KSE stems three-day slide, gains 8.38 pts
Zain rises 10 fils; Kuwait Cable surges 14.29 pct
By Iliasu Abubakari
Arab Times Staff
KUWAIT CITY, July 20: Kuwait stocks saw a modest rebound on Wednesday, stemming a three-day slide. The price index gained 8.38 points in sluggish trade to 5,379.21 points helped by speculative buying in some of the mid and low caps.
The KSX-15 benchmark soared 11.79 points to 812.32 while the weighted index climbed 3.5 points to close at 352.01 points. The volume turnover meanwhile swelled past the 100 million mark after less activity in the last few sessions. 103.68 million shares changed hands, a jump of 70.10 percent from the previous session.
The sectors closed mostly in the positive turf. Oil and gas outperformed with 0.91 percent upswing while consumer services shed 0.58 percent to end the day as the weakest performer. In terms of volume, financial services notched the highest market share of 59.19 percent while real estate trailed far behind with 9.90 percent contribution.
Among the prominent movers, Kuwait Food Co (Americana) soared 20 fils to settle at KD 2.480 whereas National Bank of Kuwait advanced 10 fils to KD 0.600 after trading flat in the last session. Mobile Telecommunications Co (Zain) added 10 fils after trading over 1 million shares on Wednesday.
The market opened on a tame note and slipped slightly into red in early trade. The index seesawed between small gains and losses amid speculative trading. It sagged briefly past the mid-session and clawed back to hit the day’s highest level of 5,379.21 points in the final moments.
Top gainer of the day, Kuwait Cable Vision surged 14.29 percent to halt a three-day slump and United Real Estate Co advanced 10 percent to stand next at 110 fils. Hilal Cement Co plunged 7.14 percent, the steepest decliner of the day. The heaviest-traded stock Al-Salam Group Holding Co rose 6.1 percent on the back of 17.9 million shares.
However, Kuwait National Cinema Co continued its slide with 100 fils downswing while Kuwait Projects Co rose 10 fils and Mabanee Co added the same amount. Kuwait Building Materials shed 10 fils with thin trading. Equipment Holding Co eased 2 fils on the back of 2.3 million shares. National Mobile Telecommunications Co (Ooredoo) and Kuwait Telecommunications Co (VIVA) closed flat at KD 1.100 and KD 0.930 respectively.
The market was heavily skewed toward the winners as 47 shares advanced and 31 stocks closed lower. Of the 111 counters active on Wednesday, 33 closed flat. A total of 2,409 deals worth KD 8.2 million were transacted, a 4.45 percent rise in value from the last session.
The banking sector closed mostly positive as Kuwait Finance House rose 2.25 percent to KD 0.455 while Al-Ahli Bank of Kuwait jumped 3.13 percent. Gulf Bank added 4 fils and Burgan Bank gained 5 fils on the back of 3 million shares.
Warba Bank slipped 2 fils to close 170 fils while Boubyan Bank and Ahli United Bank stagnated at KD KD 0.330 and KD 0.395 respectively. Kuwait International Bank closed flat at 186 fils and Commercial Bank of Kuwait shares were not traded in this session.
In the other individual shares, ACICO Industries Co climbed 10 fils to close KD 0.265 whereas Kuwait Slaughter House Co was up by the same amount. Automated Systems Co edged 5 fils higher while Hits Telecom Co inched 1 fils up after trading over 5 million shares. Humansoft Holding Co shares were not traded.
In the real estate sector, National Real Estate Co declined 8 fils on the back of 3.3 million shares while Ajial Real Estate Co rose 6 fils to 138 fils with thin trading. Kuwait Real Estate Co inched up 1 fils but International Resorts Co dipped by the same amount after trading 1.3 million shares. Injazzat Real Estate Co and Tijara & Real Estate Investment Co eased 1 fils each whereas Munshaat Real Estate Co was up by the same amount.
National Industries Group added 2 fils and Gulf Cable and Electrical Co dived 5 fils. Contracting and Marine Services Co dialed 4 fils up and Metals and Recycling Co advanced 3 fils to 62 fils. Kuwait Foundry Co was down 2 fils and Agility paused at KD 0.475 on Wednesday.
The Energy House Co rose 3.19 percent to 49 fils whereas Ikarus Petroleum Industries Co added 2.56 percent. Gulf Petroleum Investment gained 1.25 percent while Boubyan Petrochemicals Co and Qurain Petrochemical Industries Co climbed 5 fils and 2 fils respectively. Salbookh Trading Co dipped 3 fils to 64 fils.
Gulf Franchising Holding Co and Credit Rating and Collection Co dropped 2 fils and 2.5 fils respectively while ALAFCO Aviation Lease and Finance shed 6 fils and AWJ Holding Co stood pat at 67 fils. Jazeera Airways Co stagnated at KD 0.890 and Kuwait Resorts Co gave up 1 fils to stand at 88 fils.
Livestock Transport and Trading Co dived 4 fils and Zima Holding Co inched 0.5 fils lower to 42 fils on the back of 4 million shares. Gulf Cement Co was up 1.33 percent to 76 fils GFH Financial Group and INOVEST closed flat at 69 fils and 56 fils respectively.
Noor Financial Investment jumped 4.94 percent and National Investment Co advanced 4.17 percent to settle at 43 fils and 100 fils respectively. Kuwait Investment Co fell 3 fils and Commercial Facilities Co followed suit with 2 fils downswing. Amwal International Investment Co edged up 2.44 percent and Al Madina for Finance and Investment Co was up 2.11 percent to 49 fils.
The market the been mixed so far this week. However, it has gained 14.64 points from the start of the month but down 4.2 percent year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.