"Real Estate Financing" Gives Stock Market a Positive Boost

Trading at the Kuwait Stock Exchange on Monday was characterized by divergent performance among indices, as both the First Market and General Market indices managed to post gains, while the Main Market index headed for a decline.

The decline in the Main Market index occurred amid selling pressure on several of its constituent stocks, which impacted the index’s movement and pushed it in the opposite direction of other indices that benefited from the positive performance of stocks with the largest relative weight in the market.

The official issuance of the housing finance law for eligible beneficiaries of housing care served as a support factor for the banking sector, given its potential implications for financing activities. This bolstered bank stock performance and contributed to the rise in the First Market index, which in turn positively influenced the General Market index, pushing it into positive territory.

Turnover liquidity rose by 6.3 percent to reach 70.6 million dinars, compared to 66.4 million dinars during Monday’s session. The First Market continued to capture the largest share of this liquidity at 58 percent, while the Main Market accounted for the remaining 42 percent.

Several stocks recorded notable gains during the session, although some of these increases coincided with limited trading volumes. Al Uqair and Madinat Khaled topped the list of the most rising stocks, each gaining more than 7 percent, along with other stocks such as Al Emarat and Kamefco.

A total of 133 stocks were traded, with 52 rising, 62 falling, and 19 remaining unchanged. Weighted indices for six sectors in the market rose, led by the Utilities sector by 0.75 percent and Healthcare by 0.57 percent. Meanwhile, indices for seven sectors declined, led by the Technology sector by 17.82 percent and Insurance by 1.89 percent.

In terms of index performance details, the General Market index rose by approximately 10.23 points, equivalent to 0.12 percent, to reach 8,649 points, with 250.9 million shares traded across 19,575 transactions.

The First Market index gained approximately 23.72 points, or 0.26 percent, to reach 9,060 points, with a liquidity value of 41.1 million dinars and a volume of 111.5 million shares traded across 7,409 transactions.

The Main Market index fell by approximately 50.70 points, or 0.57 percent, closing at 8,827 points, with a traded value of 29.5 million dinars and a trading volume of 139.3 million shares executed through 12,166 transactions.

Regarding the most traded stocks by value, Al Takhsees ranked first with a value of 5.3 million dinars, closing at 183 fils. It was followed by Baitak with 4.9 million dinars, closing at 769 fils, then Al Anzima with 4 million dinars, closing at 830 fils, and Eiva with 3.8 million dinars, closing at 472 fils. Al Watani ranked fifth with 3.2 million dinars, closing at 830 fils.

Al Uqair topped the list of the most rising stocks with a gain of 7.52 percent, albeit with only 10 shares traded, closing at 143 fils. It was followed by Madinat Khaled with a 7.27 percent gain, trading 1,400 shares and closing at 915 fils. Al Emarat ranked third with a 5.69 percent gain, trading 1.95 million shares and closing at 130 fils. Kamefco followed with a 3.68 percent gain, trading 897,300 shares and closing at 141 fils. Al Muamalat ranked fifth with a 2.85 percent gain, trading just one share and closing at 325 fils.

On the other hand, Al-Anzima shares fell by 17.82 percent, leading the list of the most declining stocks, with a trading volume of 4.27 million shares. Al-Taqaddum followed with a 9.40 percent drop, trading 1,007 shares and closing at 540 fils. Al-Ahliya for Insurance came next with an 8.56 percent decline, trading just 69 shares and closing at 716 fils. Al-Kout fell by 4.98 percent, with limited trading of 16 shares, dropping to 725 fils. Fifth was Sanjari, which declined by 3.86 percent, trading around 146,000 shares and closing at 224 fils.