Kuwait equities extend gains as volume swells

Gulf Bank rallies 10 fils, Ooredoo flat

By John Mathews

Arab Times Staff

KUWAIT CITY, Dec 5: Kuwait stocks pulled higher on Wednesday, extending the gains to fourth straight session. The All Shares Index clawed back from early lows to close 12.72 pts higher at 5,153.69 points amid buying in blue chips even as the overall mood remained mixed.

The Prime Market climbed 20.92 pts to 5,389.96 points taking the month’s gains 62 pts while Main Market fell 2.38 pts to 4,723.39 points. The volume turnover meanwhile swelled for second straight session. Over 128 million shares changed hands - 21 pct jump from the day before.

The sectors closed mostly in the green turf. Consumer services outshone the rest with 0.84 percent and basic materials shed 0.26 pct, the biggest loser of the day. Volume wise, banks mustered the highest market share of 47 pct and financial services trailed with 22.4 percent contribution.

In the individual shares, Gulf Bank rallied 10 fils to 277 fils with brisk trading and Kuwait Finance House was up 3 fils at 611 fils with a volume of 4.7 million shares. Humansoft Holding, the highest priced stock in the bourse, dropped 28 fils to KD 3.371 fils.

Zain dialed up 2 fils on back of over 4 million shares as it extended its gains from the previous session while Ooredoo stood pat at 722 fils. Kuwait Telecommunications Co (VIVA) took in 1 fil whereas Agility rallied 7 fils to 814 fils with a volume of 1.2 million shares.

The market opened firm and headed north in early trade. The main index failed to hold on to the gains and flipped direction to plumb the day’s lowest level of 5,135 points almost an hour into the session. It revved up thereafter and peaked at 5,155 pts in the final minutes before closing with modest gains.

Top gainer of the day, IFA Hotels and Resorts rallied 15 pct to 71 fils and Yiaco jumped 10 percent to stand next. Masaken skidded 10 percent, the steepest decliner of the day and Gulf Bank topped the volume with 19.8 million shares.

Despite the day’s modest gains, the market spread was almost even. 49 stocks advanced whereas 48 closed lower. Of the 117 counters active on Wednesday 20 closed lower. 5,059 deals worth KD 26.7 million were transacted – a 18.7 pct jump in value from the day before.

National Industries Group took in 1 fil on back of over 1 million shares to end at 164 fils and Mezzan Holding stood pat at 570 fils. Heavy Engineering Industries and Shipbuilding Co and shed 12 fils after trading over 1 million shares and Equipment Holding tripped 0.3 fil.

Jazeera Airways fell 3 fils to 741 fils and ALAFCO dialed up 2 fils to end at 359 fils. Gulf Cable and Kuwait Cement Co were unchanged at 371 fils and 360 fils respectively whereas Kuwait Portland Cement dropped 20 fils to KD 1.105.

Educational Holding Co and NICBM stood pat at 315 fils and 176 fils respectively whereas ACICO Industries dialed up 2 fils. Salbookh fell 3 fils to 42 fils and Aan Digital ticked 0.1 fil lower to 18.5 fils.

Combined Group Contracting Co and Al Rai Media Group clipped 2 fils each whereas Yiaco climbed 11 fils to 121 fils. Kuwait and Gulf Links Transport Co inched 1 fil higher and KGL Logistics edged 0.2 fil into red.

Boubyan Petrochemical Co slipped 3 fils to KD 1.021 and Al Qurain Petrochemical Industries eased 1 fil. OSOS dialed up 2 fils and Mashaer Holding closed 1.2 fils higher at 44.7 fils.

In the banking sector, National Bank of Kuwait eased 1 fil to 835 fils after trading 2.4 million shares while Kuwait International Bank was up 3 fils on back of over 7 million shares. Burgan Bank dialed up 2 fils to wind up at 292 fils with brisk trading.

Climbed

Boubyan Bank climbed 5 fils to 565 fils and Warba Bank scaled 10 fils on back of 6.4 million shares. Al Mutahed and Ahli United Bank paused at 302 fils and 206 fils respectively whereas Al Ahli Bank ticked 1 fil higher to 300 fils. Commercial Bank was not traded during the session.

KIPCO was flat at 210 fils and Gulf Finance House too did not budge from its earlier close of 95.9 fils. Kuwait Investment Co gained 5 fils whereas Kuwait Financial Centre and Coast Investment Co held ground at 137 fils and 32.4 fils respectively.

National Investment Co eased 1 fil to 83 fils and FACIL climbed 4 fils

to 172 fils. International Financial Advisors inched 0.4 fil into green and Securities House tripped 0.1 fil. Arzan tripped 0.2 fil to end at 29.8 fils and Al Aman closed 2.5 fils up.

Bayan Investment dialed up 0.8 fil and Osoul Investment scaled 3.2 fils and GIH trimmed 0.3 fil. KMEFIC fell 1.6 fils to 30.2 fil while Madar Finance and NIH took in 1 fil each. Al Deera Holding edged 0.4 fils higher to 19.9 fils.

KAMCO fell 1.8 fils to 75 fils and Noor Financial Investment inched 0.6 fils into green. Ektittab Holding and GNAHC added 0.8 fil each whereas Al Imtiaz took in 1 fil.

Unicap climbed 4.9 fils to 71.8 fils and Sokouk Holding trimmed 0.9 fil. Kuwait Insurance Co and Gulf Insurance Co were flat at 310 fils and 626 fils respectively whereas Warba Insurance Co took in 1 fil. First Takaful Insurance gained 4 fils.

Mabanee Co fell 2 fils to 638 fils while National Real Estate Co and United Real Estate clipped 1 fil each. Kuwait Real Estate Co eased 0.2 fil to 56 fils and Mazaya Holding ticked 0.3 fil higher. Salhiya Real Estate tripped 1 fil and Al Aqaria gave up 1.5 fil.

The bourse has been buoyant so far during the week gaining 43 pts in last four sessions after rallying 66 points during whole of November. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.