By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait registered a mixed performance during the week ended on 19 September.
The benchmark price index edged up 0.07% or 4.53 points to end the week at 6,633.07 points compared to 6,628.54 points in the week ended on 12 September.
Meanwhile, the weighted index retreated by 0.01% or 0.03 points to 431.52 points, and the Kuwait-15 index went down 0.01% or 0.06 points to 1,004.88 points.
Despite the pressure on the prices index, positive signs are still emerging on the medium term, capital market analyst Hassan Al Kandry told Mubasher.
Al Kandry added that the main index has rebounded after reaching the main support at 6,550 points, while the resistance is at 6,730 points; by breaking this resistance, the index will reach the more important resistance of 6,900 points, from which the index will head to 7,235 points as a first target.
The price index needs higher liquidity to break the resistance level of 6,900 points, the analyst noted.
As for the weighted index, Al Kandry added that it is trading close to the support level of 425 points, and in need for a rebound to reflect a positive performance; if the index rebounds, it is expected to target 435 points and 445 points, respectively.
Meanwhile, a negative performance will be witnessed if the weighted index breaks the main support of 425 points, with a lower target of 406 points, the analyst clarified.
Boursa Kuwait’s turnover decreased by 45.5% to KWD 70.34 million this week compared to KWD 129.17 million a week ago.
The trading volume shrank by 39.9% to 394.35 million shares compared to 655.7 million.
The transactions decreased by 32.9% to total nearly 15,080 from 22,460 a week ago.
During the week, market cap lost 0.03% or KWD 10 million ($33.2 million) to stand at KWD 29.36 billion from KWD 29.37 billion.
