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Boursa Kuwait falls on negative economic forecasts

Boursa Kuwait falls on negative economic forecasts
The All-Share Index plummeted by 1.6%

Mubasher: Boursa Kuwait fell sharply on Tuesday, impacted by the International Monetary Fund (IMF) expecting a contraction for the region’s economies that is worse than previously forecasted.

The premiere market and all share indices lost 1.91% and 1.6%, while the main market and the BK main 50 indices closed down by 0.74% and 0.86%, respectively.

Traded values shrank to KWD 37.48 million, with a traded volume of 190.11 million shares.

Nine market sectors closed in red, led by commercial goods that plunged by 3.19%.

Maarakez was the top losing stock, dropping by 14.62%, while Wethaq recorded the highest gains and surged by 21.3%.

AUB-Bahrain led the trading activity with 45.35 million shares exchanged at a turnover of KWD 8.68 million.

The IMF expects the region to record its worst contraction in 50 years, with countries depending on oil imports to be impacted.

Oil exporting countries in the region are expected to lose around $270 billion, Vice President of Investment Research at KAMCO Raed Diab told Mubasher.

On the other hand, many listed companies are expected to register negative financial results for the second quarter (Q2) of 2020, with improvements set to take place over the second half (H2) of the year, Diab noted.