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Kuwaiti indices down on Monday amid fears over Coronavirus

Kuwaiti indices down on Monday amid fears over Coronavirus
The market’s turnover shrank by 11.1% on Monday

By: Mohamed Farouk

Mubasher: Boursa Kuwait showed a negative performance at Monday’s close for the third consecutive time, as the All-share Market levelled down by 0.29%, while the Main and Premier indices went down by 0.07% and 0.36%, respectively.

The market’s turnover shrank by 11.1% to stand at KWD 26.99 million on Monday from KWD 30.37 million in the previous session. The trading volume sank by 18.3% at 166.36 million shares from 203.57 million. 

A group of five sectors declined, led by the consumer services segment with 0.93%, whereas the real estate instrument headed the gainers with 0.31%.

Moreover, Shuaiba Industrial was the top faller with 9.4%, whereas Al Massaleh Real Estate headed the risers with 17.09%.

The National Bank of Kuwait (NBK), down 0.57%, hit the highest turnover of KWD 5.33 million, while Arzan Financial Group for Financing and Investment, up 3.74%, led the trading activity through the exchange of 14.86 million shares.

All investors trading in regional stock markets in general and Boursa Kuwait in particular are worried about the fast-spreading new coronavirus, capital market analyst, Ali Al Selmy, told Mubasher.

Technically, the All-Share Index is still moving to exceed its main support level of 6,250 points and is expected to continue downwardly in the coming session, unless an immediate upward movement is registered, the analyst predicted, adding that such rise will merely allow the index to test resistance levels close to the level of 6,300 points.