By: Mohamed Farouk
Mubasher: Boursa Kuwait indices enjoyed a strong weekly performance by the end of the first week in the New Year, which included only four sessions as the bourse was closed on Tuesday, 1 January for the New Year holiday.
The all-share index gained 1.33% or 67.6 points to 5,138.94 points, while the premier market index increased 1.39% or 73.3 points to 5,340.51 points, and the main market index grew 1.2% or 57.3 points to 4,772.58 points during the course of the week.
Commenting on Boursa Kuwait’s weekly performance, technical analyst Hasan Al-Kandary said that the all-share index was fluctuating in a range between 5,050 and resistance at 5,165 points, indicating that a rise above resistance would prompt further gains towards 5,240 to 5,290 then 5,380 points.
In terms of resistance, the all-share index was likely to see short-term resistance at 5,130 and 5,165 points, the analyst told Mubasher, indicating that the first level – 5,130, has already been surpassed.
Despite the gains, Boursa Kuwait’s turnover fell 10.5% to KWD 73.53 million from KWD 82.14 million last week, whereas volume jumped 27.5% to 649.54 million shares against 509.58 million, backed by activity from the main market.
The number of transactions carried out on the Kuwaiti bourse also increased 4.2% to 20,700 from 19,880 the week before.
Boursa Kuwait’s market capitalisation added KWD 380 million ($1.25 billion) or 1.3% in the four-session week to close at KWD 29.35 billion against KWD 28.97 billion.
Translated by: Nada Adel Sobhi
