By: Mohamed Farouk
Mubasher: Boursa Kuwait’s indices extended gains in the second week of January, with the All-Share index rising 79.8 points, or 1.55%, to 5,218.72 points, from 5,138.94 last week.
The Premier Market index surged 112.8 points, or 2.11%, to close at 5,453.33 points, while the Main Market index added 18.9 points, or 0.4%, to 4,791.47 points.
Boursa Kuwait’s All-Share index surpassed 5,170 points, amid the rise in liquidity, giving a positive outlook for the coming period, technical analyst Hassan Al-Kandari told Mubasher.
Some fluctuations may be accompanied with the positive outlook for the All-Share index, the analyst added, noting that the index’s first target now stands at 5,290 points, while resistance will be seen at 5,240 points. Should the index pass the first target, it would head towards levels ranging between 5,370 and 5,380 points.
Boursa Kuwait’s liquidity jumped 122.9% to KWD 163.88 million this week, compared to KWD 73.53 million a week earlier.
The week’s trading volume leapt 74.4% to 1.133 billion shares, against 649.54 million in the previous week, due to the remarkable high trading volume in the Main Market’s stocks.
Meanwhile, the number of deals surged 63.4% to 33,830 this week, from 20,700 in the prior week.
Boursa Kuwait’s market capitalisation increased by KWD 460 million ($1.52 billion), or 1.6%, to KWD 29.81 billion by the end of this week, compared to KWD 29.35 billion by the end of last week.
Translated by: Zeinab Adel