Media ININ Economy We Trust
Media in\ Kuwait 25-04-2019
KUWAIT: The Kuwait Stock Exchange ended the week with a negative performance after the share, main and premier markets shed 0.49%, 0.39%, and 0.53% respectively.
The technology sector led the losers with 6.53%, while the consumer services sector topped the risers after adding 0.65%.
The region’s negative landscape has weighed on most of the GCC bourses, especially Boursa Kuwait, technical analyst Yacoub Al Masha’an told Mubasher.
In March, Boursa Kuwait saw positive performance on the back of robust annual profits and the announcement of generous cash dividend distributions, Al Masha’an added.
March positive performance was supposed to continue in line with the beginning of the second quarter of 2019, but global and regional tensions, especially between the US and Iran, have pushed down the equity markets.
Thin trades, especially liquidity in Boursa Kuwait, are attributed to the onset of Islam’s holy month of Ramadan and the summer vacation.
Al Masha’an said that the All-Share Market Index is on the cusp of hovering below the support level of 5,700 points, and it may hit 5,500 points in Ramadan.
Hilal Cement’s stock led the losers with 9.48%, while Kuwait Portland Cement Company’s stock topped the risers with 10%.
Boursa Kuwait’s liquidity fell 20% to KWD 14.79 million on Thursday, from KWD 18.47 million, while trading volume slid 4.5%, reaching 123.78 million shares, from 129.63 million on Wednesday.
The Gulf Bank of Kuwait’s (GBK) stock generated the highest liquidity with KWD 2.12 million to 306 fils, while the stock of Investors Holding Group, which rose 2.63%, topped the bourse in terms of traded volume with 34.4 million exchanged shares.
