Boursa Kuwait needs stronger turnover to beat resistance - Analyst

Boursa Kuwait’s All-Share index has succeeded in rebounding near 5,200 points and surpassing 5,300 all the way to resistance at 5,350 points, noted technical analyst Ibrahim Al Filkawy.

The index will hover around 5,350 this week, a level which the analyst described as “moving resistance”, adding that if the index succeeds in breaking this resistance level it would reach a previous high of 5,450 points.

However, a fall below 5,350 points would result in support being at 5,275 then 5,225 points, Al Filkawy told Mubasher, stressing that a drop below these support levels due to decreased turnover and weak trading would take the index lower towards 5,170 then 5,070 points.

Al Filkawy also noted that all indices are expected to see a sideways movement if Boursa Kuwait does not see stronger liquidity that would help it rise.

Last week, the Kuwaiti bourse closed mixed for the third week in a row.