By: Mohamad Farouk
Mubasher: The stock of Zain rose by 6.6% or 35 fils to reach 567 fils by 10:52am Kuwait time on Thursday, hitting its highest level in more than two years and a half.
Zain backed the telecom segment to rise by 1.6%, pushing both the weighted and Kuwait-15 indices to level up 0.51% and 0.85%, respectively, while the price index edged down 0.04%.
Zain is currently facing resistance at 569 fils, getting closer to break it, capital market analyst Amir Al Mansour told Mubasher.
The stock acquired 44.8% of Boursa Kuwait’s liquidity, with a trading value of KWD 13.2 million out of a total KWD 29.5 million.
A total of 23.6 million shares were traded on Zain, forming 17.2% of the market’s 137.2 million traded shares.
The stock’s strong performance followed a news on negotiations between Omantel and Al Kharafi Group to purchase a 12% stake in Zain.
