The trading week of Kuwait Stock Exchange (KSE) has seen remarkably positive changes with the banking sector retaining its leading role and the price index breaking the level of 6,703 points, said two local economists on Thursday. There are other factors that helped the stock market close the week in green foremost among which is the strong performance of the business groups notably the Burgan Bank and the Gulf Insurance Co, Chairman of Hermes IFA Khaled Al-Saleh told KUNA.

“The activity of the service sector also contributed to the boom of the market in the last week,” he noted.
“The leading stocks particularly those of the banking sector are expected to continue their positive role and bring about positive results for the third quarter of the year,” Al-Saleh predicts.
“The market sees a bright outlook due to the investor upbeat stemming from the consensus of the legislative and the executive authorities to back the country’s development plan.
“The two sides agreed that the local banks would fund the development, which will definitely reflect positively on the performances of all listed stocks,” he believes.
“The stock market gained momentum since the announcement of the five-year development plan. However, we still need more incentives to regain the record high levels the stock had reached before,” Al-Saleh argued. He added that the stock market was undergoing a restructuring process where the stocks were being reevaluated. (KUNA)