The Kuwait Stock Exchange (KSE) sustained its upward trajectory in the indices, with notable gains in market value since the beginning of the New Year. Optimism prevails among traders, with anticipation for the formation of the new government and an expected focus on the economic file.
Additionally, there is anticipation for the disclosure of the annual financial results of listed companies for the past year and expected distributions to banks and companies, especially in the primary market, reports Al-Anba daily.
This positive sentiment is further buoyed by the stability of oil prices on the global market, surpassing the indicative price in Kuwait’s general budget for the new fiscal year. Global market stability, coupled with discussions about an anticipated reduction in interest rates in central banks, including Kuwait, during 2024, contributes to the optimistic outlook.
Yesterday’s market gains amounted to 304 million dinars, bringing the total value to 41.823 billion dinars, up from 40.259 billion dinars at the end of the previous year. Despite a 6% decline in liquidity in yesterday’s session, with a total of 69.3 million dinars, compared to the previous session’s 74 million dinars, liquidity levels have been on the rise since the start of 2024, demonstrating confidence in the Kuwaiti stock market.
Liquidity remains concentrated in leading stocks across various sectors, with notable activity in the banking sector. Noteworthy stocks with high liquidity include KFH, IFA, Arzan, Kuwait Real Estate, National, Gulf, Agility, Aayan, International, and Boubyan.
Trading volumes saw a 5.8% decline, with 292 million shares traded compared to the previous session’s 310 million shares. Kuwait Real Estate, Arzan, and IFA were the most traded stocks.
The market activity on Monday witnessed collective increases in the indices, with the primary market index rising by 0.74% to reach 7786 points, the main market index increasing by 0.7% to reach 5732 points, and the general market index rising by 0.73% to reach 7082 points. A total of 73 companies saw an increase in the value of their shares, 40 companies experienced a decline, 9 companies remained stable, and the shares of 27 companies were not traded.