Boursa Kuwait opens Thursday in decline

Mubasher: Boursa Kuwait started Thursday's trading session in red territory, after the All-Share Market index, the Main Market index, and the Premier Market index fell 0.46%, 0.35%, and 0.55%, respectively.

The large decline in the US stock market negatively impacted on all the region's bourses, not only Boursa Kuwait, capital market analyst Yacoub Al Mashaan told Mubasher.

The drop in the GCC stock market in general, and Kuwait, in particular, has no reason, Al Mashaan added.

At the technical level, the fall of the All Share Market Index below 5,073 points will drive the index to target 5,030 and 5,000 points, while the Premier Market index will target 5,215 points after breaking the level of 5,280 points, technical analyst Ibrahim Al Filkawy said.

The consumer services sector topped nine fallers after dropping 0.9%.

International Resorts’ stock was the worst performer with 8.8%, while the stocks of Investors Holding Group and Heavy Engineering Industries and Shipbuilding (HEISCO) were the best performers.

By 9:08 am Kuwait time, the Kuwaiti bourse saw trading of 16.5 million shares through 590 transactions at a turnover of KWD 4.1 million.

Kuwait Finance House’s (KFH) stock, which fell 0.7%, led the market in terms of traded value after generating KWD 926,700, while National Industries Group Holding’s stock, down 1.9%, was the most active in terms of trading volume after 2.26 million shares were exchanged.

Translated by: Mohammad Hesham Azab