By: Mohamad Farouk
Mubasher: The stock of Mobile Telecommunications (Zain) lost 3.95% or 17 fils to reach 514 fils by 10:23am Kuwait time on Tuesday, falling to its lowest level in two weeks.
This decline followed the news published by Zain on Monday regarding Al Khair National for Stocks and Real Estate Co which signed a letter of intent on Sunday with Omantel to sell its 12% stake in Zain.
Early on Tuesday, Zain has signed a binding agreement to sell and release more than 1,600 towers in Kuwait with a total value of nearly $165 million.
Zain stock has a key support level at 520 fils which can provide stability to Boursa Kuwait’s indices, while the technical performance will be negative once the stock loses this important support level, capital market analyst Ibrahim Al Filkawy told Mubasher.
By 10:23am Kuwait time, Zain was the most active stock on which 13.72 million shares were exchanged through 758 transactions at a total value of KWD 7.05 million.
Nearly 8.7 million shares received selling offers, while 5.3 million shares represented the volume of purchasing offers on the stock.
