Kuwait’s equities edge higher, volume tapers

Commercial Bank jumps 14 fils, Zain slips

By John Mathews

Arab Times Staff

KUWAIT CITY, Sept 25: Kuwait stocks eked marginal gains on Wednesday as it continued its uptrend for fifth consecutive session. The All Shares Index rose 6.62 points in volatile session to 5,741 points even as the broader sentiment remained mixed.

The Premier Market ticked 1.17 pts higher to 6,264.46 points while the Main Index climbed 18.18 points to 4,719.45 points paring the month’s losses to 70 points. The volume turnover meanwhile tapered for second straight session. Over 117 million shares changed hands – down 4 pct from the day before.

The sectors closed mostly in the red. Basic Materials outperformed the rest with over 1 pct gain whereas telecommunications dipped 0.73 percent, the worst performer of the day. Volume wise, financial services dominated with over 50 million shares while banks topped in value terms with KD 10.4 million.

In the individual shares, Kuwait Finance House rallied 4 fils on back of 5.7 million shares to close at 684 fils trimming the month’s losses to 64 fils whereas Boubyan Bank was down 8 fils at 560 fils. Commercial Bank sprinted 14 fils to 514 fils.

Zain fell 5 fils to 545 fils after pushing 3.9 million shares at the counter whereas Ooredoo shed 7 fils before settling at 711 fils. Kuwait Telecommunications Co (VIVA) climbed 6 fils to 746 fils recouping last session’s losses while Agility gave up 3 fils to close at 737 fils. Humansoft Holding was down 6 fils at KD 3.082.

The market opened on a tame note and drifted sideways in early trade. The main index sagged slightly to plumb the day’s lowest level of 5,720 pts and pulled higher. It peaked at 5,748 points in the final hour amid buying in select counters and pared back some of the gains before closing in the green turf.

Top gainer of the day, Al Aqaria soared 11.1 pct to 27 fils and GIH sprinted 10 pct to stand next. Amwal tumbled 27.7 percent, the steepest decliner of the day and Arzan topped the volume with 18.9 million shares.

Mirroring the day’s gains, the winners outnumbered the losers. 59 stocks advanced whereas 45 closed lower. Of the 120 counters active on Wednesday, 16 closed flat. 5,932 deals worth over KD 26 million were transacted during the session.

National Industries Group was unchanged at 227 fils after trading 4.5 million shares while Mezzan Holding gave up 5 fils before ending at 589 fils. Boubyan Petrochemical Co paused at 759 fils and Al Qurain Petrochemical Co sprinted 8 fils to 317 fils.

Jazeera Airways slipped 5 fils to 975 fils and ALAFCO stood pat at 267 fils. Combined Group Contracting Co climbed 6 fils to 230 fils whereas Gulf Petroleum Investment Co and Kuwait National Cinema Co held ground at 22 fils and 770 fils respectively.

Kuwait Portland Cement was unchanged at KD 1.190 and ACICO Industries fell 3 fils to 130 fils. Sharjah Cement Co tripped 1.5 fils and Gulf Cement

Co dialed up 2 fils to finish at 56.5 fils. Fujairah Cement Co rose 1.5 fils to 51 fils and FutureKid added 1.9 fils.

Kuwait Foundry Co scaled 5 fils while Heavy Engineering Industries and Shipbuilding Co stood pat at 402 fils. AAN tripped 0.6 fil and Warbacap was down 4 fils at 64 fils. Salbookh ticked 0.1 fil higher and Energy Holding eased 0.2 fil to 18.8 fils. Masher Holding added 1 fil.

Kuwait and Gulf Links Transport Co took in 1 fil and KGL Logistics paused at 38.7 fils. KPPC trimmed 0.8 fil and IFA Hotels and Resorts dialed up 0.9 fil. Inovest inched 0.5 fil up and SPEC clipped 1 fil with thin trading. Al Rai Media Group closed flat at 37 fils.

Independent Petroleum Group added 3 fils at Gulf Cable rallied 24 fils on back of 7.8 million shares. Equipment Holding eased 0.3 fil to 16.4 fils and Integrated Holding Co spiked 29 fils to 425 fils. Independent Petroleum Group rose 3 fils to 438 fils.

In the banking sector, National Bank of Kuwait dialed up 2 fils on back of 1.5 million shares and Gulf Bank clipped 2 fils after moving 6.6 million shares. Kuwait International Bank was unchanged at 273 fils and Burgan Bank fell 2 fils to 317 fils.

Al Ahli Bank slipped 3 fils go 303 fils and Al Mutahed inched 1 fil higher. Warba Bank stood pat at 247 fils and Ahli United Bank ticked 1 fil higher with a volume of 7.2 million.

KIPCO rose 3 fils to 223 fils and

Gulf Finance House dialed down 1.5 fils. Kuwait Investment Co rose 3 fils to 139 fils and National Investment Co tripped 1 fil. FACIL gained 11 fils while International Financial Advisors and Al Deera Holding eased 0.4 fil each.

Kuwait Financial Centre (Markaz) took in 2 fils while Coast Investment Co and Securities House added 0.8 fil each to close at 32.2 fils and 43.6 fils respectively. Al Mal edged 0.3 fil higher to 12.7 fils and Alola inched 0.1 fil up on back of 3.3 million shares.

KMEFIC slipped 5.9 fils to 98.1 fils and KFIC gave up 1.4 fils to close at 52 fils with a volume of 5.3 million shares. Sokouk Holding and Aayan dialed up 0.5 fil each whereas Asiya fell 1.6 fils.

Noor Financial Investment trimmed 1.4 fils and Sokouk Holding inched 0.5 fil up. Kuwait Insurance Co clipped 1 fil and KSHC gave up 3.3 fils. Unicap edged 0.5 fil into red and Madar Finance slipped 3 fils.

Kuwait Real Estate dialed up 1.2 fils and National Real Estate trimmed 0.7 fil. Tamdeeen Real Esate rallied 17 fils with thin trading and Mazaya Holding ticked 0.5 fil higher. National Real Estate fell 0.7 fil to 78.5 fils.

The bourse has been upbeat so far during the week gaining 187 points in last four sessions. It has skidded 201 pts from start of the month and is trading 660 pts higher year-to-date. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.