Kuwait bourse resumes ascent, volume hits 50-day high

National Investment Co rallies 6 fils, Zain ticks down

KUWAIT CITY, April 6: Kuwait stocks resumed its ascent on Tuesday following last session’s retreat. The All Shares Index, after an early pullback, climbed 29.25 points to 5,850.34 pts helped by fresh buying in some of the blue chips and other counters.

The Premier Market sprinted 36.26 pts to 6,410.19 points taking the month’s gains to 86 pts while Main Market scaled 13.82 points. The BK Main 50 was up 12.51 pts at 4,922.62 points. The volume turnover, meanwhile, hit a 50-day high as it extending its rise to sixth straight session. Over 364 million shares changed hands – a 32 pct jump from the day before.

The sectors closed mostly in green territory. Technology outshone the rest with 5.63 percent gain whereas Telecommunications sector eased 0.15 percent, the biggest loser of the day. Volume wise, Financial Services topped with 200.8 million shares and Banking Sector dominated in value with KD 52.41 million.

Among the prime movers, Kuwait Finance House climbed 6 fils to 713 fils on back of over 15 million shares and Boubyan Bank paced 5 fils to close at 750 fils. National Investment Co rallied 6 fils after pushing 6.5 million shares while Boubyan Petrochemical Co soared 37 fils to 871 fils. YIACO Medical galloped 46 fils to KD 1.450 partly recouping Monday’s slide.

Zain eased 1 fil to 601 fils and is little changed year-to-date while Ooredoo climbed 8 fils to 644 fils. stc shed 10 fils whereas logistics major Agility took in 1 fil on back of 2.52 million share taking the month’s gains to 10 fils. Humansoft Holding stood pat at KD 3.800 and Mezzan Holding dialed up 2 fils. Mabanee Co was unchanged at 700 fils.

National Industries Group was flat at 187 fils after moving 1.8 million shares whereas Gulf Cable gave up 2 fils. Qurain Petrochemical Co clipped 2 fils and Integrated Holding Co inched 1 fil to red. Jazeera Airways continued to stall at 710 fils after shedding 20 fils year-to-date and ALAFCO too did not budge from its previous close of 210 fils. Aznour added 2 fils on back of 2.3 million shares.

The market opened slightly gap up and slipped into red in early trade. The main index plumbed the day’s lowest level of 5,814 pts and rebounded amid buying spurt in some of the counters. It dipped again before clawing back to peak at 5,853 points past the mid-session and moved sideways to close with modest gains.

Top gainer of the day, Bayan Investment rallied 10.8 pct to 35.9 fils while Al Aqaria paced 9.96 percent to stand close behind. Al Rai Media Group skidded 11.93 pct, the steepest decliner of the day and ALOLA topped the volume with 32.7 million shares.

Mirroring the day’s gains the market spread was skewed towards the winners. 77 stocks advanced whereas 38 closed lower.

Of the 133 counters active on Tuesday, 18 closed flat. 12,875 deals worth KD 50.03 million were transacted during the session.

In the Banking Sector, National Bank of Kuwait was unchanged at 811 fils after pushing 2.6 million shares and Gulf Bank followed suit to end at 219 fils with brisk trading. Kuwait International Bank took in 1 fil whereas Burgan Bank held ground at 221 fils.

Ahli United Bank BSC climbed 5 fils to 210 fils on back of 15.3 million shares and Warba Bank inched 1 fil into green. Al Ahli Bank of Kuwait dialed up1 fil and Ahli United Bank Kuwait added 2 fils with a volume of 4.3 million.

KIPCO was unchanged at 164 fils whereas Imtiaz Investment and Kuwait Real Estate Co edged 1 fil higher to end at 116 fils and 139 fils respectively. Kuwait Investment Co took in 1 fil whereas International Financial Advisors gave up 2 fils after pushing over 3 million shares.

Kuwait Financial Centre (Markaz) was flat at 86 fils whereas KMEFIC and Aayan Leasing slipped 3 fils each. KFCI rose 2.5 fils to 73.5 fils on back of over 3 million shares and KAMCO closed 0.7 fils in green. Osoul Investment was down 3.5 fils at 73.5 fils whereas and First Investment and Bayan Investment scaled 3.5 fils each.

Noor Financial Investment dialed up 1 fil and Tamdeen Investment paused at 218 fils. Kuwait Insurance Co gained 5 fils and Al Ahleia Insurance Co darted 13 fils to 518 fils. Salhia Real Estate Co clipped 2 fils whereas Tamdeen Real Estate stalled at 240 fils.

The market has been largely upbeat during the week gaining 37 points in last three sessions. It has rallied 74 points from start of the month and is up 278 points yearto-date.