By: Mohamad Farouk

Mubasher: The stock of Zain went down 2.5% on Tuesday to register its lowest level in four months.

By 11:44 am Kuwait time, Zain lost 11 fils to reach 438 fils, dragging the telecom segment down by 1.93% to be the top decliner in Boursa Kuwait.

Zain was the second most active stock on which 5.7 million shares were traded, representing 11.3% of Boursa Kuwait’s overall volume.

The stock posted an increase in sell orders with nearly 7 million shares, while 2.5 million shares represented the purchase orders on Zain.

Zain retreated below the support level of 440 fils; this may lead to the following level of 435 fils if the stock does not rebound above the main support level, capital market analyst Moustafa Al Jarhy told Mubasher.