Kuwait stock market closes in ‘green turf’

KAMCO gains 8.8 pct, Jazeera Airways flat

By Cinatra Alvares

Arab Times Staff

KUWAIT CITY, Aug 7: Kuwait stocks pushed higher on Wednesday with most sectors edging to the green. The All Share Price rose to 6114.75 points, up by 0.46%. The Premier Market added 36.69 points to stand at 6743.58 points and the Main Market marked a 10.87 point increase to 4876.74 points.

The stock market opened firm and revved up in early trade but drifted slightly lower in choppy midday trading before rallying above the rim in the final hour. Of the 124 counters that were open during the session, the gainers outpaced the losers; 58 advanced, 43 retreated and 23 closed flat. Over 118.65 million shares were traded for a turnover of KD 25.72 million.

Kamco Investments Company topped the list of gainers in the section, recording a 8.89% increase to a 98 fils share price. Real Estate Trade Centres Co and IFA Hotels and Resorts Co followed in close step with a 8.64% spike to 26.4 fils and 62.9 fils respectively. Concurrently, The Energy House posted a 7% hike in price to 21.4 fils and Osos Holding Company made a 6.11% augment to 106 fils.

Sanam Real Estate Holding Company logged the highest drop of 11.11% to 40 fils while Manazel Holding Company took a 8.75% cut to 27.1 fils. Al Rai Media Group dived 6.25% to 30 fils and International Resorts Company lost 6% in closing at 14.1 fils. Fujairah Cement Industries counted itself among the day’s top losers with 52.5 fils close off a 4.55% price contraction.

Arzan Financial Group for Financing and Investment continued to be the top traded stock with 12.98 million of its shares exchanged on the floor. National Industries Group, Aayan Leasing and Investment Co and Ahli United Bank also logged stout trade with over 6 million of their shares traded in the session.

Banks closed at 1427.33 points with a 5.82 point turn to the green for the highest turnover of KD 12.7 million during the session. A total volume of 28.23 million shares were traded in the sector. Kuwait Finance House added 2 points to close at 782 fils on trading 3.9 million shares for KD 3.07 million. National Bank of Kuwait jumped 5 points higher to a KD 1.003 share price, shaking off previous dips after trading a robust 2.88 million shares for a KD 2.88 million turnover. Ahli United Bank inched 1 point higher to 289 fils while Kuwait International Bank remained unchanged at 279 fils. Gulf Bank dialled up 1 point to 313 fils while Burgan Bank hiked 5 points higher to 356 fils. Boubyan Bank, however, slumped by 2 points to 596 fils while Warba Bank and Commercial Bank of Kuwait stepped 1 point and 2 points higher to 258 fils and 503 fils respectively.

The telecommunication sector stood at 1095.07 points at the end of trading, up by 0.70%. Mobile Telecommunications Co (Zain) and Kuwait Telecommunications Co (Viva) scaled 5 points for a 595 fils and 810 fils finish while National Mobile Telecommunications Co (Ooredoo) ebbed 1 point lower to 719 fils. Meanwhile, Aan Digital Services Co eased 0.3 points lower to 12.5 fils.

The financial services sector marked a 1071.89 point turn to the green with the top volume traded in the session. Over 53.7million shares were exchanged for a KD 4.49 million turnover. National Industries Group inched 1 point upward to 257 fils while Arzan Financial Group for Financing and Investment and Aayan Leasing and Investment Co edged slightly to the green at 28.2 fils and 54.9 fils respectively. Al Imtiaz Investment Group and Kuwait Financial Centre gained 3 points for a 140 fils and 105 fils close. At the same time, Kuwait Projects Company posted a 2 point increase to 225 fils and GFH Financial Group saw a 1.3 point hike to 72.3 fils. National Investment Group climbed 1 point higher to 140 fils.

The Oil and Gas sector closed 0.43% higher at 1215.85 points. Gulf Petroleum Investment and Burgan Co for Well Drilling, Trading and Maintenance held ground at 21 fils and 89.1 fils while The Energy House Co dialled up 1.4 points to 21.4 fils.

The Real Estate Sector pared lower and closed at 969.43 fils in the red zone. Mabanee Co dipped 2 points lower to 795 fils while Al-Enma A Real Estate Co made a 2.4 point rise to 46.4 fils. While the National Real Estate Company, Mashaer Holding Company and United Real Estate Company inched higher to close at 85.4 fils, 70.1 fils and 64.7 fils in the green, Al Mazaya Holding CO and The Commercial Real Estate Company ebbed lower to 53.6 fils and 93.6 fils at close. Aayan Real Estate Co and Abyaar Real Estate Development Co closed flat at 63.5 fils and 13.7 fils respectively.

In the Industrial Sector, which closed at 928.56 points in the green, Agility Public Warehousing Co made a 13 point leap to 793 fils while Combined Group Contracting shed 5 points for a 250 fils close. Alafco Aviation Lease and Finance stepped 2 points higher and Humansoft Holding Co gained 89 points for a KD 3.249 end. Meanwhile, Gulf Cable and Electrical Industries Co and Heavy Engineering Industries and Ship Building Co took a 7 point and 4 point tumble to 459 fils and 413 fils respectively.

Basic Materials closed at 1035.38 points, up by 0.38%. Boubyan Petrochemical Co scaled 5 points higher to 778 fils while Qurain Petrochemical Industries added 1 point to close at 347 fils. At the same time, Kuwait Foundry Co slipped 2 points under to 254 fils.

In the insurance sector, Warba Insurance dropped 2 points to 66 fils while Gulf Insurance Company inched 1 point higher to 626 fils and Kuwait Insurance Company made a 5 point augment to 340 fils in the session.

In Consumer Goods, Mezzan Holding Co and Danah Al Safat Foodstuff Co closed flat at 610 fils and 25.7 fils respectively and in Consumer Services, Jazeera Airways Co closed at a steady 959 fils.

The companies suspended from trading in the session included Al-Kout Industrial Projects Co. for not submitting the financials for 31-3-2019 as well as Ithmaar Holding Co. and Yiaco Medical Co. for their losses exceeding 75% of the Paid up Capital.