By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait closed Thursday’s trading session on a mixed note, as the All-Share index and Premier Market index surged 0.79% and 1.23%, respectively, while the Main Market index fell 0.12%.
The banking sector proved to be the main driver of the market, especially after the National Bank of Kuwait’s (NBK) stock led the risers, technical analyst Mostafa Al-Garhy told Mubasher.
Technical analyst Baddar Al Badr agreed with Al-Garhy regarding NBK’s performance, noting that the stock had passed several important price levels and was targeting the level of 900 fils, which the analyst described as not being a far-reaching target anymore.
NBK may even rise further towards KWD 1 and may even exceed it in the first quarter of 2018, Al Badr told Mubasher.
Meanwhile technical analyst Nawaf Al Awn noted that the banking sector’s index had led Thursday’s trades, nearing the target of 1,137 points, indicating that a rise and stability above this level would allow the sector’s index to target 1,190 points.
The banking sector led risers with 1.12%, while the consumables and insurance sectors retreated by 0.25% and 0.97%, respectively.
Wethaq Takaful Insurance topped Boursa Kuwait’s gainers, surging 17.33%, while Real Estate Trade Centers led fallers, tumbling 15.23%.
Boursa Kuwait’s liquidity rose 2.4% to KWD 32.33 million on Thursday, against KWD 31.57 million in the previous session, while trading volume plunged 21.4% to 213.33 million shares, compared to 271.7 million on Wednesday.
NBK’s stock, up 2.25% to 865 fils, topped Boursa Kuwait in terms of turnover with KWD 7.71 million, its highest level in eight years, while Gulf Petroleum Investment’s (GPI) stock, up 0.33%, registered the highest trading volume with 16.63 million shares.
Translated by: Zeinab Adel
