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Boursa Kuwait maintains upward trend on Tuesday

Boursa Kuwait maintains upward trend on Tuesday
Traded volumes reached 151.69 million shares on Tuesday

By: Mohamed Farouk 

Mubasher: The Kuwaiti indices extended their gains at Tuesday’s close for the second day in a row as the All-Share and the Premier markets settled higher by 0.38% and 0.43%, respectively, whilst the Main and the BK 50 indices grew by 0.24% and 0.53%, respectively.

Meanwhile, the turnover contracted by 5.4% daily to reach KWD 22.83 million from KWD 24.13 million. Traded volumes amounted to 151.69 million shares, 4.9% higher than 144.55 million.

The consumer services segment came on top of seven winners with 0.63%, whereas the oil and gas sector led three losers with 1.44%.

Al Eid Food led the green zone with 9.19%, whereas Kuwait Resorts headed the red zone with 7.06%.

The National Bank of Kuwait (NBK) posted the largest turnover of KWD 4.27 million, the stock gained 0.52%.

Gulf Petroleum Investment (PetroGulf) led the trading activity through the exchange of 17.69 million shares, the stock closed up 2.56%.

Commenting on Boursa Kuwait’s performance, vice president, investment strategy and research at Kamco Invest, Raed Diab, told Mubasher that the market seems stable, maintaining the gains it recorded last week.

Recent easing of coronavirus (COVID-19) restrictions and relaxation of measures on some economic activities boosted investor sentiment, coupled with the Kuwaiti cabinet’s recent decision to resume works of the sectors operating during the first partial curfew period, such as banks, he explained.

Yet, the analyst sees that the continued rise in infection rates could become an obstacle for the government, a scenario that may lead it to enact another lockdown and impose precautions again.

Diab further expected the improved oil prices to reflect positively on the bourse and the economy in general.