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Boursa Kuwait ends Wednesday in red on selloff pressures

Boursa Kuwait ends Wednesday in red on selloff pressures
The market’s turnover grew by 50.3% to KWD 24.95 million

By: Mohamed Farouk

Mubasher: Boursa Kuwait’s indices closed Wednesday’s trading session on a negative note for the third time this week as losses ballooned with the total curfew enacted by the GCC nation to fight the coronavirus.

The All-Share Market and Premier Market indices declined by 1.31% and 1.61%, respectively, while the Main Market and BK Market 50 indices went down by 0.55% and 0.74 %, in that order.

The market’s turnover grew by 50.3% to KWD 24.95 million from KWD 16.6 million in the previous session, whereas the trading volume increased by 24.5% to 106.11 million shares from 85.21 million.

The banks sector headed the losers after falling by 1.96%, while the telecommunications sector topped the risers and advanced by 1.57%.

National Industries Group Holding led the decliners with 7.32%, while Al Madar Finance and Investment headed the gainers with 10.64%.

Ahli United Bank – Bahrain (AUB Bahrain), down by 2.96%, spearheaded the market with a trading volume of 44.03 million shares exchanged at a turnover of KWD 7.29 million.

With the implementation of the full curfew this week, Boursa Kuwait’s indices have slumped, pressured by selloffs due to the economic disruption caused by the precautionary measures taken to contain the spread of the virus, deputy head of research investment unit at KAMCO Investment Raed Diab told Mubasher.

He further added that the postponement of general assemblies negatively affected investor sentiment.

Diab expects the market’s volatility to continue until the gradual reopening of businesses.