Kuwait market closes higher, volume drops

KFH rallies 6 fils, Markaz slips

By John Mathews

Arab Times Staff

KUWAIT CITY, Jan 28: Kuwait stocks swung into green turf on Tuesday stemming the two-day fall. The All Shares Index, after a tame start, climbed 33.02 points to 6,315.78 pts helped by some of mid-caps even as the overall mood turned cautiously positive.

The Premier Market climbed 25.24 pts to 7,024.82 points taking the month’s gains to 49 points while Main Market rallied 49.88 points. The volume turnover meanwhile receded following the five-day rise. Over 312 million shares changed hands – a 9 pct drop from the day before.

The sectors closed mixed. Insurance outshone the rest with 1.24 percent gain whereas Consumer Good shed 0.46 percent, the worst performer of the day. Volume wise, Financial Services topped with 142 million shares while in value, Banks dominated with over KD 23 million.

Among standout performers, Kuwait Finance House rallied 6 fils to 823 fils on back of 6.8 million shares and Gulf Bank added 4 fils with a volume of over 3 million. Commercial Bank soared 37 fils to 555 fils and Humansoft Holding jumped 20 fils to KD 3.139 taking the month’s gains to 127 fils.

Zain dialed up 2 fils to close at 586 fils and the counter saw 4.3 million shares change hands while Ooredoo gave up 7 fils before settling at 780 fils. STC fell 2 fils to 767 fils and logistics major Agility rallied 18 fils to 841 fils on back of 2.6 million shares taking the month’s gains to 23 fils.

The market opened firm and edged higher in early trade. The main index scaled the day’s highest level of 7,026 pts and drifted lower before clawing back into green. It moved sideways in the second half amid spurt in buying in select counters and closed with modest gains

Top gainer of the day, Bayan Investment spiked 36 pct to 51.5 fils and Arzan stood next with 15 percent gain. AAN tumbled 24 percent, the steepest decliner of the day and counter also topped in volume with over 47 million.

Despite the day’s upswing, the market spread was almost even. 55 stocks advanced whereas 57 closed lower. Of the 126 counters active on Tuesday, 14 closed flat. 9,887 deals worth KD 43.2 million were transacted during the session.

National Industries Group took in 1 fil on back of over 2 million shares and Mezzan Holding was down 11 fils at 480 fils. Boubyan Petrochemical Co dialed up 2 fils while Al Qurain Petrochemical Co stood pat at 307 fils. Integrated Holding Co ticked 1 fil higher to 585 fils.

Jazeera Airways recouped last session’s losses with 33 fils jump to KD 1.083 while ALAFCO rose 4 fils on back of 1.3 million shares. Mashaer Holding took in 0.6 fil while Gulf Petroleum Investment and Energy Holding Co trimmed 0.8 fil each to end at 20.1 fils and 22 fils respectively. Safat Energy eased 0.3 fil to 22.4 fils.

Kuwait Portland Cement Co fell 1 fil to 970 fils and Gulf Cable dropped 6 fils to 495 fils after pushing over 1 million shares. Gulf Cement Co ticked 0.1 fil higher to 49.2 fils and Fujairah Cement Co dialed up 1.3 fils. Heavy Engineering Industries and Shipbuilding Co took in 2 fils to close at 407 fils.

Kuwait Foundry Co slipped 8 fils to 322 fils with thin trading while NICBM and Educational Holding Co climbed 5 fils each to wind up at 170 fils and 360 fils respectively whereas Warbacap added 3.2 fils. Salbookh eased 0.1 fil to 48.4 fils and Ajwan followed suit to close at 14.3 fils.

Kuwait and Gulf Links Transport Co 60.4 fils and KGL Logistics trimmed 0.4 fil. IFA Hotels and Resorts clipped 0.4 fil and AGHC was down 5 fils at 220 fils. Equipment Holding fell 0.8 fil and 18.9 fils. KPPC closed 1.1 fils in red.

Combined Group Contracting Co tripped 1 fil and Sultan Centre stood pat at 54.9 fils. FutureKid shed 10 fils and SPEC too did not budge from its earlier close of 81.4 fils. Thuraya dipped 10 fils to 75 fils and Amar gave up 1.3 fils. Inovest clipped 2 fils and Al Manar took in 0.7 fil.

In the banking sector, National Bank of Kuwait eased 1 fil to KD 1.060 after trading 7.8 million shares and Burgan Bank followed suit to end at 306 fils. Boubyan Bank gave up 5 fils and Kuwait International Bank took in 1 fil on back of over 2 million shares.

Al Ahli Bank rose 3 fils to 268 fils and Al Mutahed clipped 2 fils after trading over 1 million shares. Warba Bank dialed up 1 fil and Ahli United Bank added 3 fils on back of over 17 million shares.

KIPCO took in 1 fil with a volume of 1.3 million and Gulf Finance House edged 0.4 fil into green. Kuwait Investment Co was flat at 162 fils and FACIL nudged 1 fil into green. International Financial Advisors added 0.5 fil after pushing over 1 million shares.

National Investment Co fell 2 fils to 148 fils after moving 3.4 million shares and Coast Investment Co gave up 0.7 fil. Securities House tripped 0.4 fil whereas Arzan sprinted 4.5 fils to 34 fils with brisk trading. Al Mal and NIH held ground at 9.4 fils and 83 fils respectively.

Kuwait Financial Centre (Markaz) fell 3 fils to 111 fils after trading 2.2 milllion shares and KMEFIC was down 3.3 fils at 84.1 fils. ALOLA dialed up 0.6 fil with heavy trading while GIH ticked 1 fil into red. Al Aman added 0.9 fil and Madar losed 0.6 fil in green.

Noor Financial Investment rallied 16 fils to 177 fils on back of 8.2 million shares while Unicap rose 2.4 fils to 52.5 fils. Osoul erased 2.9 fils and Al Deera Holding ticked 0.2 fil higher.

Sokouk dialed up 1.1 fils with a volume of 7.5 million and Tamdeen Investment added 2 fils. Al Imtiaz ticked 1 fil up to 130 fils and KSHC tripped 0.5 fil. Warba Insurance slipped 4 fils to 61.1 fils

Mabanee Co fell 5 fils to 915 fils and Kuwait Real Estate trimmed 1 fil. United Real Estate paused at 61 fils and Salhiya Real Estate shed 6 fils. Tamdeen Real Estate gained 4 fils and National Real Estate dialed 1.5 fils.

The market has been mixed so far during the week shedding 54 points in last three sessions. The main index has climbed 33 points from start of the month after rallying 1203 points during whole of last year.