Kuwait Stock Market Edges Higher

06 September 2018 Business

Kuwait stocks closed higher on Wednesday extending last session’s modest rebound. The All Shares Index trimmed stronger early gains to end 10.55 pts up at 5,143.22 points paced by select counters even as overall sentiment remained mixed. The Premier Market climbed 16.31 points to 5,239 points taking the month’s gains to 28 points while Main Market edged 1.4 pts higher to 4,869.9 points.

The volume turnover meanwhile surged to hit a two-week high. Over 96 million shares changed hands – a 69 pct spike from the day before. The sectors closed mostly in green turf. Basic materials outpaced the rest with 2.55 pct gain whereas insurance dipped 2.6 percent, the biggest loser of the day.

Volumewise, financial services garnered the highest market share of 32.8 pct and banks followed close behind with 31.7 percent contribution. In the individual shares, Al Ahli Bank rose 6 fils to 295 fils and Boubyan Bank scaled 9 fils on back of 2.8 million shares. Boubyan Petrochemical Co rallied 37 fils to KD 1.050 and UPAC soared 59 fils with razor thin trading volume. Zain ticked 1 fil down to 474 fils with a volume of 3.9 million and Ooredoo stood pat at 780 fils. Kuwait Telecommunications Co (VIVA) took in 1 fil and Agility extended last session’s gains with 7 fils upswing to end at 847 fils.

The market opened on a quiet note and fell slightly in early trade to plumb the day’s lowest level of 5,136 points. The main index headed north thereafter amid buying in select counters and peaked at 5,166 points past the mid-session. It retreated thereafter and closed with modest gains.

Top gainer of the day, KMEFIC spiked 12.5 pct to 27 fils and UPAC climbed 9.9 percent to stand next. First Takaful Insurance Co slid 8.8 percent, the steepest decliner of the day and Aayan Real Estate topped the volume with 13.3 million shares. Mirroring the day’s gains, the winners outnumbered the losers. 57 stocks advanced whereas 40 closed lower. Of the 118 counters active on Wednesday, 21 closed flat. 4,742 deals worth KD 19.8 million were transacted – a 31.7 pct surge in value from the day before.

National Industries Group ticked 1 fil higher to 167 fils with brisk trading while Mezzan Holding added 3 fils to wind up at 701 fils. Educational Holding Co fell 3 fils to 312 fils while Heavy Engineering Industries and Shipbuilding Co climbed 10 fils with a volume of over 1 million shares. Jazeera Airways was flat a 749 fils while ALAFCO and NAPESCO rose 3 fils each to close at 343 fils and 804 fils respectively. Burgan Well Drilling stood pat at 110 fils with thin trading while Equipment Holding Co inched 0.2 fil higher. Kuwait Foundry Co and Hilal Cement Co dialed up 2 fils each whereas Al Rai Media Group fell 2.3 fils following Tuesday’s steep losses. Inovest dialed up 1.5 fils and Mashaer Holding ticked 0.2 fil into green. NICBM was flat at 170 fils and Combined Group Contracting Co was up 3 fils at 400 fils.

The company’s second quarter profits surged 54.9 pct to KD 830,000 while during the first six months earnings soared 153.3 pct to KD 2.66 mln. Humansoft Holding dipped 9 fils to KD 3.391 and Gulf Cable took in 1 fil. KCPC climbed 8 fils to 249 fils and KPPC trimmed 0.4 fil. Kuwait Portland Cement fell 2 fils gto KD 1.068 and Kuwait Cement Co gained 5 fils. Kuwait and Gulf Link Transport Co dialed up 2 fils an KGL Logistics nudged 0.2 fil higher to 43.5 fils.

In the banking sector, National Bank of Kuwait took in 1 fil while Gulf Bank and Kuwait International Bank were unchanged at 256 fils and 243 fils respectively. Boubyan Bank rallied 8 fils on back of 2.8 million shares. Kuwait Finance House and Burgan Bank inched 1 fil up each to close at 590 fils and 257 fils respectively whereas Ahli United Bank tripped 1 fil and Al Mutahed dipped 6 fils after trading over 1 million shares KIPCO and Gulf Finance House were unchanged at 590 fils and 104 fils respectively whereas Kuwait Investment Co inched 0.1 fil down. International Financial Advisors eased 0.2 fil to 25 fils and Al Mal Investment ticked 0.2 fil into green. KAMCO slipped 4 fils to 66.9 fils while Bayan Investment Co and Coast Investment Co inched 0.5 fil lower each.

Securities Hose Co tripped 0.3 fil while Unicap and Ekttitab Holding trimmed 0.1fil each to end at 59.9 fils and 24.9 fils respectively. Kuwait Financial Centre ( Markaz) gained 3 fils while Noor Financial Investment Co and Amwal Investment held ground at 53 fils and 62.4 fils respectively. Al Imtiaz gave up 3 fils to close at 122 fils.

Kuwait Insurance Co dived 17 fils to 288 fils and Gulf Insurance Co skidded 29 fils. Ahleia Insurance Co added 3 fils before closing at 430 fils. Mabanee Co took in 1 fil and Kuwait Real Estate closed 0.3 fil in red. National Real Estate dialed up 1 fil and Mazaya Holding was down 3.1 fils at 76.4 fils. The market has been mixed so far during the week, adding 11 pts in last four sessions after shedding 35 points during the whole of August. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

 

SOURCE : ARABTIMES

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