Boursa Kuwaiti ends week down; analysts predict correction

Boursa Kuwaiti ends week down; analysts predict correction
Boursa Kuwaiti ends week down

By: Mohamed Farouk

Mubasher: The indices of Boursa Kuwait dropped collectively during the week ended Thursday, 9 November 2017.

The price index closed the week 4.43% or 290 points down at 6,258.47 points from 6,548.42 points last week.

Likewise, the weighted index fell 5.08% or 21.3 points to 397.67 points, and the Kuwait-15 index tumbled 5.72% or 55.2 points to 910.13 points.

The price index is still maintaining the general medium-term bullish trend; even it has seen a negative short-term performance this week, technical analyst Hassan Al-Kandari told Mubasher.

The index broke support below 6,550 points, targeting the levels of 6,140 and 6,000 points, Al-Kandari added.

The index will test support at 5,805 points if it did not see rebound at 6,000 points, he stressed.

The analyst forecasted the main index to enter a correction phase as it is moving towards 6,265 and 6,320 points to see a short-term positive performance and break resistance above 6,440 points.

Trading volume surged 51.9% to 610.29 million shares this week from 401.73 last week.

Weekly liquidity went up 60.1% to KWD 124.35 million from KWD 77.66 million.

Transactions increased 45.1% to 22,850 transactions, versus 15,750 transactions.

 

Translated by: Mai Ezz El-Din

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Source: Mubasher Exclusive

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