The Kuwait Stock Exchange recently witnessed an important event as His Highness the Amir Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah was sworn in before the National Assembly, succeeding the late Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah. This momentous occasion has brought about clear trading momentum, with financial portfolio and fund managers actively engaging in trading on leading stocks.
After the mourning holiday, the Kuwait Stock Exchange reopened with a positive note. During the first session, the first market index recorded an increase of 72.49 points, closing at 7,503.48 points, marking a 0.98 percent increase from the previous closing level. The general index of the stock exchange also achieved gains, closing at 6,820.01 points, following active trading amounting to 54.4 million dinars.
The total market value of listed stocks recorded gains estimated at 319 million dinars, reaching a total of 40.559 billion dinars. With the leadership of His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, the investment community is expected to continue exploring available opportunities. Funds are keen to recover from the annual losses they experienced until the end of last month, and they are looking to gain momentum through their operational stock components.
The trading activity has sparked optimism regarding the upcoming economic reforms that the country will witness. Under the new leadership, it is anticipated that circulating liquidity paid by portfolios, local private and governmental institutions, as well as foreign funds and entities, will increase. This positive outlook has led several investment portfolios to intensify their purchases of medium- and small-cap stocks while maintaining their long-term strategic positions in listed banks, service, real estate, and industrial companies.
As the year draws to a close, the pace of trading has picked up, with general stock market indices experiencing significant jumps. The financial and investment circles are now focused on the annual closings of listed stocks, which will provide insights into the financial performance of companies and funds that hold major positions in these stocks. This period is crucial for traders of all categories, as they aim to compensate for any decline in stock value and realize investment profits.
With only six trading sessions left until the annual closings, attention is shifting towards the primary market components that are expected to attract liquidity. However, medium and small companies will also be under the microscope due to their efforts to upgrade and join the interface market. The annual review, scheduled for January, will determine their eligibility, and the results will come into effect in February.
In fact, companies registered in the main market have already achieved the required rates for promotion. Other stocks listed in the “General Main Market” have also been active and are preparing to enter the “Main 50” index during the upcoming review.
Overall, the Kuwait Stock Exchange is showing positive momentum following the swearing-in of the new Amir. With active trading and the anticipation of economic reforms, investors are optimistic about the future of the stock market. As the year comes to a close, traders will closely monitor the annual closings and position themselves strategically to capitalize on potential opportunities.
Source: TimesKuwait
