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Boursa Kuwait up on Tuesday; turnover rises 23%

Boursa Kuwait up on Tuesday; turnover rises 23%
The trading volume amounted to 195.25 million shares on Tuesday

By: Mohamed Farouk

Mubasher: The Boursa Kuwait indices closed Tuesday’s trading session on a collective rise amid high trade.

The All-Share and the Premier markets went up by 3.24% and 4.15%, respectively, whilst the Main and BK 50 market indices grew by 0.94% and 1.74%, respectively.

The liquidity soared by 22.7% to stand at KWD 55.3 million on Tuesday from KWD 45.1 million a day earlier. The trading volume amounted to 195.25 million shares, up by 8.2% from 180.39 million on Monday.

Meanwhile, the banks' segment headed nine winners with 4.61%, whereas the insurance sector was the only loser by 0.19%.

First Takaful Insurance (FTI) topped the rising stocks with around 20%, whereas Metal and Recycling Company came on top of the falling stocks with 8.33%.

The National Bank of Kuwait (NBK) logged the highest turnover of KWD 13 million, the stock grew 6.31%.

Ahli United Bank – Bahrain (AUB Bahrain) led the trading activity through the exchange of 53.18 million shares, the stock closed up 5.32%.

Commenting on the performance, vice president, investment strategy and research at Kamco Invest, Raed Diab, told Mubasher that the Kuwaiti market has continued its positive trajectory for the third time in a row, with investors focusing on leading stocks after they reached attractive levels amid the coronavirus outbreak and its repercussions on the local and global economy and the oil price plunge.

He also noted that government institutions continue to reiterate their readiness to mitigate the consequences of the new pandemic, support affected sectors, and undertake additional measures as needed. 

The recently announced OPEC+ historic deal, which will cut the global oil production by 9.7 million barrels a day, gave some support to oil prices over the coming period, the analyst added.