By: Mohamed Farouk
Mubasher: Boursa Kuwait’s gains on Sunday followed a buying-inclined session since the beginning, given that the market’s liquidity and trading volume were less than Thursday’s, said technical capital market analyst Nawaf Al-Oun.
The bourse's performance on Sunday reflects a cautious trading, as well as the investors’ anticipation, Al-Oun remarked, adding that buying transactions were mainly targeting cherry-picked stocks.
Technically, the benchmark price index is still fluctuating between 6,140 points and 6,320 points during the last sessions due to the declined liquidity and trading volume, Al-Oun stated.
If the market’s liquidity increased, the price index will break above the temporal resistance at 6,230 points and 6,320 points to rise to 6,355 points and then to 6,415 points, the analyst commented.
As for the weighted index, Al-Oun explained that it had grown to 400 points on Sunday, but it was required to break above 404 points, adding that the index needed more liquidity to go up to 410 points and 418 points.
Kuwait-15 is leading the market’s indices in terms of liquidity since the end of the first six months of 2017, Al-Oun told Mubasher.
The index sees resistance at 930 points and by breaking above this level, the index can reach 955 points, which needs a doubled liquidity to be broken and to allow the index to level up to 980 points and 1,007 points.
Translated by: Muhammad Khalid
