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Kuwaiti indices end week in rise; liquidity falls 16%

Kuwaiti indices end week in rise; liquidity falls 16%
The bourse’s market cap value increased to KWD 33.37 billion

By: Mohamed Farouk

Mubasher: The indices of Boursa Kuwait ended the third week of October in the green zone, as the All-Share Market closed at the level of 5,766.73 points after earning 60.85 points, 1.07% higher than 5,705.88 points in the previous week.

The Premier Index rose by 1.39% to close at the level of 6,299.66 points after earning 86.54 points, whereas the Main Market edged up by 0.16% at the level of 4,725.63 points after gaining 7.69 points.

The trading volume fell by 8.3% to 526.07 million shares on Thursday from 573.91 million a week earlier.

Weekly turnover slid by 15.8% to KWD 99.14 million when compared to KWD 117.77 million, while weekly transactions tumbled by 9.6% to 22,550 transactions from 24,940.

The bourse’s market cap value increased to KWD 33.37 billion when compared to KWD 33.02 billion, gaining 1.06% or KWD 350 million.  

During 2019, the bourse’s market cap value grew by 15.01% to KWD 4.36 billion, compared to KWD 29.01 billion by the end of 2018.

The All-Share Index is still moving upwardly after it has rebounded from the support level of 5,610 points, capital market analyst Hassan Al Kandari told Mubasher.

Boursa Kuwait is expected to achieve a positive performance in the short run as the index succeeded to exceed the resistance level of 5,750 points, amid higher liquidity and trading volume, he noted.  

The index may target the level of 6,030 points if it succeeds to break through the resistance level of 5,870 points and 5,930 points.  

The index is predicted to retest the support levels of 5,610 points and 5,530 points if it does not maintain its position at the second support level of 5,750 points, Al Kandari added.