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Boursa Kuwait ends Monday on mixed note

Boursa Kuwait ends Monday on mixed note
The All-Share Market and Premier indices edged down by 0.09% and 0.20%

By: Mohamed Farouk

Mubasher: Kuwaiti indices ended Monday trading session with a mixed performance.

The All-Share Market and Premier indices edged down by 0.09% and 0.20%, respectively, while the Main Market index continued its gains, rising by 0.22% by the end of the session.

Boursa Kuwait’s liquidity shrank by 19.7% to KWD 39.9 million, compared with KWD 49.71 million reached by the end of Sunday session.

In addition, trading volume amounted to 167.62 million shares, a 17.6% drop from 203.4 million shares in the previous session.

Alrai Media Group posted the largest falls during the session, recording a drop of 8.53%, while shares of Tijara and Real Estate Investment surged by 15.75%.

In terms of sectors, indices of three sectors recorded a drop led by financial services shares, which collectively declined by 0.3%.

On the other hand, gains were seen for five sectors, with the biggest increase recorded by insurance stocks at 1.68%.

The decline of the Premier Market index came after investors hastened to lock in profits attained by several stocks, and resulting in a decline of the All-Share Market index, capital market analyst Murad Al Damghi told Mubasher.

Shares of some banks, most specifically bluechips such as National Bank of Kuwait (NBK), Ahli United Bank (AUB), and Kuwait Finance House (KFH), saw a bit of selling to take in profits resulting from the continuous rally over the prior sessions.

Dragging also on the Main Market index were the retreating operational stocks on the Premier, Al Damghi noted.

On the technical side, the Premier remained on a positive track, having stabilised above the 6,800-point mark, while it might test tomorrow the first resistance level at 6,845 points.

Furthermore, the Main Market index hovered above the 4,800 points, a positive signal for the index as long as it tests at most a resistance at 4,850 points, Al Damghi added.

For the All-Share Market, the index remained on a positive course after closing at more than 6,150 points, provided that it receives support from the Premier and Main indices, and the reclaimed momentum as the clock ticks down to the upgrade of Kuwaiti stocks to Morgan Stanley Capital International (MSCI) index for emerging markets, the analyst said.

Translated By: Islam Hisham