By: Mohamed Farouk
Mubasher: Boursa Kuwait is expected to see positive trading his week, an extension of last week’s gains, analysts told Mubasher.
The main incentive for Boursa Kuwait in this time of the year is usually related to annual financial results and dividend distributions, explained technical analyst Yacoub Masha’an.
Stability both on the political and economic levels, particularly in Kuwait, will also play a role in bolstering the Kuwaiti bourse in the coming period, according to analyst Mostafa Al-Garhy.
From a technical perspective, technical analyst Ibrahim Al-Filkawy told Mubasher that the Premier Market Index has succeeded in breaking the level of 5,350 points and nearing resistance and its next target at 5,450 points.
Should the index maintain its position above 5,450, this would enable it to rise towards 5,550 and 5,600 points, on the back of strong financials, Al-Filkawy added.
However, should the index witness increased selling around these levels, then it will continue to see a sideways movement between 5,450 and support at 5,350 points.
On Thursday, Boursa Kuwait indices closed higher, with the Premier Market and All-Share indices adding 0.79% and 1.23%, respectively, whereas the Main Market Index slipped 0.12%.
