By: Mahmoud Gamal
Kuwait-Mubasher: Kuwait Stock Exchange (KSE) is expected to head into deep red territory on Sunday, said technical analyst Badr Al-Otaibi.
The price index fell by 1.60% or 88.82 points to close at 5,475.15 points on Thursday; the weighted index retreated 1.42% or 5.35 points to reach 372.05 points. Meanwhile, Kuwait-15 index lost 1.57% or 14.02 points to close at 876.45 points.
The prospective support levels stand at 5,432, 5,390 and 5,324 points respectively on the short term, the analyst said, adding that the index sees resistance at 5,540, 5,606 and 5,648 points, respectively.
Local stocks are bound to suffer from depleted cash flows, as they are still influenced by the political tension between Saudi Arabia and Iran, lower oil prices and fluctuations in global markets, he added.
Al-Otaibi advised investors to hold on to their stocks on the short term.
Translated by: Julian Nabil
