By: Mahmoud Gamal
Kuwait – Mubasher: Analysts expected that Boursa Kuwait would return to rise approaching the end of the annual results.
Boursa Kuwait lost 3.81% or 260.8 points during of the week ended on 9 February.
Political circumstances drew the market to the downwards last week but the market is expected to surpass them to new price levels, technical analyst Ayed al Zufairy, told Mubasher.
The news of the Iraqi government's confiscation to $380 million from Kuwait's Agility Public Warehousing affected the market's performance negatively last week, Abdullah Al Zamil, technical analyst, told Mubasher.
The company recorded KWD million losses provision, which may affect its annual results, he added.
The analyst expected that Agility will return to the levels before the last revival which may also draw Union Properties downwards.
Technical analyst, Hassan Al Kandary, said that Boursa Kuwait's price index is still moving between 6,720 – 7,000 points and targets 6,980 – 7,000 points in the next sessions.
He added that from the technical perspective, the market is still at a good level and has high levels that were not yet achieved, even if it saw some fluctuation.
Translated by: Sara Ghali
