By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait saw the second biggest losses in 2017, closing Monday’s session in the red zone.
The price index fell 2.3% or 149 points to its lowest level in ten months at 6,319.07 points.
Similarly, the weighted index dropped 2.78% or 11.5 points, and Kuwait-15 index lost 3.73% or 35 points at 918.74 points.
The indices of Boursa Kuwait are pressured by the geopolitical situation the Gulf region, as well as the Saudi Royal anti-corruption decisions, capital market analyst and head of the training department at FXTM company Nawaf Al Oun told Mubasher.
Positive news, including the announcement of financial results, will not affect the performance of Boursa Kuwait, Al Oun added.
He indicated that the change in Boursa Kuwait’s trading system also indirectly pressured small caps due to the price gaps between supply and demand orders.
Al Oun stressed that the main index would not see a positive performance unless it surpassed support at 6,540 points and 6,700 points.
The commodities segment topped declining sectors with a 4.75% drop, pressured by Americana which declined 13.14%.
The banks sector, down 3.7%, ranked second as Kuwait International Bank (KIB) dwindled 7.3%.
The consumer services segment and the communication sector rose 1.9% and 1.06%, respectively, as Ooredoo and VIVA grew 4.78% and 1.84%, respectively.
Kuwait and Middle East Financial Investment (KMEFIC) led declining stock with a 20% decrease at 20 fils, while Kuwait National Cinema led rising stocks with a 13.6% growth at KWD 1.5.
Liquidity levelled up 63% to KWD 28.44 million from KWD 17.44 million, while trading volume surged 29.5% to 133.63 million shares from 103.2 million shares.
Kuwait Finance House (KFIN), down 4.03%, was the most active stock as about 13.08 million shares were traded through 498 transactions at a turnover of KWD 7.25 million.
Translated by: Mai Ezz El-Din
