By: Mohamed Farouk
Mubasher: Boursa Kuwait’s indices fell collectively at the closing of Monday’s session, for the first time since the start of October.
The price index shed 0.17% or 11.5 points to close at 6,649.19 points, while the weighted and Kuwait 15 indices lost 0.71% and 0.67%, respectively.
Maintaining its position below resistance at 6,674 points indicates further declines for the price index and the targeting of 6,540 points, technical analyst Nawwaf Al-Oun told Mubasher.
A break below 6,540 is a negative indicator, with projected further losses towards 6,260, the analyst said, noting that these drops may see some minor support levels along the way.
Eight of Boursa Kuwait’s sectors fell on Monday, led by the financial services sector with 1.6% amid pressure by Umm Al Qaiwain General Investment Co, which plunged 18.1%, topping the market’s fallers.
The telecom sector lost 0.96%, weighed down by three of its stocks, led by Mobile Telecommunications (Zain), which dropped 3.5%, whereas Ooredoo’s stock shrugged off declines and added 1.71%.
The banking and real estate sectors each shed 0.17%, with Kuwait Finance House (KFH) and United Real Estate (URC) dropping 1.13% and 9.1%, respectively.
On the positive side, three sectors were in the green, led by industrials with 1.73% backed by seven of its stocks, led by Nafais, which topped Boursa Kuwait’s risers, surging by nearly 20%.
The market’s turnover amounted to KWD 42.7 million, up 45.7% from KWD 29.31 million on Sunday, while traded volume increased 2% to 179.47 million shares versus 175.94 million in the previous session.
Zain, up 3.5% to 531 fils, was the most active in terms of value and volume with KWD 16.93 million and 30.58 million shares, respectively.
Zain’s stock will see resistance at 580 fils and support at 520 fils, the analyst told Mubasher.
Translated by: Nada Adel Sobhi
