Kuwait’s bourse edges higher in choppy trade By John Mathews

KAMCO rallies 6.5 fils, Agility slips

KUWAIT CITY, Dec 3: Kuwait stocks edged higher on Monday after closing almost flat in the previous session. The All Shares Index rose 4.83 pts in choppy session to 5,115.73 points paced by some of the heavyweights even as the broader sentiment remained fickle.

The Prime Market climbed 9.29 points to 5,327.05 points while Main Market was down 3.39 pts at 4,731.48 points. The volume turnover meanwhile tapered for the third consecutive day. Over 69 million shares changed hands – down 10.9 pct from the day before.

The sectors closed mixed. Telecommunications outled the rest with 0.39 percent gain whereas technology shed 3.7 pct, the biggest loser of the day. Volume wise, banks notched the highest market share of 33.9 percent and real estate trailed with 27 pct contribution.

Among the standout performers, National Bank of Kuwait rallied 5 fils on back of 1.6 million shares to close at 835 fils and Boubyan Petrochemical Co followed suit to end at KD 1.015. KAMCO sprinted 6.5 fils whereas Mabanee Co gave up 3 fils to wind up at 635 fils.

Zain ticked 1 fil higher to 465 fils and Ooredoo jumped 15 fils to 725 fils recouping Sunday’s losses. Kuwait Telecommunications Co (VIVA) extended last session’s losses with a 2 fils downtick and Agility dropped 9 fils after trading over 1 million shares.

The market opened firm and ticked higher in early trade. The main index scaled the day’s highest level of 5,116 pts and drifted lower in choppy session as sentiment turned dull. It bottomed at 5,106 pts well past the mid-session and clawed and back into green zone at close.

Top gainer of the day, KAMCO rallied 9.26 pct to 76.7 fils and Warba Insurance Co scaled 6.15 percent to stand next. Marakez skidded 10 pct, the steepest decliner of the day and Ahli United Bank topped the volume with 10.4 million shares reflecting the day’s uptick, the winners outpaced the losers. 50 stocks advanced whereas 39 closed lower. Of the 117 counters active on Monday, 28 closed flat. 3,278 deals worth KD 12.9 million were transacted – a 15 pct jump in value from the day before.

National Industries Group was unchanged at 161 fils and Mezzan Holding too did not budge from its earlier close of 568 fils. Al Qurain Petrochemical Co tripped 1 fil and Heavy Engineering Industries and Shipbuilding Co shed 15 fils and Gulf Cable closed flat.

Kuwait Foundry Co eased 1 fil to 179 fils whereas ACICO Industries and NICBM dialed up 2 fils each. Kuwait National Cinema Co added 2 fils and Equipment Holding Co ticked 0.1 fil higher. Automated Systems Co was down 4 fils at 104 fils. ALAFCO fell 4 fils to 355 fils.

Humansoft Holding and Educational Holding Co were unchanged at KD 3.400 and 310 fils respectively whereas Kuwait Portland Cement slipped 5 fils to KD 1.125. Independent Petroleum Group fell 4 fils to 410 fils and Aan Digital Co stood pat at 18.6 fils.

Combined Group Contracting Co slipped 3 fils to 321 fils and Mashaer Holding trimmed 1.4 fils. Kuwait and Gulf Links Transport Co added 1.5 fils and KGL Logistics ticked 0.1 fil lower. Inovest took in 1 fil and Al Rai Media Group dialed up 1.4 fils.

In the banking sector, Kuwait Finance House and Kuwait International Bank dialed up 2 fils each to close at 600 fils and 266 fils respectively whereas Gulf Bank clipped 1 fil. Ahli United Bank was flat at 209 fils.

Burgan Bank and Boubyan Bank took in 1 fil each to close at 286 fils and 545 fils respectively whereas Warba Bank gave up 4 fils to wind up at 211 fils. Al Mutahed took in 1 fil whereas Al Ahli Bank was not traded during the session.

Commercial Bank tripped 1 fil. CBK incurred a loss of 26.2 pct in the third quarter to KD 9.19 million from KD 12.45 million in the same period last year. During the nine-month period that ended on 30 September, the earnings rose 5.5 percent to KD 15.23 million

KIPCO and Kuwait Investment Co took in 1 fil each whereas National Investment Co stood pat at 84.5 fils. International Financial Advisors dialed up 1.2 fils on back of 2.6 million shares and Coast Investment Co trimmed 0.5 fil.

Kuwait Financial Centre ( Markaz) slipped 4 fils to 100 fils while Al Mal Investment and Unicap paused at 23 fils and 64.9 fils respectively. Gulf Investment House inched 0.1 fil higher and Al Deera Holding trimmed 0.3 fil.

KFIC dialed up 2 fils and Bayan Investment Co edged 0.9 fil higher to 48.9 fils. Sokouk Holding fell 1.3 fils to 40.7 fils while Al Imtiaz Investment held ground at 128 fils. Securities House Co edged 0.7 fil up to 53.2 fils.

Ektittab Holding ticked 0.1 fil higher and Noor Financial Investment Co trimmed 0.5 fil. Kuwait Insurance Co eased 1 fil to 310 fils and Gulf Insurance Co clipped 1 fil. Ahleia Insurance Co was unchanged at 420 fils.

Kuwait Real Estate Co edged 0.5 fil higher to 55.8 fils whereas Salhiya Real Estate and United Real Estate Co paused at 328 fils and 62 fils respectively. National Real Estate added 0.6 fil and Mazaya Holding stood pat at 76.6 fils.

The bourse has been trending higher so far during the week adding 6 pts in last two sessions after rallying 66 points during whole of November. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.