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Boursa Kuwait indices attain gains Tuesday

Boursa Kuwait indices attain gains Tuesday
Trading volumes reached its highest level since 19 March

Mubasher: Boursa Kuwait achieved gains on Wednesday, as the premiere market and all share indices added 1.45% and 1.14%, while the main market and the BK main 50 indices increased by 0.32% and 0.31%, respectively.

Traded volumes amounted to 267.92 million shares, increasing by 45.1% on a daily basis, and recording its highest level since 19 March.

Traded values also grew by 19.2% to KWD 51.77 million, compared to its level on Tuesday at KWD 43.44 million.

Eight market sectors closed in green, led by oil and gas that levelled up by 2.21%, while the insurance sector led three falling sector indices and lost 0.29%.

In its first day of trading after suspension, Abyaar was the top-performing and most actively traded stock as it closed up by nearly 92% after 69.38 million shares were traded.

KFH registered the highest turnover with KWD 10.69 million.

The main factor pushing the upward trend in the Kuwaiti stock exchange today was the announcement of the MSCI reclassifying Boursa Kuwait as an emerging market, according to market analyst Moustafa Al Garhy.

The announcement enhanced the confidence of local and foreign investors alike, as well as investment funds, which helped raise the traded volumes and the market’s liquidity, the analyst told Mubasher.

The Kuwaiti Capital Market Authority (CMA) announced late yesterday that the MSCI index will reclassify the MSCI Kuwait Indices from frontier markets to emerging markets in November 2020.

The move will coincide with the November Semiannual Index Review (SAIR), as per a reminder that was received by the CMA.