Kuwaiti equities extend gains in choppy session
Mabanee gains 10 fils, Jazeera Airways flat
KUWAIT CITY, Aug 28: Kuwait stocks pulled higher on Wednesday extending the gains to third straight session. The All Shares Index rose 11.99 pts in a choppy session to 5,950.31 points led by some of the blue chips even as the overall mood was laced with caution.
The Premier Market climbed 15.33 points to 6,542.33 points trimming the month’s losses to 201 points while Main Market added 15.33 points. The volume turnover meanwhile dipped following Tuesday’s surge. Over 107 million shares changed hands – down 32 pct from the day before.
Among the notable gainers, National Bank of Kuwait rose 3 fils on back of 2.6 million shares and Burgan Bank followed suit to wind up at 351 fils after pushing 4.9 million shares. Mabanee Co gained 10 fils as it extended previous session’s gains.
Zain eased 1 fil to 567 fils after trading over 1 million shares and Ooredoo followed suit to finish at 718 fils. Kuwait Telecommunications Co (VIVA) was unchanged at 796 fils and Agility was up 3 fils on back of 1.4 million shares. Mezzan Holding added 3 fils before closing at 585 fils.
The market opened firm and edged higher in early trade. The main index slipped to bottom at 5,938 points and clawed back into green in choppy trade. It scaled the day’s highest level of 5,959 points past the mid-session and partly pared the gains before closing with modest rise.
Top gainer of the day, Bayan Investment rallied 6 pct to 42.4 fils and Al Deera Holding climbed 5.9 percent to stand next. Marakez shed 10.7 percent, the steepest decliner of the day and Aayan Real Estate topped the volume with 11.3 million shares.
Mirroring the day’s gains, the winners slightly outled the losers. 48 stocks advanced whereas 41 closed lower. Of the 109 counters active on Wednesday, 20 closed flat. 4,952 deals worth KD 21.83 million were transacted during the session.
National Industries Group eased 1 fil to 239 fils after trading 3.9 million shares while Gulf Bank jumped 15 fils to 447 fils. Boubyan Petrochemical Co took in 1 fil while Al Qurain Petrochemical stood pat at 340 fils. Heavy Engineering Industries and Shipbuilding Co skimmed 4 fils before settling at 405 fils.
Jazeera Airways was unchanged at 970 fils and is up 25 fils so far during the month while ALAFCO tripped 1 fil. Mashaer Holding inched 0.1 fil lower while Inovest trimmed 0.5 fil before ending at 66.5 fils. SPEC took in 1 fil.
Kuwait Cement Co jumped 9 fils to 274 fils and Kuwait Foundry Co gave up 5 fils to close at 255 fils. ACICO Industries and Gulf Petroleum paused at 139 fils and 23.5 fils respectively while Warbacap edged 0.6 fil into red.
Kuwait and Gulf Links Transport Co fell 0.9 fil to 71 fils and KGL Logistics
inched 0.1 fil higher. Energy Holding took in 0.2 fil and OSOS tripped 1 fil to finish at 101 fils.
Combined Group Contracting Co rose 4 fils to 238 fils and Burgan Well Drilling Co clipped 1.4 fils to close at 85 fils. Salbookh Trading and Contracting Co pared 0.7 fil and Al Rai Media Group slipped 3.4 fils to 31 fils. KPPC ticked 1.1 fils into red and NICBM added 3 fils.
In the banking sector, Gulf Bank dialed up 2 fils on back of 9.8 million shares and Kuwait International Bank followed suit to wind up at 274 fils. Boubyan Bank climbed 4 fils to 573 fils while Warba Bank and Ahli United Bank held ground at 251 fils and 282 fils respectively.
Kuwait Finance House eased 1 fil to 749 fils after trading over 3 million shares while Commercial Bank was unchanged at 501 fils. Al Ahli Bank rose 4 fils to 314 fils and Al Mutahed tripped 1 fil.
KIPCO was unchanged at 223 fils with a volume of 1.4 million and Gulf Finance House n dialed up 2 fils. FACIL slipped 6 fils to 194 fils whereas Kuwait Investment Co and International Financial Advisors closed flat at 140 fils and 42 fils respectively.
National Investment Co ticked 1 fil higher to 134 fils while Coast Investment
Co clipped 0.9 fil after trading over 1 million shares. Arzan eased 0.1fil to 26.6 fils while ALOLA and GIH took in 0.1 fil each to close at 33.2 fils and 50.1 fils respectively.
Bayan Investment Co rose 2.4 fils to 42.4 fils whereas Unicap clipped 1.8 fils before ending at 44 fils. Al Aman eased 0.2 fil to 57.7 fils and Securities House dialed up 0.5 fil. Al Mal Investment stood pat at 12.8 fils and KFIC ticked 0.1 fil into red.
Noor Financial Investment and KSHC dialed down 0.9 fil each while Al Madina was unchanged at 17.4 fils. Al Imtiaz gave up 1 fil and Ektittab Holding skimmed 0.8 fil to finish at 16.1 fils. Al Deera Holding edged 0.7 fil into green.
United Real Estate and National Real Estate were flat at 62 fils and 83 fils respectively. Salhiya Real Estate fell 2 fils to 332 fils and AREEC was down 10 fils at 125 fils. Arab Real Estate Co took in 0.8 fil and ERESCO ticked 0.6 fil lower.
The bourse has been mixed so far during the week, shedding 49 points in last four sessions. The main index has skidded 167 pts from start of the month and is trading 864 pts higher year-to-date. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region