By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait closed Tuesday’s session with a mixed performance; the price index went down 0.04% or 2.82 points to close at 6,764.7 points.
Meanwhile, both the weighted and Kuwait-15 indices gained 0.18% and 0.33%, respectively.
The Kuwaiti stock market witnessed profit taking transactions on Tuesday due to selling pressures on blue chips, which remarkably rose following the expectations of upgrading Boursa Kuwait to be an emerging market, deputy head of the investment research unit at KAMCO Raed Diab told Mubasher.
At the technical level, the price index reached a support level close to 6,700 points, which can be a temporary barrier for preventing further decline toward 6,635 points, the analyst added.
He clarified that if the index succeeds in breaking the resistance level of 6,810 points, this may be an indicator of attracting further purchases.
The real estate segment topped five gainers with 0.38%, backed by Munshaat which levelled up 4.24%.
Meanwhile, the telecom sector led six decliners with 0.39%, dragged by Viva.
Eyas was the top winner with a rise of 9.09%.
Boursa Kuwait’s turnover shrank by 47.3% to KWD 15.15 million on Tuesday from KWD 28.73 million in the previous session, as the trading volume decreased by 19.9% to 89.53 million shares from 111.82 million.
Gulf Bank of Kuwait (GBK) recorded the highest liquidity of KWD 2.74 million.
