Boursa Kuwait ends Tuesday on mixed note

Mubasher: The indices of Boursa Kuwait finished Tuesday with a mixed performance after the All-Share Market index inched up 0.48%, followed by the Premier Market index with 0.75%, while the Main Market index shed 0.07%.

Boursa Kuwait saw a buying trend over the previous period, especially after blue-chip stocks attracted investors and liquidity on the back of logging positive financial results, vice president of Investment Research at KAMCO Raed Diab told Mubasher.

The stock exchange is still in dire need of attracting more liquidity and posting positive trend, Diab added, noting that the growth of oil prices impacted positively on investors.

From a technical perspective, the All-Share Market index is facing initial resistance level at 5,120 points, which may see a rising trend over the coming period to reach 5,166 points, the analyst said.

On the other hand, if the All-Share Market index drops beneath the support level of 5,055 points, it may fall to 5,024 points, then 4,983 points.

The banking sector was the best performer with 0.7%, whereas the oil and gas sector was the worst performer with 1.33%.

Al Madar Finance and Investment’s stock topped gainers after jumping 18.5%, whereas Burgan Company for Well Drilling, Trading and Maintenance’s (Burgan Drilling) stock was the worst performer with 13.6%.

Boursa Kuwait’s traded volume rose 40.2% to 136.57 million shares, compared to 97.4 million on Monday, while liquidity surged 51.5% to KWD 27.11 million, from AED 17.89 million.

Kuwait Finance House’s (KFH) stock, up 1.18%, topped the market in terms of trading value after generating KWD 6.09 million, while Ahli United Bank’s (AUB)-Bahrain stock, which added 1%, generated the highest traded volume after 13.11 million shares were exchanged.

Translated by: Mohammad Hesham Azab.