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Boursa Kuwait posts third rise in week on Tuesday

Boursa Kuwait posts third rise in week on Tuesday
The trading volume totalled 177.19 million shares on Tuesday

By: Mohamed Farouk

Mubasher: The Kuwaiti indices posted a collective rise at Tuesday’s close for the third time in a row.

The All-Share and Premier markets closed up by 1.43% and 1.75%, respectively, whilst the Main and BK 50 indices grew by 0.61% and 0.68%, respectively.

The turnover increased by 66.9% daily to reach KWD 39.97 million from KWD 23.95 million. The trading volume advanced by 67% to stand at 177.19 million shares from 106.13 million shares on Monday.

The consumer services segment topped nine risers with 2.02%, whereas the oil and gas sector was the only faller with 0.04%.

Kuwait National Cinema led the green zone with 9.92%, whereas Kuwait Finance and Investment (KFIC) came on top of the red zone with 8.57%.

Ahli United Bank – Bahrain (AUB Bahrain) led the trading activity through the exchange of 63.73 million shares at a turnover of KWD 11.3 million, the stock was up 3.49%.

In this regard, vice president, investment strategy and research at Kamco Invest, Raed Diab, told Mubasher that Boursa Kuwait has continued its positive trajectory on Tuesday as investors continue seizing attractive market opportunities.

While the coronavirus (COVID-19) crisis is still hitting economies the hardest, there is optimism over a gradual reopening of economic activities following Eid Al-Fitr holiday in compliance with strict precautions and measures, Diab clarified.

This, combined with the recent rise in crude prices and current output cuts, boosted investors’ sentiments, he noted.

The analyst expected the Kuwaiti economy to flourish in the coming period backed by the aforementioned factors.

Translated by: Amal A. Wahaab