KUWAIT CITY: The Boursa Kuwait has maintained its downward trajectory since the start of the week. The general index fell by 27.9 points, or 0.3 percent, closing at 7,128 points.

Trading activity saw 303.6 million shares exchanged through 17,041 transactions, amounting to 60.9 million dinars (approximately $185.7 million). Consequently, the market value dropped by 165 million dinars, reaching 42.309 billion dinars compared to 42.144 billion dinars in the previous session.

Investor sentiment is currently cautious as they await the outcome of today’s US Federal Reserve meeting, which is anticipated to address potential interest rate cuts. This uncertainty has contributed to global market anxiety and heightened investor apprehension about unforeseen developments.

Leading stocks experienced significant selling pressure, causing the main market index to fall by 82.3 points, or 1.3 percent, to 6,107 points. This decline occurred with 200.2 million shares traded through 9,510 transactions, worth KWD 31.5 million (around $96 million).

Similarly, the Premier Market index decreased by 14.8 points, or 0.19 percent, to 7,743 points, with 103.3 million shares traded through 7,531 transactions, valued at KWD 29.4 million (approximately $89.6 million). The (Main 50) index also dropped, falling 92.3 points, or 1.5 percent, to 5,924 points.

This decline involved trading 110.5 million shares through 5,159 transactions, totaling 19.3 million dinars (about $58.8 million). The session saw declines in 8 sectors, with financial services leading the way with a 2.14 percent drop.

Conversely, 3 sectors rose, led by communications with a 0.88 percent increase, while 2 sectors remained unchanged. The session was marked by a decline in 85 shares, with “Inovest” experiencing a notable drop of 26.92 percent. In contrast, 31 shares rose, with “Madar” leading with a 6.12 percent increase. The price of 14 shares remained stable. “Inovest” was the most active in terms of volume, trading 53.75 million shares, while “EFA” led in liquidity with about 11.54 million dinars. Among the top gainers were Madar, Hayat Com, Maaden, and Warqia, whereas the biggest decliners included Inovest, Eva, M Business, and MK Holding. The analysts anticipate continued fluctuations in the Boursa Kuwait due to ongoing selling pressures on leading stocks and a general wait for new market incentives. This weakness is attributed in part to declining oil prices, which heighten concerns about reduced oil revenue and increased budgetary pressures in Gulf countries.

Analysts highlighted that attention is focused on the latest US inflation data, which showed a reading of 2.5 percent for August -- the lowest since February 2021. However, the monthly consumer price index, excluding food and energy, was higher than anticipated. This has heightened expectations that the Federal Reserve might cut interest rates by about 25 basis points today. They emphasized that market fluctuations are likely to persist in the near term, with investors awaiting a clearer outlook on oil prices and the Federal Reserve’s decision next week.

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