Kuwait Bourse Winds Up Week With Modest Gains
Category: Business
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Kuwait stocks eked modest gains on Thursday to wind up week on a bright note. The All Shares Index climbed 14.7 pts to 5,103.87 points helped by renewed buying in heavyweights even as overall mood remained cautiously positive.

The Prime Market rose 6.48 pts to 5,299.29 points while Main Market rallied 29.85 points taking the month’s gains to 56 pts. The volume turnover meanwhile rose for seventh straight session to hit a multi-month high. Over 164 million shares changed hands – up 12.7 pct from the day before.

The sectors closed mostly in green turf. Consumer services outpaced the rest with 1.74 pct gain whereas consumer goods eased 0.13 percent, the worst performer of the day.

Volume wise, financial services garnered the highest market share of 43 pct and real estate followed with 25.9 percent contribution. Among the standout performers, National Bank of Kuwait extended its rally with a 5 fils gain on back of 2.5 million shares and Mabanee Co scaled 13 fils to close at 633 fils taking the month’s gain to 24 fils. Humansoft Holding climbed 11fils to KD 3.189. Zain fell 2 fils to 461fils after trading 2.9 million shares and Ooredoo gave up 4 fils to close at 740 fils. Kuwait Telecommunications Co (VIVA) jumped 40 fils to 790 fils taking the month’s gains to 55 fils while Agility stood pat at 840 fils The market opened firm and slipped slightly in early trade.

The main index hit the day’s lowest level of 5077 pts and moved sideways. It picked up pace past almost half way into the session amid cheery sentiment and closed with modest gains. Top gainer of the day, Al Rai Media Group soared 40 pct to 77.8 fils and Gulf Cement climbed 15 percent to stand next. Marakez skidded 8.33 pct, the steepest decliner of the day and Aayan topped the volume with over 21 million shares. Reflecting the day’s gains winners outled the losers 2 to 1.65 stocks advanced whereas 31 closed lower.

Of the 125 counters active on Thursday, 30 closed flat. 5,785 deals worth KD 17.3 million were transacted – down 10.6 percent in value from the day before. National Industries Group was unchanged at 157 fils with a volume of 3.4 million and Mezzan Holding tripped 1 fil. Boubyan Petrochemical Co climbed 15 fils to 552 fils and Al Qurain Petrochemical Co dialed up 2 fils.

Jazeera Airways rose 7 fils t0 744 fils while ALAFCO took in 2 fils. Heavy Engineering Industries and Shipbuilding Co sprinted 8 fils while Gulf Cable and NICBM held ground at 375 fils and 168 fils respectively. Kuwait Foundry Co scaled 8 fils on back of 1 share whereas Equipment Holding Co and Combined Group Contracting Co paused at 27.9 fils and 370 fils respectively.

Kuwait National Cinema Co took in 1fil and Automated Systems Co followed suit. Independent Petroleum Group slipped 4 fils to 410 fils and UPAC jumped 20 fils. KCPC dipped 12 fils to 232 fils and KPPC was up 4.7 fils at 56 fils. Kuwait and Gulf Links Transport Co dialed up 1.5 fils and KGL Logistics inched 0.3 fils into green. Mashaer Holding and OSOS stood pat at 43.8 fils and 97.2 fils respectively while Al Rai Media Group sprinted 22.3 fils to 77.8 fils. ACICO Industries took in 2 fils to close at 200 fils. In the banking sector, Gulf Bank clipped 2 fils whereas Boubyan Bank ticked 1fil higher.

Warba Bank and Ahli United Bank dialed down 1 fil each whereas Al Mutahed took in 1 fil. Commercial Bank paused at 500 fils whereas Al Ahli Bank was not traded during the session. Kuwait International Bank and Burgan Bank were unchanged at 244 fils and 276 fils respectively. KIB’s third quarter profits soared 37.6 pct to KD 3.51 million from KD 2.55 mln in same quarter last year. In the January- September period, earnings grew 15 pct to KD 15.48 million.

KIPCO paused at 207 fils and Gulf Finance House too did not budge from its earlier close of 207 fils. Kuwait Investment Co added 2 fils and FACIL was up 4 fils at 176 fils. International Financial Advisors scaled 3.3 fils on back of 14.7 million shares. National Investment Co dialed up 1.7 fils while Kuwait Financial Centre (Markaz) and KFIC were unchanged at 91 fils and 91fils and 38.4 fils respectively. Coast Investment Co edged 0.5 fil higher and Securities House tripped 0.1 fil.

Osoul Investment dialed up 2 fils. Ektittab Holding eased 0.5 fils to 21.2 fils. KAMCO inched 0.1 fil up and Bayan Investment closed flat. The company has incurred a loss of KD 155,090 during the third quarter as against KD 445,270 profit in the same quarter last year. In the January-September period, the losses totaled KD 445,770. National Real Estate eased 0.1 fil to 93.9 fils whereas Salhiya Real Estate Co and United Real Estate Co paused at 330 fils and 61 fils respectively.

Tamdeen Real Estate skidded 25 fils and Mazaya Real Estate inched 0.9 fil higher. Noor Financial Investment Co rose 1.1 fils gto 57.7 fils while Al Imtiaz and Wethaq Takaful held ground at 126 fils and 26 fils respectively. Al Mal Investment added 1.2 fils and Sokouk Holding trimmed 1.9 fils. Kuwait Insurance Co climbed 5 fils and Warba Insurance gained 4 fils.

The bourse has been largely upbeat during the week. The main index closed higher in three of the four sessions gaining 29 pts week-on-week and has rallied 56 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region

 

SOURCE : ARABTIMES

09 Nov, 2018 0 257
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