Kuwaiti Stocks Rev Up Amid Renewed Buying
Category: Business

Kuwait 2 stocks pulled higher on Tuesday reversing the two-day drop. The All Shares Index bounced 46.82 pts to 5136.50 pts paced renewed buying in blue chips and some of the mid-caps even as sentiment got a fillip following the inclusion of Boursa Kuwait In FTSE Russell index on Monday.

The Prime Market soared 57.66 pts to 5339.96 points while Main Market scaled 26.92 pts before settling at 4766.94 points. The volume turnover meanwhile jumped past the 100 million mark again following last session’s dip. Over 105 million shares changed hands – a 21 pct rise from the day before.

The sectors closed mostly in green turf. Oil and gas outshone the rest with 4.3 pct gain whereas technology shed 1.72 percent, the biggest loser of the day.

Volume wise, banks notched the highest market share of 32 pct and real estate trailed with 22 percent contribution. Among the prime movers National Bank of Kuwait rallied 12 fils on back of over 9 million shares and Kuwait Finance House scaled 9 fils with brisk trading. Mabanee Co climbed 7 fils to 644 fils and Al Kout soared 110 fils to 798 fils. Zain swung 9 fils higher to 476 fils with a volume of 7.7 million and is trading 42 fils higher year-to-date while Ooredoo climbed 19 fils to 779 fils. Kuwait Telecommunications Co (VIVA) tripped 1 fil and Agility gained 8 fils on back of 2.3 million shares. The market opened firm and moved sideways in early trade.

The main index pulled higher amid fresh buying in heavyweights and peaked at 5139 points half way into the session. It drifted flat thereafter and closed with hefty gains. Top gainer of the day, Energy Holding spiked 46 pct to 41 fils and Massaleh gained 19.7 pct to stand next.

Masaken dived 13 pct, the steepest decliner of the day and National Ranges topped the volume with 10 million shares Mirroring the day’s upswing, the market spread was skewed towards the winners. 58 stocks advanced whereas 35 closed lower.

Of the 118 counters active on Tuesday, 25 closed flat. 4579 deals worth over KD 27 million were transacted – a 61.5 pct surge in value from the day before National Industries Group took in 2 fils on back of over 2 million shares and Mezzan Holding clipped 2 fils before settling at 665 fils. Heavy Engineering Industries and Shipbuilding Co was flat at 497 fils and ACICO Industries closed flat. Kuwait National Cinema Co soared 48 fils to 999 fils partly recouping Monday’s drop while Combined Group Contracting Co slipped 6 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. NAPESCO rose 3 fils to 818 fils and Humansoft Holding dipped 38 fils. The company’s net profit grew 9 pct to KD 6.57 million during the second quarter of 2018. In the first half ‘s the earnings rose 9.3 percent to KD 14.4 million.

Kuwait Portland Cement rose 6 fils to KD 1.056 and Kuwait Cement Co ticked 1 fil higher. Heavy Engineering Industries and Shipbuilding Co and Gulf Cable were unchanged at 497 fils and 388 fils respectively whereas Equipment Holding trimmed 0.5 fil. Kuwait Foundry Co stood pat at 192 fils and Automated Systems Co and ALAFCO dialed down 2 fils each to close at 117 fils and 326 fils respectively.

UPAC ticked 1 fil down to 650 fils and Mashaer Holding inched 0.5 fil higher. Kuwait and Gulf Link Transport Co was flat at 99 fils and KGL Logistics edged 0.3 fil into green. Al Rai Media Group dialed up 1.2 fil and Inovest ticked 0.4 fil higher to 52.3 fils.

Al Qurain Petrochemical Co trimmed 1 fil and Boubyan Petrochemical Co added 3 fils. In the banking sector, Gulf Bank and Kuwait International Bank took in 2 fils each whereas Burgan Bank stood pat at 252 fils. Warba Bank inched 1 fil higher to 236 fils and Ahli United Bank paused at 213 fils. Al Ahli Bank climbed 5 fils to 295 fils and Al Mutahed dialed up 2 fils before closing at 300 fils. Boubyan Bank rose 4 fils to 561 fils and Commercial Bank was not traded during the session. KIPCO and Gulf Finance House were unchanged at 215 fils and 101 fils respectively while Kuwait Investment Co added 2 fils .

International Financial Advisors edged 0.3 fil higher to 24.8 fils and Coast Investment Co took in 0.6 fil. National Investment Co ticked 0.4 fil higher and Securities House trimmed 0.5 fil. ALOLA clipped 2 fils and Al Mal Investment tripped 1 fil. NIH climbed 6 fils to 66.3 fils and Unicap dialed up 2 fils to close at 60.5 fils. KMEFIC inched 1 fil higher to 33.5 fils while Al Madina and Noor Financial Investment Co held ground at 25 fils and 51 fils respectively.

Osoul Investment added 0.1 fil and KFIC fell 1.5 fils to 53.4 fils. Al Deera Holding eased 0.1 fil to 17.9 fils and Wethaq Takaful ticked 0.4 fil into red. United Real Estate was flat at 64 fils and Kuwait Real Estate inched 0.1 fil higher National Real Estate climbed 3.4 fils to 104 fils and Salhiya Real Estate dialed up 2 fils. Mazaya Holding eased 0.8 fil down to 74 fils. The market has been mixed so far during the week shedding 12 points in last three sessions and has added 4 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.



26 Sep, 2018 358
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