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Boursa Kuwait closes Tuesday in green

Boursa Kuwait closes Tuesday in green
The price index rose for the fifth day in a row by 0.27% to 6,932.01 points

By: Mohamed Farouk

Mubasher: Boursa Kuwait’s main indices witnessed gains for the second day in a row on Tuesday, in line with the rises in most of the market sectors and the increased interest in leading stocks.

The price index rose for the fifth day in a row by 0.27% to 6,932.01 points, winning 19 points, while the weighted and Kuwait-15 indices grew 0.28% and 0.47%, respectively.

The price index closing above 6,900 points is a good indicator that it might reach the 7,000-point level, vice president of the investment research department at KAMCO Raed Diab said, adding that it is unlikely to have a sharp decline in the near future

He noted, however, that some profit taking may be seen.

The investors are still interested in the leading shares in Boursa Kuwait, with the market value at its highest level in five months, although some caution may be required due to oil prices, the analyst told Mubasher.

The banking sector rose 0.24%, topped by the Commercial Bank of Kuwait (CBK) with a 5.33% rise.

The healthcare sector topped the seven winning sectors with an 11.45% rise, due to a spike in Al Mowasat HealthCare by 19.9%.

On the other hand, five sectors declined, led by the industrial sector which dropped 0.46%.

Turnover fell 29% to KWD 15.34 million on Tuesday versus KWD 21.6 million on Monday.

The trading volume also declined to 94.81 million shares, compared to 122.6 million shares on the day before.

Al Imtiaz led the trading with KWD 2.9 million in turnover, after 17.04 million shares were traded, rising 1.18%. This was the stock’s best trading activity in a month.

Translated by: Mohammad Shokhba