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Boursa Kuwait stocks surge

KUWAIT: Boursa Kuwait stocks surged on Tuesday with its General Index rising 204.5 points to close at 7186.53 points, an increase of 2.9 percent. About 295.8 million stocks were traded through 17,434 cash transactions for KD 77.6 million ($235.12 million).

The Main Market Index has risen 93.07 points to reach 5,377.55 points with an increase of 1.7 percent through trading 174.5 million stocks through 66,727 transactions for KD 15.8 million ($47.8 million). The Premier Market Index rose 250.9 points to reach 8,048.13 points with an increase of 3.2 percent through trading 121.2 million stocks through 10,807 transactions for KD 61.7 million ($187 million).

Meanwhile, GCC stock markets rebounded on Tuesday from a series of losses the markets incurred in the previous sessions. Markets in the region are waiting for a possible OPEC+ decision regarding oil production levels. Oil prices continued to rise as traders anticipate the possibility of a production cut among OPEC countries.

The Dubai stock market bounced back after two weeks of losses. Traders moved to make use of a fall in equity prices while international markets recovered to some extent. The Abu Dhabi stock market rose on Tuesday, supported by the performance of oil markets. The main index was able to rebound from a drop and could extend some gains.

The Qatari stock market continued to rebound following the surge in other markets in the region and elsewhere. However, it remains exposed to price corrections as natural gas resumes its decline.

The Saudi stock market (Tadawul) extended its gains thanks to the improving oil markets. The main index could stop rising if investors move to secure their gains as OPEC’s decision draws closer.

The stock market in Oman recorded some losses after a series of gains as traders moved to secure their gains. The market was also impacted by the negative performance in natural gas markets. The Egyptian stock market was heading higher Tuesday as local investors made use of the lower prices of the stocks. However, it remains exposed to new price corrections as international investors remain cautious. – KUNA and agencies

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