By: Mohamed Farouk

Mubasher: Boursa Kuwait’s indices closed Wednesday, the first trading session of 2019, in the green, on the back of investor optimism ahead of companies’ disclosures of 2018 financial results.

The All-Share index index gained 0.59%, while main and premier market indices added 0.34% and 0.71%, respectively.

The New Year began with gains as investors appeared optimistic with companies’ upcoming disclosures of 2018 financial results particularly banks’ results, commented head of investment research at KAMCO Raed Diab.

He added that among the reasons for optimism was the forecast that Boursa Kuwait would be added to the MSCI index in mid-2019, which will prompt the gradual influx of liquidity.

Investors are currently weighing the various investment opportunities in the Kuwaiti market and considering whether, or not, to build new positions, the analyst told Mubasher.

From a technical standpoint, the benchmark index needs to pass first resistance at 5,145 points so that it may extend its rise towards 5,200 points, Diab said. However, a fall below resistance towards 5,050 points. A drop below that would prompt further weakness towards 5,024 or even 4,983 points, he highlighted.

Seven of Boursa Kuwait’s ended the session higher, led by real estate, which added 1.3%, while three sectors were down, led by financial services and consumer services, which lost 0.21% each.

Boubyan Holding led rising stocks, surging 13.7%, whereas Acico led fallers, sliding 9.6%.

Turnover fell 12.6% to KWD 15.69 million from KWD 17.96 million on Monday, while traded volume jumped 20.6% to 169.51 million shares against 140.53 million shares in the previous session.

Ahli United Bank (AUB) – Bahrain, up 2.45%, was the most active in terms of turnover with KWD 2.33 million, whereas Aayan Leasing and Investment, up 4.3%, registered the highest volume after 43 million shares changed hands.

Translated by: Nada Adel Sobhi