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Boursa Kuwait up on Tuesday amid high turnover

Boursa Kuwait up on Tuesday amid high turnover
The trading volume surged by 23.1% on Tuesday

By: Mohamed Farouk 

Mubasher: The indices of Boursa Kuwait closed Tuesday’s trading session in the green territory.

The All-Share and Premier markets grew by 1.33% and 1.61%, respectively, while the Main and BK 50 indices levelled up by 0.62% and 0.42%, respectively.

The market’s liquidity amounted to KWD 31.85 million, up by 11% from KWD 28.7 million a day earlier. The trading volume surged by 23.1% to stand at 122.57 million shares when compared to 99.6 million.

The oil and gas sector came on top of 10 winners with 8.54%, followed by the consumer goods and telecom instruments with 5.62% and 2.64%, respectively.

Livestock Transport and Trading Company was the top riser with 17.76%, whereas Salbookh Trading headed the fallers with 6.77%.

Kuwait Finance House (KFH) led the trading activity on all levels through the exchange of 11.52 million shares at KWD 7.34 million, the stock closed up 0.8%.

In this regard, vice president, investment strategy and research at Kamco Invest, Raed Diab, told Mubasher that Boursa Kuwait has offset some of the losses incurred in the few previous sessions as investors hurried to grab some of the market’s investment opportunities.

He added that the consequences of the coronavirus (COVID-19) outbreak on the local and global economy coupled with the recent sharp drop in oil prices continue to ignite fears and limit active trading.

Besides, the recent downgrade of Kuwait’s sovereign rating by Standard & Poor’s Financial Services (S&P) to ‘-AA’ from ‘AA’ spooked investors.

The analyst further predicted the market volatility to continue over the coming period as the world is not in an all clear yet.