KSE market indices see upward trajectory over six consecutive sessions

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KUWAIT CITY, Jan 10: The stock market indices extended their upward trajectory, marking a continuous rise over six consecutive sessions since the start of 2024. The market value surged by 4.8%, reaching 1.93 billion dinars. It increased from 40.259 billion dinars on December 28 to 42.189 billion dinars in the latest session, breaking the 42 billion dinars barrier. This represents the highest level in five months, reaching 42.313 billion dinars on August 13.

Investor optimism regarding the new government led by Sheikh Mohammed Al-Sabah, coupled with expectations of economic improvement and increased liquidity due to new fund and investment portfolio entries, fueled the robust market gains.

The First Market’s value rose by 5.21% to 1.659 billion dinars, up from 31.821 billion dinars to 33.48 billion dinars. The main market also witnessed a 3.2% increase, reaching 270 million dinars from 8.438 billion dinars to 8.708 billion dinars. Key indices experienced notable growth: the first market index rose by 11.6%, the main index increased by 6.6%, and the main 50 index rose by 8.02%. Liquidity for the six sessions totaled about 376.6 million dinars, involving 1.596 billion shares through 82.5 thousand transactions.

Analysts anticipate the market’s upward trend to persist, driven by optimism about accelerated economic activity, improved project implementation, and enhanced development plans and economic diversification. Investor confidence also rests on expectations of corporate and bank profit growth, and they anticipate strong dividends for the fiscal year 2023. 

In the latest session, the market value of the Stock Exchange grew by 0.87% to 42.189 billion dinars, while the First Market’s value increased by 1% to 33.48 billion dinars, and the main market rose by 0.28% to 8.708 billion dinars. The general index and primary market index increased by 0.87% and 1.02%, respectively. The session’s liquidity expanded by 12.6% to 78.09 million dinars, trading volumes increased by 19%, and deals rose to 19 thousand. 

The session saw the rise of six sectors, led by communications with a 2.43% increase, while six other sectors, led by utilities, experienced a 1.10% decline. The healthcare sector was the only one that remained stable.

By Ahmad Fathi 

Al-Seyassah/Arab Times Staff

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