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Boursa Kuwait up on Monday amid thin liquidity

Boursa Kuwait up on Monday amid thin liquidity
The technology segment led seven risers with 9.93%

By: Mohamed Farouk

Mubasher: The Kuwaiti indices closed Monday’s trading session in the green territory, with the All-Share and Premier markets levelling up by 0.26% and 0.36%, respectively, and the BK Main 50 index growing by 0.33%. The Main market was moderately unchanged. 

Turnover declined by 10.9% on Monday to reach KWD 24.8 million when compared to KWD 27.8 million a day earlier. Trading volume also dropped by 18.9% to 169.99 million shares from 209.59 million.

The technology segment led seven risers with 9.93%, whereas the financial services instrument topped four fallers with 0.81%.

 Future Kid Entertainment and Real Estate Company was the top gainer with 16.54%, whereas Dar Al Thuraya Real Estate headed the losers with 11.53%.

Ahli United Bank – Bahrain (AUB Bahrain) hit the largest turnover of KWD 4.51 million, the stock was up 0.3%. Arzan Financial Group for Financing and Investment led the trading activity through the exchange of 17.1 million shares, the stock rose by 4.75%.

Boursa Kuwait’s positive performance on Monday was largely driven by the newly-announced limited cabinet reshuffle that included the key finance ministry among three others, capital market analyst, Dawoud Abdel Ghani, told Mubasher.       

Similar to the majority of markets, concerns over the spread of the novel coronavirus (COVID-19) have spooked investors in the Kuwaiti market. 

Technically, the analyst revealed that the All-Share Index is still moving below the important resistance level of 6,200 points which should be exceeded in a couple of sessions at most.