By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait closed Monday’s trading session with a mixed performance; the benchmark price index went up 1.02% or 67.5 points to 6,707.45 points.
Meanwhile, both the weighted and Kuwait-15 indices retreated by 0.09% and 0.12%, respectively.
It is a positive performance that the price index exceeded the level 6,700 points on Monday; this will impact the stock market on Tuesday and Wednesday to target the level 6,850 points by the end of this week, capital market analyst Badar Al Badr told Mubasher.
The benchmark index is expected to experience key resistance at 6,720 points of which exceeding will require higher liquidity levels than the turnover registered on Monday, the analyst said.
Real estate companies topped six gainers with 4.7%, backed by Real Estate Asset Management (REAM) which rose by 19.09%.
Meanwhile, telecom companies led decliners with 0.43%, dragged by Zain which edged down 0.43%.
Kuwait Cable jumped by 38.9% to be the top winner, while Kuwait Hotels dropped 19.9% to led losers.
Boursa Kuwait registered the lowest trading volume in a month and a half with a decline of 24.5% to 47.24 million shares on Monday compared to 62.57 million in the previous session.
Turnover shrank to KWD 9.06 million from KWD 9.11 million.
Boubyan Bank posted the highest trading value of KWD 2.32 million. The stock levelled up 1.47%.
The Gulf markets in general witnessed weak performance in terms on liquidity due to the Dow Jones index, which is expected to post an upward volatility to correct its downward direction, the analyst noted.
Rising 1.16%, KGL Logistics was the most active stock on which 5.07 million shares were traded.
