By: Mohamed Farouk

Mubasher: Kuwaiti indices reversed losses by the end of Thursday’ session, led mainly by banks.

The All-Share Market index settled 0.27% or 16.27 points higher at 6,115.33 points, while the Main Market and Premier indices advanced by 0.14% and 0.31%, respectively.

Banking sector index spearheaded the gains, having increased by 0.68%.

On the other hand, indices of nine sectors ended on a lower note, with the most notable loss recorded by consumer goods which dropped by 3.1%, followed by a fall of 1.84% of insurance shares, and a mild 0.05% by industrial sector.

Sanam Real Estate posted the largest gains of almost 16%, whereas stocks of IFA Hotels and Resorts (IFAHR) plunged by 9.94%.

Boursa Kuwait’s liquidity grew by 55.8% to KWD 40.9 million, compared with KWD 26.26 million reached by the end of Wednesday session.

Trading volume amounted to 160.25 million shares, a 31.4% jump from 121.96 million shares in the prior session.

National Bank of Kuwait (NBK), whose shares climbed by 1.64% to KWD 1.052, led the bourse in terms of liquidity, at KWD 8.98 million, while Ahli United Bank BSC (AUB) posted the biggest volume with 16.16 million shares, which rose by 0.67%.

NBK dominated stock exchange trading today, having fuelled the rally of banking sector and the broader bourse, capital market analyst Hussein Al Matrood told Mubasher.

The concentration in NBK stocks, which appeal to all categories of investors, was reasonable, ahead investors of the upgrade of Kuwaiti stocks to Morgan Stanley Capital International (MSCI) index for emerging markets later this month.

As the year draws to an end, Boursa Kuwait will have more support, due to heavy investment in bank stocks and blue chips.

On the technical front, the All-Share Market index settled again above the 6,100-point mark, closing towards the first resistance level at 6,128 points, Al Matrood said.

In the event the index crashes through that level, it will be met with the next resistance at 6,150 points.

The 6,100-point level remained a major support level for the All-Share Market, as the index either teeters on the brink of this level or slightly rises above it, Al Marood added.

Translated By: Islam Hisham