Kuwait stock market wraps up week with robust gains
KUWAIT CITY, April 8: Kuwait stocks logged robust gains on Thursday as it wound up the week on a buoyant note. The All Shares Index rallied 58.82 points in a broad advance to 5,926.08 pts, the highest single day gain in over four months, paced by blue chips.
The Premier Market soared 73.08 pts to 6,504.39 points taking the month’s gains to 180 points while Main Market scaled 27.35 pts. The BK Main 50 sprinted 30.87 points to 4,969.31 pts. The volume turnover, meanwhile, rebounded following Wednesday’s drop. Over 358 million shares changed hands – a 19 pct surge from the day before.
The sectors closed mixed. Technology outshone the rest with 7.93 percent gain whereas Consumer Services shed 0.86 pct, the worst performer of the day. Volume wise, Financial Services topped with 173.2 million shares while Banking sector dominated in value with 21.8 million shares.
Galloped
Among the prime movers, sector bellwether National Bank of Kuwait rallied 9 fils to 821 fils on back of 8.4 million shares while Kuwait Finance
House galloped 13 fils after pushing 9.9 million shares. Boubyan Bank sprinted 17 fils to 613 fils extending Wednesday’s gains and Mabanee Co climbed 13 fils. Humansoft Holding spiked 60 fils to KD 3.891.
Zain rose 3 fils to 603 fils on back of 3.7 million shares after ending flat in the previous session while Ooredoo tripped 1 fil. stc paced 6 fils and logistics major Agility added 3 fils with a volume of 2.3 million shares. Mezzan Holding slipped 4 fils whereas Boursa Kuwait Securities added 3 fils to close at KD 1.140. Al Deera Holding soared 67 fils.
National Industries Group eased 1 fil to 192 fils after pushing 10.6 million shares while Gulf Cable gave up 5 fils. Boubyan Petrochemical Co dropped 14 fils 886 fils whereas Al Qurain Petrochemical Co took in 1 fil. Jazeera Airways stalled at 719 fils and ALAFCO dialed up 2 fils. after moving 2.9 million shares. Integrated Holding trimmed 1 fil and Aznour inched 1 fil into green. YIACO Medical slipped 10 fils to 499 fils.
The market opened firm and moved sideways in early trade. The main index headed north thereafter amid strong buying across the board and peaked at 5928 points in the final minutes. It sagged marginally before closing with solid gains.
Top gainer of the day, Al Deera Holding soared 50 pct to 201 fils while Sanam Real Estate galloped 18.35 percent to stand next. KSHC skidded 8.4 percent, the steepest decliner of the day and Aayan Real Estate topped the volume with over 37 million shares.
Mirroring the day’s strong gains, the market spread was heavily skewed towards the winners. 75 stocks advanced whereas 44 closed lower. Of the 139 counters active on Thursday, 20 closed flat. 13.394 deals worth KD 57.83 million were transacted during the session.
Down
In the banking sector, Gulf Bank was unchanged at 216 fils after pushing over 6 million shares while Kuwait International Bank took in 2 fils on back of 5.7 million shares. Burgan Bank dialed down 2 fils.
Ahli United Bank BSC rose 3 fils to 210 fils with brisk trading and Warba Bank followed suit. Al Ahli Bank edged 2 fils up to 204 fils whereas Ahli United Bank Kuwait held ground at 210 fils. KIPCO and National Investment Co paused at 163 fils and 178 fils respectively after moving over 1 million shares whereas KREC took in 1 fil. Al Imtiaz Investment was unchanged at 115 fils while Kuwait Investment
Co scaled 6 fils on back of 4.8 million shares. Coast Investment ticked 0.9 fils up whereas International Advisors was flat at 111 fils.
Noor Financial Investment rose 4 fils to 207 fils and Tamdeen Investment took in 1 fil. KFIC climbed 6.2 fils to 80 fils and Aayan Leasing and Investment Co gained 10 fils. Gulf Investment House gave up 2 fils whereas KMEFIC and Arzan added 2 fils each. Bayan Investment Co inched 0.7 fils on back of 7.7 million shares.
Kuwait Insurance Co climbed 8 fils to 410 fils and Gulf Insurance Group was up 6 fils at 630 fils. Al Ahleia Insurance Co shed 27 fils whereas Warba Insurance Co dialed up 2 fils. Salhia Real Estate crept 1 fil higher to 536 fils whereas Tamdeen Real Estate closed 3 fils in red.
Kuwait Cement Co dialed up 2 fils while Kuwait Portland Cement and Educational Holding Co paused at 889 fils and 333 fils respectively. Kuwait Foundry Co shed 9 fils whereas Metal and Recycling Co scaled 4 fils. Automated Systems Co gained 6.6 fils and KCPC was up 5 fils at 575 fils.
The market was upbeat during the week. It closed higher in three of the five sessions, rallying 113 points week-on-week . It has galloped 150 points from start of the month and is up 354 points year-to-date.