Kuwait market closes up in volatile session

NBK rallies 8 fils, Agility slips

By John Mathews Arab Times Staff

KUWAIT CITY, Dec 16: Kuwait stocks closed higher on Sunday following previous week’s pullback. The All Shares Index climbed 9.92 pts in volatile session to 5,159.59 points paced by National Bank of Kuwait and other blue chips even as the broader sentiment remained fickle.

The Prime Market climbed 19.41 pts to 5,406.94 points taking the month’s gains to 79 pts while Main Market slipped 7.45 pts. The volume turnover meanwhile bounced above the 100 million mark. Over 112 million shares changed hands – a 45 pct jump from Thursday.

The sectors closed mixed. Insurance outpaced the rest with 1.21 percent gain whereas technology sank 5.9 percent – the biggest loser of the day. Volume wise, financial sector accounted for the highest market share of 36.5 pct and banks trailed with 32.5 percent contribution.

Among the prime movers, National Bank of Kuwait rallied 8 fils to 843 fils on back of 9.7 million shares and Kuwait Finance House dialed up 2 fils with a volume of 3.4 million shares. KIPCO added 3 fils with brisk trading and Humansoft Holding jumped 34 fils.

Zain climbed 4 fils to 472 fils on back of 2.6 million shares and Ooredoo shed 15 fils erasing Thursday’s gains. Kuwait Telecommunications Co (VIVA) tripped 1 fils and Agility gave up 4 fils to settle at 808 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 5,160 pts and retreated as sentiment turned negative. It moved sideways thereafter and bottomed at 5,146 points before clawing back in the final hour to close with small gains.

Top gainer of the day, BIIHC spiked 35 pct to 34.3 fils and Fierst Takaful climbed 7.9 pct to stand next.

Asiya skidded 7.4 percent, the steepest decliner of the day and National Bank of Kuwait topped the volume with 9.7 million shares.

Despite the day’s uptick, the losers slightly outnumbered the winners. 51 stocks advanced whereas 54 closed lower. Of the 119 counters active on Sunday, 14 closed flat. 4,468 deals worth KD 23.48 million were transacted – a 48 pct surge in value from the day before.

National Industries Group was unchanged at 163 fils whereas Mezzan Holding slid 10 fils to 544 fils. Boubyan Petrochemical Co shed 20 fils and Equipment Holding Co ticked 0.2 fil higher to 26.8 fils. Heavy Engineering Industries and Shipbuilding Co gained 6 fils.

Jazeera Airways fell 2 fils to 738 fils and ALAFCO tripped 1 fil. NICBM rose 5 fils to 190 fils and NAPESCO jumped 20 fils to 905 fils. Gulf Cable paused at 368 fils and Automated Systems Co slipped 7 fils to 110 fils. Mashaer Holding was up 2.3 fils at 47.1 fils.

Combined Group Contracting Co dialed up 2 fils whereas Burgan Well Drilling Co dropped 7 fils to 95 fils. KCPC fell 5 fils to 230 fils

and KPPC inched 0.6 fil into green ACICO Industries clipped 2 fils.

Kuwait and Gulf Links Transport Co took in 1 fil and KGL Logistics tripped 0.6 fil. NAPESCO jumped 20 fils to 905 fils and Al Rai Media Group inched 0.1 fil higher. Inovest took in 1 fil to settle at 86 fils. Al Qurain Petrochemical Industries took in 1 fil.

In the banking sector, Gulf Bank dialed up 1 fil on back of 5.7 million shares and Kuwait International Bank added 3 fils with a volume of over 4 million. Burgan Bank dialed up 2 fils and Boubyan Bank ticked 1 fil into green.

Warba Bank climbed 6 fils after trading 6.6 million share and Ahli United Bank tripped 1 fil. Al Mutahed paused at 302 fils and Commercial Bank was not traded during the session. Al Ahli Bank slipped 7 fils to 292 fils.

National Investment Co and KMEFIC trimmed 0.1 fil each whereas International Financial Advisors gave up 1.3 fils. Coast Investment Co edged 1 fil up and Securities House ticked 0.3 fil higher. Kuwait Investment Co tripped 1 fils after trading 1.9 million shares.

Kuwait Financial Centre ( Markaz) was unchanged at 100 fils with a volume of over 2 million

shares and KAMCO too did not budge from its earlier close of of 75 fils. Al Mal Investment Co took in 0.5 fil and NIH took in 2 fils. Aayan Investment eased 0.4 fil to 36.5 fils.

Osoul Investment dialed up 2 fils and KFIC fell 1.4 fils to 34 fils. Unicap tripped

1 fil and Ektittab Holding gave u 0.6 fil. Sokouk Holding dialed down 1 fil and Al Madina edged 0.4 fil into red.

Noor Financial Centre added 2.6 fils on back of 5.3 million shares and Al Imtiaz stood pat at 129 fils. Gulf Insurance Co jumped 23 fils and Ahleia Insurance Co was flat at 420 fils and Warba Insurance Co slipped 5 fils to 65 fils and Wethaq Takaful dialed up 1 fil.

Mabanee Co fell 1 fil to 624 fils and National Real Estate Co edged 0.4 fil into 93 fils. United Real Estate Co was flat at 61 fils and Marakez too did not budge from its earlier close of 23 fils. Mazaya Holding ticked 0.1 fil into red.

The bourse was downbeat during last week. The main index closed lower in four of the five sessions shedding 32 points week-on-week and has rallied 52 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.