Kuwait stock benchmark hits highest level since 4 years

TBenchmark of Kuwait Stock Exchange (KSE) stabilized at start of the past week sessions at the highest level on record since four years ago, specifically since October 2009, buoyed by upbeat sentiments and quarterly corporate results. Al-Oula brokerage company said in a report released on Saturday the bourse closed the week trading with the price index reading 89.13 points, drop of the weighted and Kuwait-15 indices by, respectively, 1.05 and 6.98 points. Investors' prevailing tendency for buying chips' contributed to boosting liquidity, however some investors sold small stocks. Local political events did not leave noticeable effects on the KSE, and the temporary bearish trend reflected in the main indices in some of the past week sessions was attributed to mild corrections. Moreover, suspension of 54 listed companies did not affect the trades, the Al-Oula report said. Trade value was generally high amid optimism regarding prospected economic recovery. Trades focused on small and medium chips, and blue-chips particularly those of the banks rallied, partly due to the quarterly announcements