Kuwait stocks head north, volume drops

KNC rises by 50 fils, Jazeera Airways slides

By Paul Francis X. Fernandes

Arab Times Staff

KUWAIT CITY, Dec 29: The Kuwait Stock Exchange ended trading Sunday with the general index rising by 3.4 points to reach 6,247.6 points or 0.6 percent.

A total of 125.5 million shares were traded through 5,501 cash deals worth KD20 million (about $66 million). Out of the 132 companies active, 68 were gainers, 46 were losers and 18 were unchanged.

The main market index lost 1.5 points to read 4,894.4 points or 0.03 percent, as 96.6 million shares were traded through 3,599 cash deals worth KD6.3 million (about $20.7 million).

The premier market index rose by 5.8 points to reach the level of 6,932.09 points or 0.08 percent, as 28.8 million shares were traded through 1,902 deals worth KD13.7 million (about $45.2 million).

Al Mudoon International Real Estate Company was the gainer of the day which rallied 15.31 percent to finish with 24.1 fils, Al Masaken International Real Estate Development Company sprinted 10.0 percent to stand next, while the steepest decline of 10.0 percent was recorded by Umm Al Qaiwain General Investments Company P.S.C. while Ajwan Gulf Real Estate Company maintained its Thursday’s position and again topped the volume with 14.5 million shares.

Some of the top gainers were IFA Hotels & Resorts Company, Al Eid Food Company and Arabi Holding Group Company while the shares of Ajwan Gulf Real Estate Development Company, Mubarrad Holding Company, Al-Khaleeji, Baitak and Al-Oula were the most heavily traded. The shares of Qaiwain, Reem, Tamdeen Al-Khaleeji and AlWathiq saw the downward trend.

Arabi Group Holding Company has announced that one of its subsidiaries has submitted a tender to Kuwaiti National Petroleum Company for the maintenance of Mina AlAhmadi Refinery. The tender value is KD94.8 million (about $312.8 million).

The tender includes mechanical maintenance of the refinery and liquid gas production facilities at Mina Al-Ahmadi Refinery. The duration of the project is 63 months.

The session also witnessed the announcement by Burgan Bank of the sale of the main center building (Burgan Tower) located in Sharq for KD19.4 million (about $64.02 million).

The Kuwait Stock Exchange Company is currently implementing the first step of the third stage of developing the market by launching special innovative products and investment tools including incomegenerating Real Estate Investment Trusts (REITs), which are funds that own and manage real estate incomegenerating and real estate assets.

A number of investors participate in these funds, which allow individual investors to obtain a share of the income resulting from the ownership of the property without the need to purchase or finance property or assets.

Gainers include Kuwait National Cinema (KNC) which rose by 50 fils with current price of 1,050 fils; Humansoft went up by 19 fils with current price of 3,059 fils compared to 3,040 fils last Thursday; Arabi Holding Group Company gained 18 fils with current price of 271 fils; Mezzan Holding Company and Kuwait Insurance Company increased by 10 fils with current price of 500 fils and 350 fils respectively; Al Eid Food Company went up by 5.7 fils with current price of 74 fils; IFA Hotels & Resorts Company earned 4.7 fils with current price of 56.9 fils compared to 52.2 fils previously; Ahli United Bank, Aqar Real Estate Investments Company, Kuwait Company for Process Plant Construction & Contracting, and Al Masaken International Real Estate Development Company climbed 4 fils with current price of 333 fils, 80 fils, 265 fils and 44 fils respectively; Al Mudoon International Real Estate increased by 3.2 fils through 1.9 million shares traded with current price of 24.1 fils; Zain rose by 3 fils after trading 2.9 million shares with current price of 597 fils along with National Investments Company which traded 2.9 million shares with current price of 138 fils, as well as Boubyan Bank, Kuwait Portland Cement Company, National Industries Company, and Osos Holding Group Company with current price of 639 fils, 981 fils, 165 fils and 111 fils respectively; The Securities House Company earned 2.4 fils through 2.1 million shares with current price of 48.2 fils along with Mubarrad Holding Company through 7.2 million shares traded with current price of 87.9 fils; Al-Aman Investment Company gained 2 fils through 2.1 million shares traded with current price of 59.9 fils and Kuwait Real Estate Company after trading 1.1 million shares with current price of 105 fils, along with Agility Public Warehousing Company, Integrated Holding Company KCSC, Commercial Facilities Company, Ooredoo, Soor Fuel Marketing Company, and Asiya Capital Investment Company with current price of 810 fils, 552 fils, 217 fils, 810 fils, 125 fils and 39.5 fils respectively; The National Real Estate Company climbed 1.8 fils through 4.06 million shares traded with current price of 91.2 fils; Kuwait and Middle East Financial Investment Company increased by 1.6 fils after trading 1.6 million shares with current price of 89.6 fils, in addition to Aayan Real Estate Company with current price of 77.9 fils; Gulf North Africa Holding Company and Warba Capital Holding Company earned 1.4 fils with current price of 59.5 fils and 65.9 fils respectively; National Cleaning Company rose by 1.3 fils after trading 2.5 million shares with current price of 73.8 fils; Coast Investment & Development Company went up by 1.1 fils after trading 1.9 million shares with current price of 41.7 fils, as well as Sokouk Holding Company through 3.8 million shares traded with current price of 35.4 fils; Ahli United Bank (B.S.C.) increased by 1 fil through 4.1 million shares traded with current price of 314 fils, in addition to Qurain Petrochemical Industries Company, National International Holding Company, United Real Estate Company, Oula Fuel Marketing Company, and Acico Industries Company with current price of 309 fils, 78 fils, 61.2 fils, 125 fils and 133 fils respectively.

Losers were Jazeera Airways which slid by 40 fils to finish at 1,060 fils compared to the previous price of 1,100 fils; Tamdeen Real Estate Company declined by 33 fils with current price of 309 fils compared to the previous price of 342 fils; National Petroleum Services Company went down by 29 fils with current price of 1,170 fils; Ream Real Estate

Company K.S.C.P. decreased by 9.7 fils with current price of 87.9 fils; Mabanee lost 8 fils with current price of 887 fils; Umm Al Qaiwan General Investment Company P.S.C. declined by 7.9 fils with current price of 71.1 fils compared to the previous price of 79 fils; Educational Holding Group went down by 7 fils with current price of 432 fils compared to the previous price of 439 fils; Gulf Investment House declined by 5.5 fils after trading 6.09 million shares with current price of 67.9 fils compared to the previous price of 73.4 fils; Saudi Telecom Company went down by 5 fils with current price of 785 fils; Gulf Cable and Electrical Industries Company slid by 4 fils with current price of 483 fils compared to 487 fils previously; Al Madar Finance and Investment Company went down by 3.7 fils with current price of 90 fils compared to 93.7 fils previously; Kuwait International Bank slid by 3 fils through 2.3 million shares traded with current price of 272 fils along with Warba Bank which traded 4.1 million shares with current price of 276 fils; Gulf Cement Company declined by 2.5 fils with current price of 54 fils compared to 56.5 fils previously; Arkan Al-Kuwait Real Estate Company lost 2.1 fils with current price of 87.4 fils compared to 89.5 fils previously; Noor Financial Investment, Wethaq Takaful Insurance Company, Al-Enma Real Estate Company, and Combined Group Contracting Company declined by 2 fils with current price of 116 fils, 25 fils, 64 fils and 259 fils; Inovest lost 1.5 fils with current price of 67 fils compared to the previous price of 68.5 fils; Warba Insurance Company (K.S.C.P.) and Fujairah Cement Industries slid by 1.4 fils with current price of 65.5 fils and 45 fils respectively; Privatization Holding Company lost 1.2 fils with current price of 49.3 fils; Bayan Investment Company decreased by 1.1 fils with current price of 36.2 fils; Gulf Bank went down by 1 fil after trading 3.4 million shares with current price of 305 fils as well as National Industries Group (Holding) which traded 2.5 million shares with current price of 240 fils and Alimtiaz Investment Group Company through 1.6 million shares traded with current price of 125 fils, along with Boubyan Petrochemical Company, Al-Ahli Bank of Kuwait, Al-Ahleia Insurance Company, Ajial Real Estate Entertainment Company, Kuwait Resorts Company, and Livestock Transport & Trading Company with current price of 690 fils, 255 fils, 427 fils, 185 fils, 61 fils and 183 fils.

In addition, the following were unchanged: National Bank of Kuwait which traded 1.3 million shares at 1,060 fils, Burgan Bank at 306 fils, Kuwait Finance House at 809 fils through 4.7 million shares traded, Kuwait Projects Company (Holding) at 218 fils, Kuwait Investment Company at 150 fils, Markaz at 105 fils, Aayan Leasing & Investment Company at 46.5 fils, Unicap Investment and Finance at 54 fils, Alsalam Group Holding Company at 29.4 fils, Ekttitab Holding Company at 15 fils, Salhia Real Estate Company at 419 fils, Investors Holding Group Company at 7.8 fils, International Resorts Company at 11.3 fils, Real Estate Trade Centers Company at 25.9 fils, Heavy Engineering Industries and Ship Building Company at 407 fils, Alafco Aviation Lease and Finance at 270 fils, Jiyad Holding Company at 40 fils, and Sharjah Cement & Industrial Development Company at 51.5 fils.