By: Mohamed Farouk
Kuwait – Mubasher: The Boursa Kuwait’s general indices dropped in November for the second successive month.
Over the month, the benchmark price index decreased by 4.87% or 317.33 points to 6,196.5 points, while the weighted index decline by 5.03% or 21.1 points to 398.78 points.
Kuwait-15 index tumbled 6.1% or 59.27 points to 908.54 points.
The market’s trading volume nearly halved to 1.68 billion shares versus 2.48 billion shares in October, while the turnover dropped 29.7% to KWD 327.65 million, compared to KWD 465.83 million in the previous session.
The Boursa Kuwait saw a 17% decrease in transactions to 71,740 in November, in comparison with 86,440 in October.
A total of 11 sectors sank, led by the consumer goods sector, which lost 10.2%, while the consumer services sector came at the bottom of the bourse’ losers list, levelling down 1.4%.
The Health care sector stabilised for the second successive month.
The market capitalisation declined by 5.13% or KWD 1.46 billion ($4.85 billion) to KWD 27.03 billion (89.8 billion) from KWD 28.49 billion ($94.65 billion) in October.
Last week in November
The Boursa Kuwait saw a mixed note, as the benchmark price index fell 0.69%, while the weighted and Kuwait-15 indices went up 0.7% and 0.25%, respectively.
Trading volume rose 10.3% to 310.14 million shares in the week ended 29 November, compared to 281.13 million shares a week earlier.
The weekly trading value increased by 1.4% to KWD 57.94 million versus KWD 57.15 million in the previous week.
The geopolitical impact on the market
Generally, the GCC markets saw a declined liquidity in November, in addition to a decreased trading volume, technical analyst, Ibrahim Al Felkawy told Mubasher.
The geopolitical factors domestically and abroad, along with an unstable oil prices and the correction in global markets resulted in a shrunk trading and a demoralised investors in the Boursa Kuwait, Al Felkawy added.
Technically, 6,000-point level is very important for the market and the breaking below which will push it down toward 5,700 points and 5,200 points, the analyst concluded.
Translated by: Muhammad Khalid
