By: Eman Ghali
Mubasher: The Boursa Kuwait’s indices ended the week in the green zone, while market capitalisation grew by 1.31%, mainly on the back of MSCI’s inclusion of the market into its emerging markets index.
The Premier Market index surged by 1.47% week-on-week, or 99.83 points, to reach 6870.30 points, the highest level recorded.
In addition, the All-Share Market index closed at an unprecedented high of 6,195.18 points, climbing 1.31% or 79.85 points, while the Main Market index rose by 0.82%, or 39.56 points, to 4,860.84 points.
Sectorwise, nine sectors saw gains during the week, led by tech shares, with their index jumping 10%, whereas stocks of consumer goods and oil and gas, rose by 3.08% and 0.34%, respectively.
By the end of the week, Kuwaiti market capitalisation grew by 1.31% to KWD 35.837 billion, compared to KWD 35.375 billion the week before.
Trading activities saw a mixed performance, as volumes fell 5% week-on-week to reach 819.39 million shares, from 862.47 million, with the number of transactions hitting 38,380, a decline of 9.12% from 42,230 in the preceding week.
Nevertheless, while traded value climbed by 22.96% to reach KWD 207.25 million in the week, versus KWD 168.56 million last week.
This week saw Kuwaiti equities upgraded from the frontier to emerging market index at the world’s biggest index compiler MSCI, previously known as Morgan Stanley Capital International & MSCI Barra.
Kuwait will have a weight of 0.69% in the MSCI Emerging Market index, MSCI’s equity index committee chairman Sebastien Lieblich said.
Moreover, Kuwaiti commerce and industry minister Khaled Al Roudan expected total foreign investments to reach up to $4 billion, after the upgrade, while KAMCO projected $3.1 billion in foreign inflows to be attracted by seven Kuwaiti stocks.
