By: Mohamed Farouk
Mubasher: The stock of Mobile Telecommunications Company (ZAIN), listed on Boursa Kuwait, dropped 1.8%, reaching its lowest levels in two and half months.
By 11:32 am Kuwait time, the stock dropped to 490 fils, dragging down the telecommunications sector by 0.62%.
The drop in the stock was in line with the collective decline all over the market, as the price index fell 0.78%, while the weighted and Kuwait-15 indices slid 0.7% and 0.82%, respectively.
Zain’s stock suffers a price gap at 460-fils level, technical analyst Mohamed Al Anzi said, noting that he is expecting the stock to reach the support level at 465 fils.
If the stock rebounded from the support level, it will target 500-fils level, Al Anzi added.
The stock achieved the highest turnover in the market with KWD 4.31 million, which represents 41% of the total market turnover.
The stock came second in terms of trading volume with 8.83 million shares.
Translated by: Mohammad Shokhba
