Kuwait’s stocks rise, lifted by tech shares

Automated Systems Co surges 11 fils, Zain gains

KUWAIT CITY, June 14: Kuwait stocks rounded off the week on a strong note, led by rebound in tech shares. The All Share index advanced 7.37 points on Thursday to close at 4,842.68 points even as sectors remained diverged.

The Premier Market index climbed 12.68 points to end at 4,822.65 points while the Main Market slipped 2.21 points. The volume turnover meanwhile retreated slightly as trading thinned ahead of Eid al-Fitr holidays. 53.1 million shares changed hands, a 5.34 percent drop from the previous session.

The sectors closed mixed during this session. Technology outperformed with 9.24 percent jump while oil and gas shares eased 0.91 percent, the worst performer of the day. In terms of volume, real estate notched the highest market share of 34.55 percent while banks closely trailed with 30.75 percent contribution.

Among the notable movers, Automated Systems Co surged 11 fils or 9.24 percent to lead technology shares higher while Zain rose 7 fils or 1.75 percent to KD 0.408 on the back of 3.3 million shares. Osos Holding Co rose 6.9 fils or 8.63 percent to 86.9 fils in thin trade and National Petroleum Services Co plunged 30 fils to KD 0.740. Al-Ahleia Insurance Co fell 10 fils, trimming gains in the last session.

Top gainer of the day, Senergy Holding Co spiked 18.08 percent and Asiya Capital Investments Co tumbled 4.39 percent to end as the steepest decliner. The heaviest-traded stock, Ajwan Gulf Real Estate Co rose 0.4 percent after trading over 6.3 million shares.

Kuwait Projects Co climbed 2 fils, extending gains in the last session while Mabanee Co jumped 4 fils to KD 0.635. Agility advanced 4 fils and GFH Financial Group shed 2 fils to KD 0.105. Mezzan Holding Co extended gains in the last session to trade 2 fils higher. Boubyan Petrochemical Co and National Industries Group stagnated at KD 0.830 and KD 0.152 respectively.

The market opened on a strong footing and ticked higher in early trade. The index continued to search for direction in a volatile trade amid profittaking ahead of the Eid-al-Fitr. The bourse, however, clawed back some losses to head north at close.

Banking shares ended lower as AlMutahed tumbled 6 fils and Boubyan Bank fell 3 fils. NBK slipped 1 fils after trading over 3 million shares while Gulf Bank dropped 2 fils to KD 0.243 on the back of 5.4 million shares.

KFH gained 4 fils to KD 0.524 after trading 2.6 million shares while Burgan Bank and Warba Bank were up 1 fil apiece to KD 0.250 and KD 0.236 respectively. KIB and AUB shares flattened during this session. ABK stood pat at KD 0.325.

Real estate shares saw modest gain as Munshaat Real Estate Co surged 7.78 percent and Aayan Real Estate Co ended 5.15 percent higher. National Real Estate Co and Mashaer Holding Co were up 1.94 percent and 2.22 percent respectively.

However, Al-Mazaya Holding Co fell 1.44 percent and International

Resorts Co was down 1.79 percent. Al-Arabiy Real Estate Co shed 1.32 percent to 30 fils while Abyaar Real Estate Co lost 1.08 percent on the back of 5.4 million shares.

Combined Group Contracting Co climbed 1.20 percent to KD 0.420 and Al Rai Media Group Co ended 4.81 percent lower. Gulf Cable and Electrical Ind Co added 0.79 percent to KD 0.383.

Mirroring the day’s uptick, the winners outperformed as 46 stocks ended higher whereas 30 closed lower. Of the 100 counters active on Thursday, 24 closed flat. 2,344 deals worth KD 10.6 million were transacted, a drop of 33.55 percent in value from last session.

KAMCO Investment Co rose 4.93 percent and Alimtiaz Investment Group Co was up 1.52 percent to KD 0.134 on the back of 2.8 million shares. Manazel Holding Co advanced 5.10 percent and Al-Madar Finance and Investment Co dialed up 1.41 percent to 72 fils.

Fujairah Cement Industries shot up 7.35 percent while Kuwait Portland Cement Co eased 0.28 percent to KD 1.070. Heavy Engineering Ind and

Ship Building Co shrank 0.96 percent to KD 0.308 and Kuwait Foundry Co was down 1.01 percent.

Sokouk Holding Co gained 2.08 percent while Equipment Holding Co rose 2.17 percent. Investors Holding Group added 3.17 percent after trading 2.4 million shares. First Takaful Insurance Co gave up 3.53 percent while Danah Foodstuff Co eased 2.48 percent to 47.2 fils.

VIVA lost 0.28 percent to KD 0.700 whereas Ooredoo stagnated at KD 0.850. AAN Digital Services Co gained 1.46 percent and ALAFCO Aviation ended 0.29 percent. KGL slipped 0.92 percent to KD 0.108 while ACICO Industries Co shrank 0.45 percent to close at KD 0.219.

The bourse will be closed for Eidal-Fitr holidays starting from June 17th and will resume operations on June 19th next week.

The market has been mixed this week as the index closed higher in the last three sessions. It has gained 106.96 points from the start of the month and trading 24.43 percent lower so far this year. Boursa Kuwait is the second largest market in the region with 175 listed stocks.