Foreign purchases surge on Boursa in first quarter

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KUWAIT CITY, April 3: Foreign purchases on the Boursa Kuwait experienced a significant uptick during the first quarter of 2024, with a notable increase of 111.8 million dinars. This surge was primarily fueled by active buying operations conducted by institutions and companies, resulting in net purchases amounting to approximately 113.9 million dinars. These substantial purchases helped offset individual sales, which amounted to about 2.3 million dinars during the same period.

Additionally, foreign investment funds contributed to the bullish trend, recording net purchases of approximately 230.7 thousand dinars. However, Kuwaiti investors witnessed a different trend, with net sales reaching around 102.9 million dinars. This was attributed to selling pressures emanating from institutions and companies, which led to net sales of about 85.3 million dinars. Similarly, individual investors also contributed to the net sales, amounting to approximately 19.1 million dinars. Despite these sales, investment funds saw net sales of about 2.7 million dinars. Meanwhile, Gulf investors also saw net sales on the Boursa Kuwait during the first quarter, totaling around 8.9 million dinars. This was primarily driven by an increase in the value of sales by institutions and companies, which amounted to 17.1 million dinars.

However, Kuwaiti stock purchases by Gulf investors remained positive, amounting to 6.1 million dinars. In terms of market performance, the Boursa Kuwait closed trading on a positive note, with the general index rising by 13.8 points to reach 7,368 points. Trading activity remained robust, with a total of 143.2 million shares exchanged through 11,030 cash transactions, valued at 40.6 million dinars (approximately 9.131 million dollars). The session witnessed gains across multiple sectors, particularly in consumer goods, which saw an increase of about 2.68%. However, four sectors experienced declines, with insurance being the most notable, dropping by 0.66%.

The technology sector remained stable throughout the session. Regarding individual stocks, 55 stocks recorded gains. Conversely, 51 stocks experienced declines of approximately 6.25%. Meanwhile, the prices of 13 stocks remained stable. Volume activity was dominated by “National Real Estate” stock, which rose by 0.96%, with a volume of 29.69 million shares traded. Liquidity was primarily driven by “KFH” shares, with a value of 8.29 million dinars. Despite fluctuations in individual sectors and stocks, the Boursa Kuwait continued to maintain its leading position among GCC countries, boasting gains of 7.5% during the first quarter of 2024. This performance outpaced gains seen in other regional markets, with Dubai and Saudi Arabia recording gains of 4.6% and 3.6%, respectively.

By Mahmoud Shendi
Al-Seyassah/Arab Times Staff

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