By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait started Wednesday’s trading session with a massive growth after the All-Share Market index inched up 0.23%, followed by the Main Market index with 0.02%, and the Premier Market index with 0.32%.
By 9:22 am Kuwait time, the telecommunications sector led gainers with 0.34%, followed by the financial services sector with 0.33%, whereas the basic materials sector was the worst performer with 0.31%.
There are KEY sectors which impact positively on the bourse’s performance, especially in the Premier Market index, capital market analyst Murad Al Damghi told Mubasher.
The telecommunications segment is expected to be the main sector to boost the bourse, after topping risers on the back of Mobile Telecommunication Company Saudi Arabia’s (Zain) approval to sell and lease back towers for IHS Holding Limited’s at a value of SAR 2.43 billion, Al Damghi added.
From a technical perspective, the analyst further noted that All-Share Market index is facing an initial resistance level at 5,140 points, then the level of 5,150 points, while the index has support at 5,120 points.
Amar for Finance and Leasing’s stock was the best performer with 7.18%, whereas Al Mudon International Real Estate’s (Al Mudon) stock was the best performer with 5.23%.
Boursa Kuwait’s traded volume hit 23.7 million shares exchanged through 790 transactions at a turnover of KWD 3.9 million.
Mobile Telecommunications’ (Zain) stock, which added 0.65%, led the market in terms of liquidity with KWD 1.14 million, while Gulf Petroleum Investment’s (PetroGulf) stock, up 0.69%, generated the highest traded volume after 3.6 million shares were exchanged.
Translated by: Mohammad Hesham Azab
