By: Mohamed Farouk
Mubasher: Boursa Kuwait’s indices ended Wednesday with gains, after a mixed performance at the start of the session.
The All-Share Market index climbed by 0.36%, while the Main Market and Premier indices rose by 0.04% and 0.47%, respectively.
However, Boursa Kuwait’s liquidity plunged by 35.8% to KWD 23.72 million, compared with KWD 36.95 million recorded by the end of Tuesday session.
Moreover, trading volume contracted by 25.1% to 115.69 million shares, from 154.39 million shares in the preceding session.
Sectorwise, six sectors recorded gains during the day, led by consumer services, with the respective index rising by 0.56%, whereas four sectors were in red, as consumer sector shares saw a collective decline of 1.4%.
Al Eid Food shares posted the largest gains, having jumped by 7.9%, while Kuwait Foundry topped the losses after plunging by 9.9%.
The National Bank of Kuwait (NBK) dominated in terms of liquidity with KWD 3.98 million, as its shares climbed by 0.86%, while Aayan Leasing and Investment registered the largest trading volumes with 12.59 million shares, and its shares rose by 1.29%.
Kuwaiti stock market saw stability, amid positive sentiment, with the Premier Market index advancing by nearly 30% since the beginning of this year and the Main Market index by 21%, vice president of KAMCO’s investment research arm Raed Diab told Mubasher.
Most purchases were concentrated on the stocks expected to be included into Morgan Stanley Capital International (MSCI) index for emerging markets later this week.
If the Kuwaiti stocks are upgraded, the MSCI Kuwait index in the emerging market index in the May 2020 semi-annual index review, Diab noted.
The equity market had support from the positive earnings of operational companies and banks in the first nine months of 2019, fuelling purchases.
In the short term, a downward correction could be seen, yet overall picture remained bright, Diab said.
By: Islam Hisham
