Boursa Kuwait marks 3rd consecutive drop at Monday’s close

Boursa Kuwait marks 3rd consecutive drop at Monday’s close
Boursa Kuwait’s liquidity levelled down 2.2% to KWD 33.31 million

By: Mohamed Farouk

Mubasher: The indices of Boursa Kuwait finished Monday’s trading session in decline, dragged down by the geopolitical and economic instability in the region.

The All-Share Market index fell 59.5 points, or 1.05%, to 5,632.49 points, while the Main and Premier markets shed 0.17% and 1.37%, respectively. 

The geopolitical and economic pressures seen in the region have impacted negatively on the stock markets, capital market analyst Ali Al Sulami told Mubasher.

From a technical perspective, Al Sulami stated that Boursa Kuwait is currently witnessing a weak performance on the back of the regional tensions, along with the onset of Islam's holy month of Ramadan and the summer vacation.

The analyst further noted that the market’s indices are not forecast to rise over the coming period.

The banking sector led the losers with 1.44%, whereas the consumer services sector topped the gainers with 1.24%.

Real Estate Trade Centers (Marakez) spearheaded the fallers with 19.6%, whereas Senergy Holding Company topped the gainers with 16.9%.

Boursa Kuwait’s liquidity levelled down 2.2% to KWD 33.31 million from KWD 34.07 million, while trading volume tumbled 3.4% to 126.86 million shares, compared to 131.3 million on Sunday.

Kuwait Finance House (KFH), which slid 2.24%, topped the bourse in terms of traded value with KWD 10.31 million, while the Gulf Bank of Kuwait (GBK), which fell 2.28%, generated the highest trading volume after 18.14 million shares were exchanged.

 

Translated by: Mohammad Hesham Azab