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Boursa Kuwait falls on profit-taking Wednesday

Boursa Kuwait falls on profit-taking Wednesday
Boursa Kuwait closed Wednesday’s trading session in the red

By: Mohamed Farouk

Kuwait – Mubasher: Boursa Kuwait closed Wednesday’s trading session in the red, pressured by an eight-sector drop and some profit-taking.

The price index was down 0.28% or 19.2 points to 6,793.89 points, while the weighted index and the Kuwait-15 index edged down 0.21% and 0.08%, respectively.

It is not surprising that the market is still seeing profit-taking after the  bourse rose to the strong support level of 6,535 points,” Raed Diab, vice president of the investment research department at KAMCO, told Mubasher.

Despite Wednesday’s decline, Boursa Kuwait’s main index is still performing positively; however, it might see some fluctuations in the coming period, the analyst added.

The market passing resistance between 6,867 and 6,900 points is a strong indicator of further gains towards 7,100 points, Diab said, indicating that support levels hover around 6,680 and 6,750 points.

The industrial sector led eight decliners, falling 0.7%, after National Consumer Holding plunged 17.65%.

On the other hand, the financial services sector led gainers with a 0.7% rise, backed by Al Mal Investment which hiked by 20%.

Trading volume on Wednesday rose to 114.96 million shares from 92.57 million shares on Tuesday, while liquidity slipped to KWD 13.66 million against KWD 17.92 million.

Al Mal led in terms of traded volume with 22.37 million shares, while Al Imtiaz Investment, up 1.18%, led in terms of turnover with KWD 2.58 million.

Diab highlighted that the banking sector’s positive results in the second quarter of 2017, in addition to oil price recovery, are likely to act as market incentives in the coming period.

Kuwaiti investors will be awaiting large companies' disclosures of their financial results for Q2-17, he concluded.

 

Translated by: Mai Ezz El Din