By: Mohamed Farouk
Mubasher: Kuwait stocks closed higher on Wednesday, reversing the preceding session’s declines which were fanned by profit taking.
The All-Share Market index closed at 6,024.64 points, gaining 0.35% or 21 more points, as the Main Market and Premier Market indices settled higher with the former rising by 0.32% and the latter climbing by 0.42%.
However, the bourse’s liquidity contracted by 12.6% to KWD 30.44 million, compared with KWD 34.83 million in Tuesday’s session, whereas the trading volume grew by 22.9% to 241.18 million shares, from 196.32 million shares.
Sectorwise, nine sectors recorded gains, with oil and gas leading the rally, having jumped by 8.66%.
On the other hand, telecommunications sector saw the only loss during the session, after declining by 0.67%.
The Energy House Holding was the top performer during the session, with its stocks leaping by 56%, whereas Ayaan Leasing and Investment traded in red, with a drop of 11.3%.
However, Ayaan’s shares dominated in terms of trading volumes with 62.07 million at KWD 3.71 million, while Kuwait Finance House’s (KFH) liquidity logged the biggest gain, rising by 0.52% to KWD 4.67 million.
Main Market dominates Boursa Kuwait
One of the notable events marking Wednesday’s session was the Main Market index gaining traction in terms of volume and value, capital market analyst Moustafa Al Jarhi told Mubasher.
The index led the volume of trading at the normal levels, especially with stocks of Ayaan and National Real Estate (NRE) trading at a faster pace, both of which have been lately active, Al Jarhi said.
What is more positive about today’s session was that around 40% of liquidity was concentrated in the stocks formulating the index.
This also came as investors await an upgrade of Kuwaiti stocks to Morgan Stanley Capital International (MSCI) index for emerging markets due on late December.
The pick-up in trading momentum in Boursa Kuwait is expected to continue ahead the anticipated upgrade, as the bourse’s indices resume their gains, with a few intervals of profit booking, Al Jarhi noted.
Translated by: Islam Hisham