By Hanan Mohamed
Kuwait – Mubasher: Kuwaiti stock market’s indices were mixed on Monday, as the Price Index dipped 0.86% or 43.78 points to close at 5,054.64 points, continuing the downtrend for the tenth successive session.
Meanwhile, the Weighted Index lost 0.01% or 0.04 point to 339.99 points. KSX15 advanced by 0.31% or 2.45 points to 790.49 points.
Kuwait Stock Exchange tumbled on Sunday to its lowest levels in more than 11 years, after it shed 3.2% or 167.5 points to close at 5,098.42 points.
The Price Index reached the bottom of the current channel, said Amir Al Mansour, analyst, adding that it is expected to rebound from such levels.
Ibrahim Alfailakawi, capital market analyst, also forecasted KSE benchmark to slide to 5,000 in the short term, 3,800 points in the medium term and to 3,000 in the long term.
Monday’s traded volume fell by 41.9% to 120.64 million shares from 207.78 million shares. Traded value also declined by 56.6% to KWD 12.01 million from KWD 27.69 million.
The basic materials sector was the biggest drag (-2.34%), followed by industrials (-1.48%), then real estate (-1.14%). Meanwhile, Healthcare rose by 2.57%, followed by telecommunications (+0.63%) and technology (+0.15%).
Nafais stock was the worst performer with a drop of 12.28%, followed by Ikarus (-12.05%) and Marakez (-10.87%). On the positive front, Safwan stock was the best performer with a rise of 9.09%, followed by Alaqaria (+8.11%) and Alrai (+7.58%).
