Kuwait’s index climbs amid sluggish trading

KUWAIT CITY, Oct 2: Kuwait’s stocks saw a modest rebound on Monday as the price index rose 2.9 points in sluggish trading to close at 6,674.53 points with mixed boards.

The KSX-15 benchmark was up 0.96 points to 1,016.93 points while the weighted index fell 0.09 points. The volume turnover meanwhile retreated as 121.2 million shares changed hands, a decline of 22.36 percent from the previous session.

The sectors closed mixed. Industrials sector outpaced the rest with 0.54 pct gain and technology sank 4.75 pct, the worst peformer of the day. In terms of volume, financial services topped with 40.31 pct market share while banks and real estate trailed far behind with 30.60 pct and 15.12 pct contributions respectively.

Al-Aman Investment Co gained 8.41 percent, the top gainer of the day while National Cleaning Co rose 6.79 percent. Automated Systems Co plunged 16.47 percent, the worst performer of the day. The heaviest-traded stock, Gulf Bank closed 1.24 percent higher on the back of 24.7 million shares.

Specialities Group Holding Co was up 6.07 percent to close at 94.40 fils while Securities Holding Co rose 4.71 pct on the back of 5.88 million shares and Energy House Co gained 4.66 pct. However, Kuwait Cable Vision sank 8.93 percent to close as the second worst performing stocks.

The market opened on a tame note and slipped deep 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 6,676.28 points in the final moments to end in green territory.

Shares in the banking sector were mostly soft. NBK fell 1 fil while KFH was up 2 fils on the back of 4.3 million shares and Warba Bank was down by the same amount. However, Boubyan Bank did not budge from its earlier close of KD 0.453 and KIB slipped 1 fil after trading over 1.7 million shares. ABK, Burgan Bank and AUB shares ended flat while CBK shares were not traded in this session.

The market was skewed toward the losers as 48 shares closed lower and 44 stocks advanced. Of the 119 counters active on Monday, 27 closed flat. A total of 3,873 deals worth KD 20.7 million were transacted, a 37.35 percent fall in value from the last session.

In the individual shares, Kuwait Projects Co sank 3 fils while National Investment Co fell 1 fil and Kuwait Investment Co was up by the same amount. Kuwait and Middle East Financial Investment Co dived 1.75 percent whereas Gulf Investment House was down by 4.21 percent. Aayyan Leasing and Investment Co climbed 3.10 percent to 46.6 fils on the back of 10.9 million shares while Bayan Investment Co fell by 0.62 percent while Osoul Investment Co gained 3.10 percent.

In the real estate sector, Sokouk Holding was down 1.04 percent and Kuwait Real Estate Co rose 0.47 percent. United Real Estate shares closed flat and National Real Estate Co dropped 2 fils while Salhia Real Estate Co gave up 1.37 percent. Massaleh Real Estate Co fell 4.760 percent while Arabtec gained 0.82 percent and

Mabanee Co rose 4 fils.

Humansoft Holding Co spiked 70 fils while Agility jumped 10 fils to add to its gains in the previous session and Kuwait Cement Co stagnated. Boubyan Petrochemicals Co added 5 fils and Qurain Petrochemical slipped 2 fils while National Petroleum Services Co was down 3 fils. Independent Petroleum Group closed flat during this session. ACICCO stagnated to 270 fils and National Industrials Co rose 5 fils.

Combined Group Contracting lost 7 fils to KD 0.523 whereas United Projects Co plummeted 19 fils with thin trading to close at KD 0.650 and ALAFCO Aviation was down by 5 fils. Fujairah Cement Industries and Kuwait & Gulf Link Transport Co gave up 3 fils and 1.3 fils respectively whereas National Shooting Co stayed flat at 25 fils.

Zain fell 2 fils on the back of 5.7 million shares and Ooredoo did not budge from its earlier close of KD 1.190 while VIVA added 3 fils. AAN Digital Services Co lost 0.80 percent

Mezzan Holding Co stagnated at KD 0.830 while LiveStock Transport & Transport Co sank 10 fils. Kuwait Food Co (Americana) shares were not traded during this seeion. Meanwhile, Jazeera Airways slipped 9 fils whereas Sour Fuel Marketing Co was down 2 fils, erasing its gains in the previous session. Kuwait Muntazahat Resorts Co and Jiyad Holding Co rose 3.75 percent and 0.61 percent respectively. Al Rai closed flat.

Metals & Recycling Co was down 1.85 percent while Gulf Franchising Holding Co sank 2 fils and KAMCO lost 7.79 percent. Al Madar Finance and Investment was also down 4.08 percent to 23.5 fils. Alimtiaz advanced 2 fils and Asiya Capital Investment Co dipped 1.41 percent after trading 1 million shares.

The market was largely downbeat during last week. The price index closed down in four sessions. However, it has gained 16.12 percent yearto-date. Boursa Kuwait, with 188 listed companies, is the second largest bourse in the region.