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Boursa Kuwait up on Wednesday for fourth day

Boursa Kuwait up on Wednesday for fourth day
The market’s turnover topped KWD 44 million on Wednesday

Mubasher: Boursa Kuwait extended its gains at Wednesday’s close for the fourth consecutive session, with the All-share and Premiere market indices increasing by 1.03% and 1.33%, respectively, and the Main and BK main 50 indices growing by 0.21% and 0.44%, respectively.

The market’s turnover surpassed KWD 44 million today, while the trading volume rose to a month-high by 6.8% to 206.2 million shares.

At the sector level, the banks and industry added 1.44% and 0.77%, respectively, telecom gained 0.63% and consumer goods rose 0.05%.

In contrast, the technology sank 3.91%, while the consumer services and insurance lost 1.47% and 0.6%, respectively.

Moreover, Kuwait Finance and Investment (KFIC) led the green zone with 9.14%, whereas Osos Holding Group Co headed the red zone with 9.67%.

Kuwait Finance House (KFH), up 2%, logged the largest turnover of KWD 10.95 million, while Ahli United Bank – Bahrain (AUB Bahrain) saw the highest trading activity after exchanging 32.97 million shares, the stock grew 2.51%.

The positive performance of Boursa Kuwait reflects investors’ confidence at this important time, backed by the transparent announcements of the interim financial results, coupled with optimism regarding a new Russian COVID-19 vaccine, capital market analyst, Moustafa Al Jarhi, told Mubasher.  

Lending further support to this are the upcoming listing of Shamal Az-Zour Al-Oula Power and Water Company on Boursa Kuwait next Sunday and the gradual reopening of economic activities.

The analyst further predicted the new vaccine to have excellent outcomes on local and global markets, forecasting its impact to appear in the consolidated 2020 results, which are projected to turn positive.