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Boursa Kuwait closes Sunday on mixed note

Boursa Kuwait closes Sunday on mixed note
Boursa Kuwait

By: Mohamed Farouk

Mubasher: Boursa Kuwait’s All-Share Index rose by the end of Sunday’s session by 0.8%, and the premiere index gained 1.14%. Meanwhile, the main market index declined by 0.16%.

Traded values surged by 206% to KWD 41.58 million, with traded volumes growing by 58.7% to 177.1 million shares, up from 111.6 million shares on Thursday.

In the first session of the week, six sector indices closed in the green zone, led by the technology sector that gained 20%, followed by banks with 1.46%, as well as consumer services and telecom with 0.8% and 0.68%, respectively.

On the other hand, three sectors ended the session in losses, led by the financial services index that lost 1.78%.

Automated Systems led the rising stocks, gaining 20%, while Arzan was the biggest loser, dropping by 10%, with the latter also being the most actively traded stock with 20.32 million traded shares.

The National Bank of Kuwait (NBK) recorded the highest turnover with KWD 15.43 million, which helped the Kuwaiti stock exchange see the highest level of traded values since 23 September, according to market analyst Emad Nouri.

Nouri explained to Mubasher that this followed the “overweight” recommendation by Morgan Stanley for Boursa Kuwait ahead of Kuwait’s promotion to emerging markets status in the MSCI index.

Banks are always going to dominate the biggest share of promotions in global indices, the expert indicated, expecting Kuwaiti banks to enjoy a share of no less than KWD 4.5 billion of the MSCI stakes.

Other leading companies, such as Zain, Agility, KIPCO, and Mabanee are also expected to account for various shares, according to Nouri.