By: Mohamed Farouk
Kuwait – Mubasher: The indices of Boursa Kuwait closed Sunday’s trading session in green territory in spite of thin liquidity and shrunk trading volume, narrowing down last week’s losses, in line with launching the new indices, head of the training department at FXTM Company Nawaf Al Oun told Mubasher.
Boursa Kuwait's trades on Sunday were like their peers before the market segmentation early this month, as the Premier Market Index acquired more than 70% of the market’s liquidity like the Kuwait-15 index used to dominate most of the session’s liquidity, Al Oun highlighted.
Liquidity has been focused on blue-chip stocks as due to three factors, namely investors are focusing on stocks with good dividend distributions, which would also make for good short-term investments, he added.
The second is that most stocks are joining FTSE index, which will attract external liquidity by the third quarter of 2018, he said.
The third factor is the current trades on blue chips, in addition to setting the first market components, he pointed out.
Al Oun said that the All-Share Market Index may test resistance at 4,865 and 4,906 points if it breaks above 4,825, while it can test support at 4,790 and 4,768 points if it falls below 4.808 points.
Meanwhile, the Main Market index may test resistance at 4,890 and 4,900 points if surpasses 4,870 points to maintain rising towards 4,925 and 4,960 points, he pointed out, adding that the index has support at 4,840 points and could see a rebound at 4,825 points to target 4,783 and 4,715 points.
The Premier Market Index may test 4,838, 4,855, and, 4,906 points if it breaks resistance above 4,815 points, while the index may break support below 4,755 points and rebound to 4,725 points as it has support at 4,785 points, Al Oun indicated.
