The Kuwait Stock Exchange market made gains at the end of yesterday’s session estimated at 308 million dinars, an increase of 0.7%, to reach 42.89 billion dinars, an increase from 42.58 billion dinars the day before yesterday, in light of the return of purchasing momentum for the leading stocks after rapid disposal operations to reap profits from.
With the continued pace of gains during January and the continuation of trading events last December, it is expected that the KSE market value will exceed the level of 43 billion dinars during the next few sessions.
It was noteworthy that banking stocks such as KFH, Watani, and Boubyan were targeted, as well as other stocks that have witnessed a boom in the recent period, led by Kuwait Real Estate, Eva and Arzan, which led to an increase in liquidity flowing to the market to 73.2 million dinars, an increase from 71.2 million dinars, an increase of 2.8% in the opening session of the week the day before yesterday.
On the other hand, trading volumes declined by 11%, with the volume of traded shares declining to 305 million shares compared to 342 million shares the day before yesterday. The most traded shares were Kuwait Real Estate with 26.2 million shares, followed by Kuwaiti with 22.3 million shares, then IFA with 17.2 million traded shares.
The KSE performance at this time supports the readiness of all segments of market traders for the harvest season, which will begin coincide with the start of banks and companies announcing the financial results achieved in 2023, accompanied by the recommendations of the boards of directors for cash distributions and a grant expected to be satisfactory to shareholders in light of what was revealed at the end of the third quarter of last year.
The market performance is also supported by the rise in Kuwaiti oil to more than $81 per barrel, which is a positive thing for the market that enhances investors’ confidence in economic activity in general, and in the stock market in particular. Market activity yesterday was led by 10 sectors whose weighted indicators gained green, led by the technology sector with a percentage of 9.3%, while The banking index rose by 0.8%, and the financial services sector index rose by 0.7%.
The price value of the shares of 74 companies increased, compared to a decline in the value of the shares of 39 companies, while the value of the shares of 16 companies stabilized, and the shares of 20 companies were not traded.
