By: Mohamed Farouk

Mubasher: The indices of Boursa Kuwait closed Tuesday’s session with a massive rise, after the All-Share index grew 0.13%, while the Main and Premier markets surged 0.04% and 0.32%, respectively.

The purchasing momentum retreated due to some profit-taking deals following the upward trend of the indices and stocks, KAMCO’s head of investment research told Mubasher.

Raed Diab affirmed the positive outlook for the Kuwaiti bourse on the back of the potential upgrade of Boursa Kuwait on MSCI emerging markets index and the recovery of oil prices.

The resistance level at 5290 points must be exceeded to see a fresh positive trend, Diab added, noting that some fluctuations would be seen in the coming period until the emergence of new market-boosting catalysts. 

The oil and gas sector led gainers with 3.6%, while the financial services led decliners with 0.45%.

Hilal Cement headed risers with 32%, while Warba Insurance led fallers with 10%.

Boursa Kuwait’s liquidity shrank 6% to KWD 25.44 million on Tuesday, against KWD 27.06 million in the previous session, while trading volume fell 10.3% to 151.26 million shares, compared to 168.54 million on Monday.

Gulf Bank of Kuwait’s stock, down 75% to 263 fils, topped the market in terms of volume and value after 25.26 million shares were exchanged at a turnover of KWD 6.59 million.

Translated by: Zeinab Adel