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Boursa Kuwait up for third day in row

Boursa Kuwait up for third day in row
Traded volumes increased by 60.3% to 198.45 million shares

Mubasher: Boursa Kuwait recorded its third consecutive daily gains, as the premiere and the all-share indices added 1.57% and 1.14%, respectively, while the main and BK 50 indices levelled up by 0.03% and 0.25%, respectively.

Traded volumes increased by 60.3% to 198.45 million shares, up from 123.77 million traded shares on Monday, while turnover grew by 21.7% to KWD 32.96 million.

Seven market sectors ended the session in the green zone, led by materials with 2.41%, while three sector indices registered losses, with the consumer goods losing 0.47%.

Wethaq finished the session as the top losing stock, surging by 20.77%, while Masaken incurred the biggest loss of 12.5%.

KFH registered the highest trading value with KWD 6.93 million, while Alsalam was the most actively traded stock with 31.22 million shares.

Boursa Kuwait has recovered some of its previous losses after three banks announced plans to distribute cash dividends in 2020, Raed Diab, Vice president, investment strategy and research at Kamco Invest, told Mubasher.

The move helped in strengthening the banking sector stocks and its large share of trade on the stock exchange, however, we could see some fluctuations until the market regains momentum as economic activities reopen and the coronavirus (COVID-19) retreats, according to Diab.

The market will also anticipate the announcement of cash dividends and the financial results of the first half (H1) of 2020, which will begin in early July, the analyst added.