Kuwaiti Stocks Kick Off Week With Feeble Gains

Kuwait stocks ticked higher on Sunday following last week’s modest gains. The All Shares Index edged 2.74 pts higher to 5,106.61 points in volatile session even as the overall mood remained cautiously mixed.

The Prime Market inched 1.51 pts up to 5,300.82 points while Main Market rose 4.94 pts to 4754.02 points taking the month’s gains to 61 pts.

The volume turnover meanwhile saw a pullback following the 7-day rise. Over 123 million shares changed hands – down 24.8 pct from the day before. The sectors closed mostly in green territory. Telecommunications outpaced the rest with 1.03 pct gain whereas insurance shed 0.73 pct, the worst performer of the day.

Volume wise, financial services notched the highest market share of 40.9 pct and real estate trailed with 27.5 percent contribution. In the individual shares, National Bank of Kuwait eased 1 fil to 836 fils after trading over 1million shares and Kuwait Finance House took in 1 fil to close at 593 fils.

Humansoft Holding jumped 31fils to KD 3.220 taking the month’s gains to 170 fils and NAPESCO scaled 15 fils. Zain rallied 6 fils to 467 fils on back of 3.6 million shares whereas Ooredoo shed 15 fils to settle at 725 fils. Kuwait Telecommunications Co (VIVA) gained 19 fils and Agility gave up 4 fils to close at 836 fils. The market opened firm and edged higher in early trade.

The main index flipped direction and headed south to plumb the day’s lowest level of 5,098 pts and pulled higher. It seesawed before peaking at 5,107 pts almost half way into the session and retreated again.

The stocks revved up in the final minutes and barely managed to close in the greenzone. Top gainer of the month, NIH rallied 9.39 pct to 62.9 fils and Safat Energy climbed 9.37 percent to stand next. Warba Insurance Co skidded 16.5 pct, the steepest decliner of the month and Aayan topped the volume with 11.8 million shares. Reflecting the day’s uptick, the winners outnumbered the losers. 52 stocks advanced whereas 45 closed lower.

Of the 121 counters active on Sunday, 24 closed flat. 4,423 deals worth KD 11.44 million were transacted – down 34 pct in value from the day before. National Industries Group was unchanged at 157 fils with a volume of over 1 million and Gulf Cable tripped 1fil. Al Qurain Petrochemical Co rose 5 fils to 390 fils and Boubyan Petrochemical Co was down 5 fils at KD 1.019. Equipment Holding eased 0.2 fil to 27.7 fils.

Kuwait Cement Co was flat at 365 fils and Kuwait Portland Cement dipped 19 fils to KD 1.071. Heavy Engineering Industries and Shipbuilding Co fell 3 fils while Kuwait Foundry Co and ACICO Industries stood pat at 189 fils and 200 fils respectively.

Jazeera Airways took in 1fil whereas ALAFCO and Mashaer Holding paused at 357 fils and 43.8 fils respectively. KCPC climbed 7 fils to 239 fils and KPPC ticked 1fil higher to 57 fils. OSOS dialed up 0.1 fil and Inovest was unchanged at 88 fils.

Combined Group Contracting Co was unchanged at 370 fils and IFA Hotels and Resorts added 1.4 fils. Kuwait and Gulf Links Transport Co trimmed 0.3 fil and KGL Logistics edged 0.8 fil into red. Al Rai Media Group rose 6.7 fils to 84.5 fils. In the banking sector, Gulf Bank was flat at 258 fils and Kuwait International Bank ticked 1fil higher.

Burgan Bank tripped 1fil and Boubyan Bank dialed up 2 fils before closing at 534 fils. Commercial Bank paused at 500 fils and Al Ahli Bank slipped 4 fils. Warba Bank took in 1fil and Ahli United Bank clipped 2 fils to wind up at 203 fils. Al Mutahed inched 1fil higher to 29 fils. KIPCO was flat at 207 fils while Gulf Finance House clipped 0.1 fil. FACIL slipped 5 fils to 171 fils whereas Kuwait Investment Co and Coast Investment took in 1 fils each.

International Financial Advisors trimmed 0.1 fils and Securities House Co added 2.1 fils. KAMCO rose 1.3 fils to 66.8 fils whereas Kuwait Financial Centre (Markaz) and KMEFIC were unchanged at 91 fils and 31.4 fils respectively.

Al Mal Investment Co inched 0.1 fil up and NIH climbed 5.4 fils to 62.9 fils. Madar Finance clipped 2 fils and Unicap closed 0.6 fil higher at 60.5 fils. Noor Financial Investment rose 3.5 fils to 61.2 fils and Bayan Investment paused at 49 fils. Bayan Investment 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.

Amwal Investment clipped 2 fils and Ektittab Holding added 1.6 fils to wind up at 22.8 fils, Al Imtiaz took in 1 fil and KFIC tripped 0.4 fils. Sokouk Holding dialed up 2.9 fils before ending at 45.9 fils. Mabanee Co stood pat at 633 fils and Kuwait Real Estate edged 0.9 fils down to 51.6 fils. United Real Estate took in 0.5 fil and National Real Estate ticked 0.1 fil higher. Mazaya Holding inched 0.2 fil into green zone.

The bourse was largely upbeat during last week. The main index closed higher in three of the four sessions gaining 29 pts week-on-week and has rallied 58 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

 

SOURCE : ARABTIMES

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