By: Mohamed Farouk
Mubasher: Kuwait stocks ended Tuesday higher, after the bourse’s indices saw a mixed start to the session, which was followed later with a retreat close to the midpoint.
The All-Share Market index closed 0.08% higher, while the Main Market and Premier Market indices settled higher with the former inching up by 0.02% and the latter rising by 0.26%.
However, the bourse’s liquidity declined by 4.1% to KWD 32.14 million, compared with KWD 33.5 million in Monday’s session,
Furthermore, the trading volume contracted by 27% to 141.98 million shares, from 194.6 million shares.
Sectorwise, six sectors recorded gains, with consumer goods leading the rally, after rising by 3.5%, whereas shares of four sectors fell, with the financial services posting a decline of 0.2%.
Al Mal was the top performer during the session, with its stocks climbing by 15.4%, whereas Alargan International Real Estate, Credit Rating and Collection, and Al Deera Holding were in red, as all of them recorded a drop of 10%.
Kuwait Finance House’s (KFH) shares dominated in terms of liquidity with KWD 6.63 million, even they declined 0.13%, while Securities House saw the largest trading volumes with 8.83 million shares, rising by 4.09%
It is no surprise that buying lost momentum, especially after stocks soared recently, pushing the relative strength index (RSI) into overbought territory, according to KAMCO investment research department vice president Raed Diab.
“There might be downside correction attempts in the short term, but overall picture for the All-Share Market remained positive, with no signs of an end to the upward trend in the medium term,” Diab told Mubasher.
Positive catalysts in the market remained in focus, such as the anticipated upgrade of Kuwaiti stocks to Morgan Stanley Capital International (MSCI) index for emerging markets, which in turn supported foreign investment inflows, Diab added.
Translated By: Islam Hisham