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Boursa Kuwait ends Monday in red on profit taking

Boursa Kuwait ends Monday in red on profit taking
Kuwait's equities snapped four-session rally

By: Mohamed Farouk

Mubasher: Kuwait’s equities settled lower on Tuesday, snapping a four-session gaining streak, as most investors opted for profit taking.

The All-Share Market index shed 0.51%, or 30.9 points to 6,003.74 points, while the Main Market and Premier Market indices shed 0.29% and 0.59% respectively.

The bourse’s liquidity dropped by 40.3% to KWD 34.83 million, after reaching KWD 58.29 million in Monday’s session.

Furthermore, the trading volume shrank by 17.6% to 196.32 million shares, compared with 238.18 million shares in the preceding session.

Kuwaiti stocks reversed gains over the four previous sessions,   led by profit booking, KAMCO research division deputy head investment Raed Diab told Mubasher.

Nevertheless, Boursa Kuwait recorded the strongest performance among other GCC markets in November and one of the top performer globally, owing to foreign inflows, Diab added.

“We might see more correction going downward, yet the bigger picture is still bright,” Diab said, noting that “the All-Share Market could exceed its 2019-high level to around 6,155 points.”

In terms of sector performance, eight sectors swung lower, led by consumer goods which fell by 3.6%, whereas 3 sector indices gained 0.26%.

Blue chips remained clearly at the forefront, with the solid performance banking sector stocks, Diab said.

Kuwait Foundry Co saw the largest losses, having dropped by 9.92%, whereas Al Deera Holding was the top gainer with a growth of 19.7%.

Shares of National Bank of Kuwait (NBK) dominated in value at KWD 6.63 million, even with its shares shedding 1.45%, as National Real Estate (NRE) logged the bourse’s biggest trading volume at 3.49 million shares, with a decline of 3.38% in its stocks.

Translated by: Islam Hisham