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Boursa Kuwait closes Tuesday on mixed note

Boursa Kuwait closes Tuesday on mixed note
Positive sentiment expected to continue in the Kuwaiti stock market

By: Mohamed Farouk

Mubasher: Boursa Kuwait ended Tuesday with a mixed performance, as the All-Share and the Main Market indices both declined by 0.22% and 0.93%, respectively, while the Premiere Market Index edged up by 0.04%.

Liquidity decreased by 10.6% to KWD 21.91 million, down from KWD 24.51 million on Monday, with trading volume falling by 7.6% to 133.16 million shares from 144.15 million shares yesterday.

The retreat in purchasing after positive performance in recent session is due to news about the upgrade of Kuwaiti stocks in the Morgan Stanley Capital International (MSCI) Emerging Markets Index, which led to the rise of blue-chip stocks, led by the National Bank of Kuwait (NBK), said Raed Diab, Deputy head of research in KAMCO Investment, a subsidiary of United Gulf Bank (UGB).

Diab told Mubasher that he expects the positive sentiment to continue in the Kuwaiti market over the anticipated upgrade in 2020, especially with crude oil prices and the geopolitical situation stabilizing.

As for the market sectors, eight indices ended today’s session in the red zone, led by the consumer goods sector that dipped 2.4%, while basic materials and banks sectors were the only gainers, adding 0.32% and 0.03%, respectively.

Portland Cement was the top losing stock, dropping 15.84%, while Aqar led the gainers, surging by 12%.

NBK registered the highest turnover of KWD 4.4 million, rising by 0.31%, while Aayan Leasing and Investment was the most actively traded stock with 51.31 million shares, closing the session up by 0.84%.