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Kuwaiti stocks end Monday mixed

Kuwaiti stocks end Monday mixed
Kuwaiti stocks diverged

By: Mohamed Farouk

Mubasher: Boursa Kuwait saw a diverged performance during Monday session, as its indices settled in different territories.

While the All-Share Market and Premier indices rose by 0.35% and 0.59%, respectively, the Main Market index declined by 0.35% as investors booked profits.

Boursa Kuwait’s liquidity shrank by 6.3% to KWD 33.5 million, compared with KWD 37.76 million reached by the end of Sunday session.

Trading volume totalled 194.6 million shares, a 20.1% plunge from 243.67 million shares in the previous session.

In terms of sectors, indices of four sectors recorded increases, with the banking leading the gains, having rallied by 0.78%, whereas six sectors posted losses, with the biggest loss recorded by oil and gas at 5.36%.

Al Eid Food was the top performer during the day, having jumped by 7.86%, whereas Sanam Real Estate recorded the sharpest drop, with its stocks shedding 11.69%.

Kuwait Finance House (KFH), whose shares settled 1.66% higher, led the bourse in terms of liquidity, at KWD 7.97 million, while Aayan Leasing and Investment posted the biggest volume with 29.75 million shares.

Overall, Boursa Kuwait performed well, even with the Main Market retreating on profit-taking, which was expected on the back of the recent consecutive session gains, capital market analyst, Emad Nouri, told Mubasher.

Banking sector stocks kept the bourse’s indices, especially the Premier, on an even keel, Nouri added.

Banking shares are expected to resume its active performance until the upgrade of Kuwaiti stocks to Morgan Stanley Capital International (MSCI) index for emerging markets due on late December.

Kuwaiti indices are expected to maintain its upward trend until the end of this year, a typical period for companies’ annual profits, stock profitability and dividends, Nouri said.

Translated By: Islam Hisham