Kuwait’s stocks ‘extend’ gains as telecom shines

Al-Ahleia Insurance spikes 20 fils; Zain jumps

KUWAIT CITY, June 13: Kuwait stocks extended gains on Wednesday for the second straight trading session, led by strong rally in telecommunications and insurance shares. The All Share index advanced 24.11 points to close at 4,835.31 points.

The Premier Market index rallied 29.01 points to close at 4,809.97 points while the Main Market rose 15.25 points. The volume turnover meanwhile advanced for a third day in a row as 56.1 million shares changed hands, a 36.66 percent rise from the previous session.

The sectors closed mostly higher during this session. Telecommunications outshone with 1.75 percent gain while technology shares retreated 2.46 percent, the worst performer of the day. In terms of volume, banks continued to notch the highest market share of 35.17 percent.

Among the notable movers, Al-Ahleia Insurance Co spiked 20 fils and Gulf Cable and Electrical Ind Co was up by the same amount. Agility surged 14 fils to KD 0.759 while Humansoft Holding Co jumped 20 fils, extending gains to KD 3.780.

Top gainer of the day,Warba Insurance Co surged 9.57 percent while Danah Al Safat Foodstuff Co rose 7.56 percent to stand next. Credit Rating and Collection Co plummeted 9.78 percent, the steepest decliner of the day. The heaviest-traded stock, Zain rallied 2.82 percent after trading over 9.6 million shares.

Mezzan Holding Co gained 2 fils to KD 0.712 while Kuwait Projects Co and National Industries Group added 1 fil apiece to close at KD 0.240 and KD 0.152 respectively. GFH Financial Group was up 1 fil in thin trade and Boubyan Petrochemical Co ease by the same amount. Mabanee paused at KD 0.631.

Telecommunications shares outperformed despite Ooredoo tumbling 20 fils to KD 0.850 in thin trade. VIVA climbed 12 fils to KD 0.702. AAN Digital Services Co stayed flat at 20.5 fils.

Automated Systems Co plunged 2.46 prcent as technology shares dwindled after rallying in the last session. National Industries Co rose 2.35 percent and Kuwait Investment Co added 2.73 percent.

The market opened on a strong footing and ticked higher in early trade. The index The index continued to swing between gains and losses in a lackluster trade. The bourse meanwhile, gained momentum in the last hour to close in green.

Banking shares saw slight gains, driven by Al-Mutahed, which gained 7 fils, extending last session gains to KD 0.269 after trading over 1.15 million shares KFH rose 3 fils to KD 0.520 and NBK jumped was up 2 fils on the back of 4.7 million shares. AUB added 2 fils and KIB advanced 1 fil to close at KD 0.179 and KD 0.220. Burgan Bank stayed flat at KD 0.249.Gulf Bank eased 3 fils, extending losses to KD 0.245 while Boubyan Bank shed 4 fils to KD 0.506.

Real estate shares extended gains as Ajial Estate Entertainment Co

gained 3.70 percent and Aayan Real Estate Co climbed 3.19 percent. Ajwan Gulf Real Estate Co jumped 4.95 pct on the back of 3.04 million shares. URC added 1.54 percent, extending gains in the last session whereas Sokouk Holding Co dipped 1.03 percent.

Real Estate Trade Centers Co tumbled 9.52 percent while AlTijaria lost 0.59 percent to 71.6 fils. Arkan Al-Kuwait Real Estate Co and Al-Arabiy Real Estate Co advanced 1.28 pct and 1.67 pct respectively. Al-Mazaya Holdings dialed up 0.56 pct.

Mirroring the day’s uptick, the winners outperformed as 54 stocks ended higher whereas 32 closed lower. Of the 105 counters active on Wednesday, 19 closed flat. 2,726 deals worth KD 15.9 million were transacted, 43.69 percent jump in value from last session.

Alimtiaz Investment Group Co advanced 2.33 percent while AL-Aman Investment Co rose 4.08 percent to 51 fils. Coast Investment Co inched 4.63 percent higher to 33.9 fils and Al-Madina for Finance and Investment Co was up 5.17 percent. Oula Fuel Marketing Co and Soor Fuel Marketing Co jumped 2.42 percent and 2.38 percent to 127 fils and

129 fils respectively.

KAMCO Investment Co shed 4.59 percent to 81.1 fils and Osoul Investment Co gave up 5.59 pct on the back of 1 million shares. Unicap Investment and Finance plunged 8.46 percent while Kuwait Co for Process Plant eased 1.81 percent to 163 fils. Manazel Holding Co slipped 3.38 percent and National Shooting Co was down 3.19 percent.

Future Kid Entertainment and Real Estate advanced 3.09 percent to 100 fils while Mubarrad Holding Co shot up 2.54 percent. Asiya Capital Investment Co rose 2.50 percent to 41 fils whereas Kuwait & Gulf Link Transport Co took in 0.93 percent to close at 109 fils.

Privatization Holding Co and Equipment Holding Co added 1.15 percent and 2.22 percent respectively. First Takaful Insurance Co dialed up 1.19 percent to 42.5 fils and International Finance Advisors gained 1.57 percent.

The market has been mixed during the week as the index closed higher in the last two sessions. It has gained 99.59 points from the start of the month and trading 24.54 percent lower so far this year. Boursa Kuwait is the second largest market in the region with 175 listed stocks.