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Boursa Kuwait closes Tuesday higher; turnover down 40%

Boursa Kuwait closes Tuesday higher; turnover down 40%
The Premier Market index closed on 2.28% gains

By: Mohamed Farouk

Mubasher: The Kuwaiti indices ended Tuesday’s trading session in the green zone for the second consecutive session amid low trading activity.

The Premier Market index increased by 2.28%, while the Main Market and BK 50 indices inched up by 0.74% and 0.86%, respectively, and the All-Share Index added 1.87%.

In the meantime, turnover narrowed by 40% to stand at KWD 52.12 million when compared to KWD 86.92 million a day earlier. Trading volume also dropped by 25.6% to 240.02 million shares from 322.71 million on Monday.

The consumer goods segment headed eight rising sectors with 2.71%, whereas the consumer services sector led three fallers with 2.56%.

Dar Al Thuraya Real Estate was the top gainer with 36.36%, whereas Investors Holding Group came on top of the decliners with 12%.

The National Bank of Kuwait (NBK), closed up by 3.41%, achieved the largest turnover of KWD 12.28 million, while Investors Holding led the trading activity through the exchange of 34.64 million shares at around KWD 418,860.

Boursa Kuwait has stabilised following a stock market crash on Sunday that resulted in losses of nearly KWD 3.17 billion in a single session, vice president, investment strategy and research at Kamco Invest, Raed Diab told Mubasher.  

Concerns over the coronavirus (COVID-19) epidemic, which is seen to impact the global economic growth over the first quarter (Q1) of 2020, primarily caused the massive losses along with dropping oil prices amid fears over a slowdown in demand, he revealed.  

The analyst further predicted the negative consequences of the coronavirus crisis on global and local markets to disappear in the coming period, noting that the Kuwaiti stock exchange is set to receive huge cash inflows by the end of May after being upgraded to the MSCI Emerging Markets Index.   

Translated by: Amal A. Wahaab