By: Mohamad Farouk
Mubasher: The indices of Boursa Kuwait registered a positive performance during the week ended on 27 July; the price index gained 0.36% or 24.3 points to close the week at 6,781.02 points.
The weighted and Kuwait-15 indices rose by 2.36% or 9.64 points and 2.5% or 23.07 points, respectively.
The main index is still heading toward an upward sideways level in the medium term, technical capital market analyst Hassan Al-Kandry said.
The price index is facing resistance at 6,900 points, with a need for more liquidity to break this resistance in order to target the 7,065-points level and the 7,160-point level as a second target, the analyst added.
The weighted index is forecast to target the level 425 points, with resistance at 417 points, after it has broken the 409-point level, Al-Kandry added.
The market’s liquidity increased by 40.7% to total KWD 101.6 million by this week compared to KWD 72.2 million in the week ended on 20 July.
Boursa Kuwait’s trading volume reached 633.83 million shares this week from 435.08 million a week ago; a weekly growth of 45.7%.
The transactions increased by 23.9% to nearly 19,650 this week from around 15,860 in the past week.
Market cap grew by 2.41% or KWD 670 million ($2.21 billion) to reach KWD 28.47 billion ($93.97 billion) this week from KWD 27.8 billion ($91.76 billion) in the prior week.
