD 8.16 million.
Kuwait Finance House (KFH) posted the highest liquidity of KWD 1.91 million. The stock retreated by 1.15%.
In both the Premier and Main Markets, AUB Bahrain was the most active stock on which 4.71 million shares were exchanged. The stock went down 2.14%.
