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Kuwaiti indices close Sunday in rise; turnover drops to KWD 11.6m

Kuwaiti indices close Sunday in rise; turnover drops to KWD 11.6m
The trading volume decreased by 20% to 72.68 million shares

By: Mohamed Farouk

Mubasher: The indices of Boursa Kuwait rose by the end of Sunday’s trading session, registering their first rise since the beginning of October.

The All-Share Index inched up by 0.6% to close at the level of 5,669.19 points after earning 33.54 points. The Main and Premier Markets edged up by 0.15% and 0.76%, respectively.

The bourse’s liquidity fell by 26.3% to KWD 11.61 million from KWD 15.75 million on Thursday, 3 October.

The trading volume decreased by 20% to 72.68 million shares from 90.84 million.

A group of seven sectors advanced, led by the consumer services with 3.04%, whereas a group of two sectors dropped, headed by the insurance with 0.37%.

Kuwait Financial Centre’s (Markaz) topped the risers with 9.66%, while Umm Al Qaiwain General Investment Co led the fallers with 8.95%.

Kuwait Finance House (KFH) logged the highest liquidity of KWD 2.17 million, the stock went up 1.2%, while Al Enmaa Real Estate Company topped the trading activity with 12.3 million shares traded, the stock edged up 1.26%.

Banks, particularly KFH and the National Bank of Kuwait (NBK), have backed the bourse’s positive performance, capital market analyst Badar Al Badr told Mubasher.

Boursa Kuwait’s performance came in line with approaching the period of disclosing financial results for the third quarter of 2019, Al Badr said, expecting positive financial results for the period compared to Q3-18.

He added, the All-Share Index is expected to reach the resistance levels of 5,719 points, 5,738 points, and 5,757 points, respectively, if it succeeds to break through the resistance level of 5,700 points, to which the index became closer.

 

Translated by: Amal A. Wahaab