By Mohamed Farouk
Kuwait – Mubasher: Kuwait Stock Exchange (KSE) indices rallied on Sunday, helped by the biggest trading activity in eight months.
The price index rose by 2.08% or more than 100 points to close at 5,114.52 points. The weighted index also pulled ahead by 2.48% or 8.53 points to 353.43 points and KSX15 ended 2.48% or 20 points higher at 829.8 points.
Today’s buoyant trading activity was ‘expected’ as speculations were triggered by strong corporate results and the rise in oil prices, said Faisal Boushahri, technical analyst. He advised traders to capitalise on the reporting period.
Sunday’s traded volume rose by 41.8% to 286 million shares, from 201.77 million shares exchanged on Thursday. Traded value also increased by 33.7% to KWD 25.4 million from KWD 19 million.
Liquidity was focused today on Kuwaiti bank stocks in addition to Agility that ranked second with turnover exceeding KWD 2.2 million, said technical analyst Nawaf Al Oun.
The financial services sector was the best performer, with 3.77% growth, while the telecommunication sector was the biggest drag with a fall of 0.93%.
Mena stock was the biggest gainer, with a jump of 14.71%, while United Foodstuff was the biggest loser with a drop of 27.27%.
ADNC stock was the volume leader, upon exchanging 35.66 million shares, while KFH recorded the biggest value nearing KWD 7.8 million.
Translated by Sayed Abdel Rahman
