Kuwait’s market edges higher, volume ‘swells’

Jazeera Airways jumps 44 fils, UPAC dips

By John Mathews

Arab Times Staff

KUWAIT CITY, Feb 4: Kuwait stocks eked feeble gains on Tuesday as it stemmed the three-day fall. The All Shares Index rose 5.44 pts in volatile session to 6,273.71 points led by some of the mid-caps even as the overall mood remained mixed.

The Premier Market ticked 1.25 points higher to 6,975.32 pts trimming the month’s losses to 58 pts while Main Market climbed 19.6 points to 4,884.82 pts. The volume turnover meanwhile rebounded after the three-day drop. Over 246 million shares changed hands – a 48 percent surge from the day before.

The sectors closed mostly mixed. Telecommunications sector outshone the rest with 1.3 pct gain whereas Basic Materials shed 0.72 percent, the worst performer of the day. Volume wise, Financial Services topped the volume with 108.8 million shares while Banking sector were ahead with KD 18.4 million.

Among day’s movers, Humansoft Holding jumped 20 fils to KD 3.210 and Integrated Holding was up 13 fils at 559 fils. Al Mutahed rallied 6 fils to 341 fils on back of 1.2 million shares and Jazeera Airways rebounded from Monday’s trough with 44 fils surge to KD 1.066.

Zain rose 5 fils to 580 fils on back of 2.7 million shares while Ooredoo climbed 10 fils to 785 fils. Kuwait Telecommunications Co (stc) rallied 34 fils to 818 fils after the company announced robust annual profits while Agility inched 1 fil higher to 835 fils with a volume of 1.4 million.

The market opened firm and edged higher in early trade. The main index scaled the day’s highest level of 6,290 points and headed south as sentiment flipped. It bottomed at 6,248 pts half way into the session and clawed back into green again before closing with slight gains.

Top gainer of the day, First Dubai rallied 12.77 pct to 52.1 fils and

Wethaq Takaful rallied 10 percent to stand next. Arzan skidded 12.9 percent, the steepest decliner of the day and the counter also topped the volume with over 49 million shares.

Despite the day’s uptick, the losers slight outnumbered the winners. 49 stocks advanced whereas 59 closed lower. Of the 130 counters active on Tuesday, 22 closed flat. 8,828 deals worth KD 34.37 million were transacted during the session.

National Industries Group was unchanged at 240 fils after trading 2.4 million shares while Mezzan Holding gave up 3 fils. Boubyan Petrochemical Co dipped 8 fils to 667 fils and Al Qurain Petrochemicl Co inched 1 fil lower to 300 fils.

Kuwait Cement Co fell 3 fils to 230 fils and Kuwait Portland Cement stood pat at 975 fils. Gulf Cement Co and Jiyad gave up 0.8 fil each while Fujairah Cement Co added 1 fil before settling at 50 fils. Equipment Holding took in 0.7 fil before settling at 19 fils.

Combined Group Contracting Co and OSOS were flat at 250 fils and 115 fils respectively whereas ACICO Industries tripped 1 fil. Gulf Cable paused at 485 fils and Educational Holding Co too did not budge from its earlier close of 370 fils. AGHC dropped 10 fils to 220 fils.

Kuwait Foundry Co fell 5 fils to 310 fils and Kuwait National Cinema Co shed 20 fils. Safat Energy Holding eased 0.2 fil to 21.9 fils and Energy Holding ticked 0.2 fil into green. Gulf Petroleum Investment eased 0.1 fil after trading 5.7 million shares.

UPAC tumbled 44 fils to 401 fils while Salbookh and SPEC held ground at 49.5 fils and 82.1 fils respectively. Amar dialed up 1.7 fils and Mashaer ticked 0.2 fil down to 77 fils. KPPC dialed up 0.5 fil and KCPC sprinted 4 fils to 266 fils. AAN clipped 1.2 fils after pushing 12.8 million shares.

Kuwait and Gulf Links Transport Co fell 0.9 fil to 61.6 fils and KGL Logistics trimmed 0.5 fil to end at 34.9 fils with a volume of over 1 million. ALAFCO and Soor Fuel tripped 1 fil each while IFA Hotels and Resorts eased 0.1 fil to 60.9 fils.

Warbacap slipped 0.5 fil to 60.5 fils and Mubarrad gave up 0.9 fil before settling at 69 fils. Al Rai Media Group dropped 3.5 fils and

Inovest edged 0.3 fil into green. Heavy Engineering Industries and Shipbuilding Co dialed up 2 fils.

In the banking sector, National Bank of Kuwait was flat at KD 1.039 after trading 3.9 million shares and Gulf Bank clipped 2 fils to settle at 307 fils. Kuwait Finance House gave up 1fil with a volume of 6.5 million shares and Burgan Bank followed suit to end at 305 fils.

Commercial Bank rose 5 fils to 520 fils and Al Ahli Bank closed 2 fils in red. Ahli United Bank was flat at 335 fils with brisk trading and Warba Bank followed suit. Boubyan Bank tripped 1 fil before ending at 646 fils.

KIPCO eased 1 fil to 210 fils and Gulf Finance House ticked 0.5 fil into green. Kuwait Investment Co and FACIL took in 1 fil each whereas International Financial Advisors stood pat at 56 fils. Coast Investment Co clipped 1.3 fils after pushing 2.9 million shares.

Kuwait Financial Centre (Markaz) dialed up 1 fil on back of 1.6 million shares and National Investment Co and KMECFIC dialed up 2 fils each and Arzan gave up 5.4 fils with brisk trading. Al Aman took in 0.8 fil with thin trading while ALOLA clipped 2.1 fils with a volume of 26.4 million shares.

KAMCO and Al Mal were unchanged at 104 fils and 9 fils respectively while GIH added 1.1 fils. Unicap ticked 0.1 fil higher to 52.3 fils and Madar eased 0.1 fil. Osoul dialed up 2 fils and KFIC added 2.3 fils on back of over 1 million shares.

Bayan Investment fell 2.6 fils to 40 fils while Al Deera Holding and Al Salam stood pat at 19.5 fils and 29.5 fils respectively. Noor Financial Centre and Al Imtiaz added 1 fil each while Amwal ticked 0.4 fil higher to 40 fils. KSHC trimmed 0.8 fil.

National Real Estate Co tripped 0.5 fil and Salhiya Real Estate ticked 1 fil higher to 440 fils. Tamdeen Real Estate dialed up 2 fils and Salhiya Real Estate inched 1 fil higher to 440 fils. Mazaya Holding added 1.1 fils on back of 66 fils and Marakez gave up 2.8 fls.

The market has been largely weak so far during the week, shedding 50 pts in last three days. It had climbed 42 points during whole of January after rallying 1,203 points last year.