By: Mohamed Farouk
Mubasher: Boursa Kuwait’s indices erased earlier gains and closed in the red on Sunday, the first session of the week, weighed by the industrial and banking sectors.
The All-Share index shed 0.38%, while the Main and Premier market indices decreased 0.24% and 0.45%, respectively.
Commenting on Boursa Kuwait’s performance, technical analyst Yacoub Al Masha’an noted that bourse saw its earlier gains erased during the second half of the session due to pressure from banking and industrial stocks on the premier market.
Earlier optimism quickly faded on the back of declines across the National Bank of Kuwait (NBK) and Kuwait Finance House (KFH) and the industrial sector’s Agility and Combined Group, the analyst told Mubasher.
From a technical viewpoint, Al Masha’an noted that the All-Share index has fallen below support at 5,200 points, making the support level a resistance one now. Support will now be seen at 5,170 points, the analyst said, indicating that a fall below it would prompt further declines towards 5,150 points.
Five of Boursa Kuwait’s sectors ended Sunday in the red, led by basic materials with 1.42%, while industrials and banks shed 0.65% and 0.45%, respectively.
On the other hand, five sectors ended on a high note, led by insurance with 0.87%, followed by consumer goods with 0.51%.
Salbookh Trading’s stock led losers, sliding 10.23%, whereas Tijara and Real Estate Investment’s stock led gainers, surging 8.9%.
Turnover rose 11% to KWD 25.65 million on Sunday from KWD 23.8 million on Thursday, while traded volume surged 33.9% to 223.29 million shares exchanged against 166.8 million.
Gulf Bank of Kuwait (GBK), down 2.14%, was Boursa Kuwait’s value leader with KWD 7.57 million in turnover, while Aayan Leasing, up 4.33%, led in terms of volume with 37.33 million shares traded.
Translated by: Nada Adel Sobhi
