By: Mohamed Farouk
Mubasher: The indices of Boursa Kuwait finished the the week ended on 11 October in red territory, for the second consecutive week.
The All Share Market index fell 45.5 points, or 0.89%, to 5,111.34 points, while the Premier Market index dropped 58 points, or 1.09%, to 5,257.16 points.
The Main Market index also levelled down 23.1 points, or 0.49%, to finish the week at 4,718.42 points.
Sideways-to-declining trend
The All Share Market index is witnessing a sideways-to-declining trend, moving closer to support at 5,065 points, technical analyst Hassan Al-Kandari told Mubasher.
The index is still firm at the initial support level of 5,087 points, and in case of breaking it, the index will face main support at 5,065 points, which is considered a temporary stop-loss level as it may further drop to 5,000 and 4,935 points, Al-Kandari added.
The analyst further noted that the most important resistance for the All-Share Market index is at 5,135 points, which needs to attract more liquidity to break this level.
Boursa Kuwait’s trading volume declined 12%, reaching 333.67 million shares this week, down from 379.06 million shares in the previous week, while liquidity tumbled 5.7% to KWD 60 million, from KWD 63.59 million.
On the other hand, the bourse’s transactions increased 11.2%, reaching 17,440 by the end of the week, compared to 15,690 deals in the week before.
Translated by: Mohammad Hesham Azab
