By: Mohamed Farouk
Mubasher: Boursa Kuwait’s indices saw a mixed performance by the end of Wednesday session.
While the All-Share Market and Main Market indices fell by 0.03% and 0.16%, respectively, the Premier index inched up by 0.02%.
Boursa Kuwait’s liquidity plunged by 18.3% to KWD 26.26 million, compared with KWD 32.14 million recorded by the end of Tuesday session.
Trading volume totalled 121.96 million shares, shrinking by 14.1% from 141.98 million shares in the previous session.
In terms of sectors, indices of eight sectors posted losses, with the tech shares in the lead, having dropped by 7.14%, whereas both industrial and banking sectors posted gains, inching up by 0.07% and 0.06%.
Bayan Investment took the hardest hit, having dropped by 9.02%, whereas United Projects Company for Aviation Services (UPAC) led the gains, with its stocks surging by 10%.
Kuwait Finance House (KFH), whose shares settled at 793 fils, led the bourse in terms of liquidity, at KWD 7.15 million, while Ahli United Bank (AUB) logged the largest volume with 9.24 million shares, remaining stable at 297 fils.
Diverged performance seen reasonable
The bourse’s diverged performance is reasonable enough, due to the slight rise of the Premier index over the past two sessions, with the Main Market showing fluctuation, all of which were reflected over the performance of the All-Share index, capital market analyst Saad Al Rumi told Mubasher.
Nevertheless, Kuwaiti indices are expected to return to gains at the end of Thursday, because of the very givens observed in December’s first week, Al Rumi noted.
The pick-up of trading activities marked a good sign for next week’s sessions, most specifically for the Premier index.
Technically, the All-Share Market index almost relinquished today the 6,100-point mark, but it had to crash through this level, after which it would a resistance at 6,123 points and later 6,147 points.
A sustained decline below the 6,100-point mark would mean support at 6,075 points and later 6,050 points, Al Rumi said.
Translated By: Islam Hisham
