By: Mohamed Farouk
Kuwait – Mubasher: Boursa Kuwait’s indexes retreated collectively over the week, as the price index shed 1.13% or 75.07 points to close at 6,548.42 points versus 6,623.49 points in the week ended 26 October.
The weighted index lost 2.36% or 10.13 points to 418.96 points, while the Kuwait-15 index levelled down 3.29% or 32.82 points to 965.36 points.
The price index achieved negative results after breaking below 6,550-point support, technical analyst Hassan Al-Kandari told Mubasher.
The index may see more declines on the short-term and target 6,200 points after fluctuating between 6,280 points and 6,350 points, Al-Kandari added, noting that the price index should break above the new resistance at 6,550 points with high liquidity.
If the index stabilises at 6,550 points, the first resistance will be at 6,650 points, Al-Kandari explained.
The analyst stated that the price index may test the 6,550-point support, however, if it breaks below it, the index will see first support at 6,350 points, after dropping below 6,450 points.
Trading volume grew 20.8% to 401.73 million shares, compared to 332.59 million shares in the week ended 26 October, while turnover surged 36.1% to KWD 77.66 million versus KWD 57.07 million in the previous week.
Transactions increased by 18% over the week to 15,750 transactions from 13,350 transactions in the previous week.
Translated by: Muhammad Abdulwakeel
