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Boursa Kuwait closes Tuesday in green

Boursa Kuwait closes Tuesday in green
Boursa Kuwait’s turnover fell by 0.9% to KWD 7.95 million

By: Mohamed Farouk

Mubasher: The indices of Boursa Kuwait closed Tuesday’s trading session higher for the second time in a month, following a series of five consecutive sessions in a row.

The benchmark price index went up 0.68%, or 42 points, to 6,197.58 points, the weighted index gained 0.95%, and the Kuwait-15 index was up 1.29%.

Trading at Boursa Kuwait is expected to witness a positive trend in the coming period after the new cabinet is formed in line with the political stability and the beginning of a new phase in Kuwait, deputy head of the research unit at KAMCO, Raed Diab, told Mubasher.

The price index has rebounded in the past days to make up the market’s losses; however, the index still needs to break the first resistance of 6,240 points to shrink the decline and increase possibilities for reaching the next solid level at 6,313 points, Diab added.

Diab said that if the index falls to below 6,100 points, selling pressures will impact the latest support level of 6,027 points.

Listed insurance companies topped nine gainers with 1.8%, followed by the industrial segment with 1.42%.

The banking sector went up 1.2%, backed by Ahli Bank of Kuwait (ABK) which rose by 3%.

Meanwhile, the telecom and real estate segments were the only decliners with 0.63% and 0.16%, respectively.

Ooredoo and Viva retreated by 3.5% and 1.8%, respectively.

Boursa Kuwait’s turnover fell by 0.9% to KWD 7.95 million on Tuesday from KWD 8.02 million on Monday, after the trading volume grew by 51.1% to 67.9 million shares from 44.95 million.

Inovest, which is also listed on Bahrain Bourse (BHB), was the most active stock on which 19.47 million shares were exchanged at a value of KWD 1.59 million, falling 2.56%.