By: Mohamad Farouk
Mubasher: The price index of Boursa Kuwait retreated levelled down 0.26% or 17.62 points to reach 6,662.11 points by the week ended on 5 October compared to 6,679.73 points in the previous week.
Meanwhile, the weighted index went up 1.76% or 7.6 points to end the week at 438.29 points, and the Kuwait-15 index rose by 3.14% or 31.36 points to 1,028.73 points.
During this week, the market’s liquidity grew by 45% to KWD 158.06 million compared to KWD 108.97 million in the previous week.
The trading volume increased by 56.8% to total 829.6 million shares from 529.11 million a week ago.
Boursa Kuwait’s transactions reached about 25,600 this week, 33.8% higher than approximately 19,140 in the past week.
The benchmark price index is still heading towards lower levels with a performance seems negative on the short term, capital market analyst Hassan Al Kandry told Mubasher.
The analyst noted that the main index is expected to target the level 6,550 points, while its support level lies at 6,650 points.
Once the price index rebounds, the first resistance level is forecast to be at 6,775 points, from which the index will reach 6,885 points and 6,890 points, Al Kandry added.
The weighted index succeeded in rebounding from the level 426 points, closing the trading at a resistance of 435 points, the analyst said, noting that its first target is at 445 points.
