Kuwait bourse kicks off week with robust rebound

National Bank of Kuwait rallies 25 fils, Sanam Real Estate skids

KUWAIT CITY, Oct 4: Kuwait stocks swung higher on Sunday as it kicked off the week on a buoyant note. The All Shares Index rebounded 148.8 points to 5,594 points stemming the four-day losing streak helped by renewed buying across the board.

The Premier Market soared 184.43 points to 6,205.27 pts while Main Market gained 76 points. The BK 50 Main index scaled 98.85 points before ending at 4,418.48 pts. The volume turnover meanwhile retreated from last session’s multimonth high. Over 450 million shares changed hands – down 19 pct from the day before.

All sectors closed in the green zone. Technology sector outshone the rest with 3.69 pct gain while Banking sector stood next with 3.22 pct upswing. Financial Services topped the volume with 177.3 million shares while Banking sector dominated the volume with 43.6 million shares.

Among the prime movers, sector bellwether National Bank of Kuwait rallied 25 fils to 895 fils on back of 11.2 million shares while Kuwait Finance House soared 28 fils to 689 fils after pushing 28.8 million shares and is down 122 fils tear-to-date. Mabanee Co swung 19 fils higher to 749 fils and Boursa Kuwait sprinted 23 fils.

Zain rose 10 fils to 584 fils on back of 7.6 million shares and Ooredoo followed suit to end at 612 fils. STC dialed up 2 fils and logistics major Agility paced 19 fils after moving 3.3 million shares taking the year’s gains to 52 fils. Humansoft Holding soared 69 fils to KD 2.670 and KIPCO added 3 fils. KAMCO took in 1.1 fils and National Investment Co scaled 7 fils.

The market opened firm and rose sharply in early trade amid a broad spurt in buying following the recent pullback. The main index ticked up half way into the session and moved sideways before closing with hefty gains.

Top gainer of the day, ALOLA rallied 26.35 pct to 39.8 fils and REMAL climbed 14.9 percent to stand next. Sanam Real Estate skidded 9.4 pct, the steepest decliner of the day and Aayan topped the volume with over 52 million shares.

Reflecting the day’s gains, the market spread was heavily skewed towards the winners. 102 stocks advanced whereas 16 closed lower. Of the 126 counters active on Sunday. 8 closed flat. 14,484 deals worth KD 72.3 million were transacted during the session.

National Industries Group climbed 10 fils to 176 fils on back of 4.5 million shares while Mezzan Holding inched 1 fil higher. Boubyan Petrochemical Co jumped 13 fils to 563 fils and Al Qurain Petrochemical Co added 4 fils. Integrated Holding scaled 8 fils and Aznoula was up 6 fils at 326 fils on back of 5.5 million shares.

Jazeera Airways shot 13 fils up to 603 fils and ALAFCO paced 7 fils to end at 164 fils. KCPC rose 4 fils to 308 fils and Gulf Petroleum Investment took in 1.6 fils with brisk trading. OSOS and Oula Fuel paused at 87 fils and 111 fils respectively while Soor inched 1 fil higher to 111 fils.

Kuwait Cement Co sprinted 13 fils to 206 fils and Kuwait Portland Cement gained 8 fils. Heavy Engineering Industries and Shipbuilding Co swung 12 fils into green whereas Educational Holding Co stood pat at 309 fils. Kuwait Hotels added 5 fils with thin trading and Automated Systems Co dialed up 2.6 fils.

Kuwait Foundry Co fell 5 fils to 253 fils and Gulf Cable jumped 33 fils. ACICO Industries ticked 1 fil higher to 102 fils and NICBM clipped 2 fils. Inovest added 2.5 fils and Al Manar was up 4.7 fils at 49 fils. Combined Group Contracting Co gained 12 fils on back of over 2 million shares and Kuwait National Cinema Co paced 24 fils.

In the banking sector, Gulf Bank rallied 8 fils on back of 13.2 million shares to 228 fils and Burgan Bank was up 6 fils at 208 fils. Kuwait International Bank gained 9 fils with a volume of 7.2 million shares and Boubyan Bank scaled 12 fils. Al Ahli Bank and Al Mutahed paced 8 fils each whereas Commercial Bank was flat at 500 fils.

The market trended lower during the holiday curtailed previous week. The main index closed lower in all three sessions shedding 172 points week-on-week.

It had gained 151 points during whole of September and is down 689 points year-to-date.