By: Mahmoud Gamal
Mubasher: The majority of stocks at Boursa Kuwait are expected to continue its positive performance this week, breaking key resistance levels, following the good financial results some of the banks have revealed for the fourth quarter.
The National Bank of Kuwait (NBK), Kuwait International Bank (KIB), and Boubyan Bank disclosed their financial statements for the fourth quarter of 2016, achieving higher profits by 4.6%, 14%, and 17% respectively.
The financial statements of the three leading banks confirm the improvement of the banks segment, which may help in backing the performance of the Kuwaiti stock market this week, capital market analyst Abdullah Al-Zamel said.
At a technical level, the price index is in a correction process after the decline that has lasted since 2013, capital market analyst Hassan Al-Kandary said.
The benchmark index has succeeded in breaking a historic level at 6,770 points, from which volatility may appear in the coming sessions at 6,930 and 6,940 points.
