Swearing-in of His Highness the Amir punctuates trading momentum
The Kuwait Stock Exchange received the swearing-in of His Highness the Amir Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah before the National Assembly as Amir of the country, succeeding His Highness the late Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, with clear trading momentum, punctuated by active movements by financial portfolio and fund managers on the leading stocks.
The Kuwait Stock Exchange closed trading, Wednesday, the first session after returning from the mourning holiday, covered in green, as it recorded an increase in its first market index, reaching 72.49 points to close at the level of 7,503.48 points, an increase of 0.98 percent from the previous closing level in last Thursday’s session, reports Al-Rai daily.
The general index of the stock exchange achieved gains of 54.3 points to close at the level of 6820.01 points following active trading amounting to 54.4 million dinars, of which 46.12 million were for the interface market and 8.3 million for the main market shares, which closed up by 8.04 points.
The total market value of listed stocks recorded gains estimated at 319 million dinars, bringing their total to 40.559 billion dinars, while the investment community is expected to continue exploiting the available opportunities, with funds keen to close the annual losses they recorded until the end of last month through more momentum on their components of stocks. operational.
The pace of trading was not without optimism regarding the completion of economic reforms that the country will witness under the leadership of His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, which is expected to increase the rates of circulating liquidity paid by portfolios, local private and governmental institutions, in addition to foreign funds and entities.
Several investment portfolios intensified their purchases of medium- and small-cap stocks, while continuing to support their long-term strategic positions, which are represented in the shares of listed banks, service, real estate, and industrial companies.
The pace of trading began its dealings yesterday with a wave of activity during which the general stock market indices jumped clearly, while the attention of the financial and investment circles is turning to the annual closings of listed stocks, which will result in the financial reading of companies and funds that own major positions in listed companies.
It is usual for the last sessions of the year to witness more active movements by traders of all categories, for reasons represented in working to compensate for the decline in the value of stocks and shifting to (unrealized) investment profits at the level of major influential holdings.
There are only 6 trading sessions left until the annual closings, including today’s session, as it is expected that the primary market components will dominate in attracting liquidity, but medium and small companies will also be under the microscope due to considerations of the efforts of some of them to upgrade and join the interface market, where the annual review will be conducted in January and intervention. Its results will come into effect next February.
In fact, companies registered in the main market were able to achieve the rates required for promotion, while other stocks listed in the “General Main Market” were active and prepared to enter the “Main 50” index during the upcoming review.
