Kuwait market nudges higher in volatile trade

VIVA jumps 24 fils, Mabanee Co slips

By John Mathews

Arab Times Staff

KUWAIT CITY, Dec 24: Kuwait stocks nudged higher on Monday, recouping last session’s downtick. The All Shares Index added 3.92 pts in volatile session to wind up at 5,096.49 points helped by modest gains in some of the blue chips even as overall mood remained soggy.

The Prime Market rose 3.65 pts to 5,304.08 points while Main Market was up 4.42 pts at 5,304.08 points. The volume turnover meanwhile ticked marginally higher following sharp drop in the previous session. Over 101 million shares changed hands - up 1.2 pct from Sunday.

The sectors closed mostly in red. Telecommunications outshone the rest with 1.15 percent gain whereas financial services shed 0.5 percent, the worst performer of the day. Volume wise, financial services notched the highest market share of 24.5 percent while banks stood close behind with 23.2 pct contribution.

Among the movers, Kuwait Finance Hose climbed 4 fils to 614 fils on back of over 1 million shares and KIPCO was up 3 fils at 212 fils. Kuwait Portland cement gained 14 fils whereas Mabanee Co gave up 7 fils to dnat 618 fils.

Zain fell 1 fils to 452 fils taking the month’s losses to 10 fils while Ooredoo recouped most of the losses with 29 fils jump to 719 fils. Kuwait Telecommunications Co (VIVA) climbed 24 fils to 800 fils and logistics major Agility rose 4 fils to 805 fils.

The market opened firm and moved sideways in early trade. The main index headed south to plumb the day’s lowest level of 5,289 pts and swung back to the positive territory. It seesawed thereafter amid small gains and losses before pulling up to close with marginal gains.

Top gainer of the day, BIIHC soared 13.2 pct to 41.9 fils and Shuaiba Industrial climbed 9.9 percent to stand next. First Takaful Insurance slid 11.5 pct, the steepest decliner of the day and Gulf Petroleum Investment topped the volume with over 24 million shares

Reflecting the day’s uptick, the winners outnumbered the losers. 58 stocks advanced whereas 40 closed lower. Of the 113 counters active on Monday, 15 closed flat. 3,911 deals worth KD 12.89 million were transacted – down 32 pct in value from the day before.

National Industries Group was unchanged at 157 fils while Mezzan Holding gave up 5 fils before closing at 511 fils. Boubyan Petrochemicals Co gained 10 fils and Al Qurain Petrochemicals Co dialed up 2 fils . Gulf Cable tripped 1 fil to end at 357 fils.

Jazeera Airways was flat at 730 fils and ALAFCO climbed 5 fils to 355 fils. Heavy Engineering Industries and Shipbuilding Co jumped 23 fils to 413 fils on back of 1.3 million shares while Salbookh Trading and Contracting Co dialed up 2 fils.

Kuwait Foundry Co was flat at 180 fils whereas Equipment Holding and AAN tripped 0.3 fil each to end at 27.2 fils and 18 fils respectively. Safat Energy edged 0.4 fil into red. KPPC took in 1.8 fils and KCPC stood pat at 239 fils.

Humansoft Holding slipped 5 fils to KD 3.295 and Kuwait National

Cinema Co dripped 16 fils. Educational Holding Group was unchanged at 315 fils and Mashaer Holding was up 4 fils at 64.5 fils. Al Rai Media Group stood pat at 62 fils.

Kuwait and Gulf Links Transport Co fell 0.5 fil to 99.5 fils whereas Yiaco ticked 0.3 fil down extending last session’s drop. ACICO Industries took in 1 fil and NICBM climbed 8 fils to 188 fils.

Traded

In the banking sector, National Bank of Kuwait dialed up 1 fil on back of 2.6 million shares while Burgan Bank gave up 3 fils after trading 1.2 million shares. Boubyan Bank rose 3 fils to 579 fils. Al Mutahed ticked 1 fil up to 297 fils and Al Ahli Bank was not traded during the session.

Gulf Bank dialed up 2 fils to close at 261 fils and Kuwait International Bank followed on back of 2.9 million shares. Warba Bank added 2 fils with a volume of 4.5 million shares. Ahli United Bank eased 1 fils to 203 fils.

Commercial Bank dropped 20 fils to 500 fils. 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.

Kuwait Investment Co and FACIL were unchanged at 128 fils and 174 fils respectively whereas International Financial Advisors ticked 0.3 fil higher. Coast Investment trimmed 0.6 fil whereas Securities House Co and KMEFIC took in 1 fil each.

KAMCO and Bayan Investment Co dialed up 0.5 fil each to end at 76 fils and 48.5 fils respectively whereas Securities House Co ticked 1 fil up. Unicap climbed 3.1 fils and Al Deera Holding inched 0.2 fil up to 17.2 fils.

Noor Financial Investment Co rose 1.1 fils to 69 fils and Al Imtiaz ticked 1 fil higher on back of 2.6 million shares. KFIC trimmed 0.5 fil and Ahleia Insurance Co slipped 7 fils to 420 fils.

National Real Estate Co slipped 1.5 fils to 91.1 fils and Salhiya Real Estate dialed up 1 fil. Aayan Real Estate added 1.9 fils and Mazaya Holding gave up 1.8 fils.

The bourse has been mixed in last two sessions and is unchanged from start of the week after shedding 14 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.