Kuwait market swings higher, volume tapers

Agility jumps 21 fils, KIPCO slips

KUWAIT CITY, Feb 12: Kuwait stocks swung higher on Tuesday extending last session’s modest rise. The All Shares Index climbed 39.45 pts to 5,253.71 points paced by banks and other heavyweights even as the overall mood remained cautiously positive.

The Prime Market jumped 47.48 pts to 5,504.21 points taking the month’s gains to 74 pts and Main Market scaled 23.21 points. The volume turnover however tapered following Monday’s surge. Over 147 million shares changed hands — down 10.7 pct from the day before.

The sectors closed mostly in green. Banks outpaced the rest with 1.24 pct gain whereas financial services shed 1 pct, the biggest loser of the day. Volume wise, banks accounted for the highest market share of 30.6 percent and financial services followed with 30.6 pct contribution.

Among the standout performers, National Bank of Kuwait rallied 11 fils to 868 fils on back of 3.5 million shares and Commercial Bank sprinted 30 fils to 530 fils. Kuwait Finance House gained 7 fils with a value of 3.3 million shares and Humansoft Holding was up 10 fils at KD 3.250.

Zain ticked 1 fil higher to 468 fils with a volume of 2.8 million while Ooredoo fell 1.2 fils to 740 fils. Kuwait Telecommunications Co (VIVA) dialed up 2 fils before settling at 852 fils and Agility sprinted 21 fils on back of 2.4 million shares.

The market opened firm and ticked higher in early trade. The main index moved sideways half way into session as investors toed caution and revved thereafter to close with good gains.

Top gainer of the day, First Takaful Insurance spiked 17 pct to 48 fils and Marakez climbed 8.6 pct to stand next. AREEC shed 7.3 percent, the steepest decliner of the day and Gulf Bank topped the volume with 19.7 million shares.

Despite the day’s gains, the losers outnumbered the winners. 47 stocks advanced whereas 57 closed lower. Of the 125 counters active on Tuesday, 21 closed flat. 5,473 deals worth KD 23.6 million were transacted — up 11.5 pct in value from the day before.

National Industries Group was unchanged at 169 fils after trading 1.5 million shares and Mezzan Holding gave up 6 fils to end at 430 fils. Boubyan Petrochemical Co was unchanged at 937 fils and Al Qurain Petrochemical Co too did not budge from its earlier close of 385 fils.

Jazeera Airways rose 4 fils 744 fils with thin trading and ALAFCO was down 3 fils at 302 fils. Mashaer Holding fell 1.3 fils to 72.7 fils while IFA Hotels and Resorts and Equipment Holding tripped 0.3 fil each before ending at 63.5 fils and 27.5 fils respectively.

Kuwait Portland Cement climbed 6 fils to KD 1.180 and Kuwait Cement Co jumped 13 fils. Kuwait Foundry Co and ACICO Industries stood pat at 250 fils and 170 fils respectively whereas Heavy Engineering Industries and Shipbuilding Co slipped 7 fils.

NAPESCO rallied 10 fils to 960 fils and Independent Petroleum Group gave up 3 fils. Gulf Cable fell 5 fils to 375 fils and Combined Group Con- tracting Co shed 11 fils. UPAC was up 5 fils at 550 fils and Inovest trimmed 0.8 fil. Warbacap tripped 0.7 fil.

Kuwait and Gulf Links Transport Co fell 1.2 fils to 92 fils and KGL Logistics edged 0.3 fil into red. KPPC took in 0.3 fil on back of over 3 million shares and Al Rai Media Group added 1.2 fils with thin trading. OSOS fell 2 fils to 102 fils.

In the banking sector, Burgan Bank rose 4 fils to 287 fils with a volume of 1.6 million and Kuwait International Bank paused at 295 fils. Boubyan Bank climbed 7 fils to 580 and Gulf Bank gained 9 fils with brisk trading of 19.7 million.

Al Ahli Bank slipped 5 fils to 300 fils and Al Mutahed eased 1 fil to 301 fils. Warba Bank and Ahli United Bank held ground at 220 fils and 246 fils respectively.

KIPCO fell 2 fils to 189 fils taking the month’s losses to 202 fils and Gulf Finance House gave up 4.5 fils to end at 77.4 fils. Kuwait Investment Co ticked 1 fil up and FACIL slipped 3 fils to 182 fils

National Investment Co inched 0.5 fil up to 94.5 fils with thin trading while KFIC and Unicap tripped 0.5 fil each. Coast Investment Co clipped 1.2 fils while Securities House and Madar Finance stood pat at 52.5 fils and 163 fils respectively.

Noor Financial Investment Co fell 2.5 fils to 80 fils and Al Madina inched 0.3 fil into red. ALOLA added 1.1 fils and Bayan Investment Co gave up 0.8 fils to settle at 47 fils. Sokouk Holding eased 0.7 fil to 41.4 fils and Ektittab Holding tripped 0.2 fil. Al Imtiaz was flat at 127 fils.

Kuwait Financial Centre ( Markaz) dropped 5 fils to 95 fils and Arzan ticked 0.3 fil into green. KMEFIC took in 0.7 fil and Al Deera Holding trimmed 0.4 fil. Ahleia Insurance Co fell 2 fils to 419 fils and Warba Insurance Co ticked 0.8 fil up. Wethaq Takaful was held ground at 35.2 fils.

Mabanee Co was flat at 614 fils and Kuwait Real Estate ticked 0.1 fil higher to 55.4 fils. Tamdeen Real Estate clipped 2 fils whereas National Real Estate Co and Salhiya Real Estate were flat at 84.9 fils and 84.9 fils and 322 fils respectively.

The bourse has been positive so far during the week adding 55 pts in last three sessions and has rallied 48 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.