Boursa Kuwait closes Wednesday with highest level in 4 months

Boursa Kuwait closes Wednesday with highest level in 4 months

By: Mohamad Farouk

Mubasher: The All-Share index of Boursa Kuwait added 0.25% or 12.72 points to close Wednesday at 5,153.69 points, the highest level in four months.

The Premier Market gained 0.39% or 21 points to close at 5,389.04 points, while the Main Market retreated 0.05% or 2.4 points to reach 4,723.39 points.

Some banks, including Boubyan Bank, GBK, and KIB registered record levels on Wednesday, these stocks are expected to make good use of the huge liquidity that will be pumped into Boursa Kuwait in line with the promotion of FTSE, capital market analyst Al Ail Salamy told Mubasher.

The All-Share market has broken the resistance of 5,150 points and is expected tp continue rising to the highest point on Thursday, Al Salamy added.

The consumer services segment topped seven gainers with 0.84%, while the basic material sector led four decliners with 0.26%.

IFA Hotels was the top winner with 15%, while Al Masaken International led the losers with 10%.

Boursa Kuwait’s turnover increased by 18.8% to KWD 26.78 million on Wednesday from KWD 22.54 million in the previous session after the trading volume grew by 21.9% to 128.67 million shares from 105.6 million.

GBK was the most active stock on which 20 million shares were exchanged at a value of KWD 5.41 million, the stock gained 3.75% to hit the highest level in two years.