By: Mohamad Farouk
Mubasher: Boursa Kuwait closed the week ended on 25 January on a mixed note after the main price index grew 0.19% or 12.53 points, to 6,651.91 points, from 6,639.38 points the previous week.
The weighted index edged down 0.16% or 0.66 points to 418.45 points, while Kuwait-15 index slipped 0.12% or 1.14 points, reaching 965.55 points.
The price index saw fluctuation between 100 and 115 points with support at 6,535 points and resistance at 6,650 points, technical analyst Hassan Al-Kandari told Mubasher.
The bourse’s main index is in need for higher liquidity to exceed the previous levels and remain above them, Al-Kandari added.
The positive outlook for the price index is still existing, whereas weak liquidity led the index to a sideways-to-fluctuating trend over the previous period, amid awaiting announcements for the listed firms’ financial results.
The price index is still targeting 6,800 points on the short-term, surpassing the first resistance level at 6,650 points and the second one at 6,720 points.
Regarding the weighted index, it reached near resistance at 420 points, but it cannot pass this level, Al-Kandari noted, commenting that in case the weighted index exceed resistance level, it will likely aim to hit 425 points, and 432 points, respectively.
The weighted index is still in positive trend after hovering over 416 points, the technical analyst added.
Boursa Kuwait’s trading volume levelled down 13.7% to 593.96 million shares this week, compared to 688.57 million in the week earlier.
On a weekly basis, liquidity retreated 12.9% to KWD 68.3 million, from KWD 78.4 million.
Transactions decreased 10.7% to 21,790, against 24,400 in the previous week.
Over the course of the week, Boursa Kuwait’s market capitalisation inched down 0.41% or KWD 40 million to hit KWD 28.41 billion ($94.84 billion), from KWD 28.45 billion ($94.97 billion) in the week earlier.
Translated by: Mohamed Hesham Azab
