Kuwait index notches modest gains; volume ticks up
KUWAIT CITY, June 15: Kuwait notched modest gains on Tuesday as it continued its ascent to the 10th day on the trot. The All Shares Index rose 15.65 pts in range bound trading to 6,376.60 pts even as the overall mood remained mixed.
The Premier Market climbed 16.28 points to 6,921.51 pts taking the month’s gains to 181 pts and Main Market scaled 14.69 points. The BK Main 50 was up 11.96 points at 5,580.44 pts. The volume turnover meanwhile saw an uptick following last session’s slight pullback. Over 468 million shares changed hands up 2.5 pct from the day before.
The sectors closed mostly in green turf. Technology outshone the rest with 6.31 percent spike whereas Consumer Discretionary slipped 0.26 pct, the worst performer of the day. Volume wise, Financial Services topped with 144.5 million shares while Banking sector continued to dominate in value with KD 21.8 million.
Among the day’s movers, Kuwait Finance House rallied 5 fils to 762 fils on back of 6.7 million shares whereas Gulf Bank gave up 3 fils to settle at 245 fils after pushing 8.4 million shares. National Investment Co climbed 4 fils to 173 fils with a volume of over 2 million shares and KREC followed suit to end at 134 fils with brisk trading. Kuwait Foundry Co soared 64 fils to 384 fils.
Zain was unchanged at 589 fils whereas Ooredoo gave up 7 fils before closing at 640 fils. stc was up 5 fils at 845 fils while logistics major Agility sprinted 8 fils to 926 fils on back of over 3 million shares, Humansoft Holding stood pat at KD 3.600 and Mabanee Co shed 11 fils. Advanced Technology Co jumped 21 fils to 577 fils with razor thin trading.
National Industries Group slipped 3 fils to 223 fils after pushing 14.9 million shares whereas Gulf Cable dialed down 2 fils. Boubyan Petrochemical Co rose 4 fils to 918 fils whereas Al Qurain Petrochemical Co tripped 1 fil. Jazeera Airways eased 1 fil to 642 fils extending last session’s drop and ALAFCO was down 5 fils at 234 fils. YIACO Medical jumped 34 fils to 507 fils with razor thin trading.
The market opened gap up and rose sharply in early trade. The main index scaled the day’s highest level of 6,378 points and retreated quickly. It bottomed at 6,365 points an hour into the session and see-sawed past the mid-session before heading north again amid buying spurt in some of the counters. It drifted sideways in the final hour before closing with modest gains.
Top gainer of the day, Kuwait Foundry Co soared 20 percent to 384 fils while Thuraya paced 9.87 percent to stand next. NCCI skidded 11.42 percent, the steepest decliner of the day while Mazaya Holding topped the volume with 37 million shares.
Despite the day’s gains, the losers slightly outnumbered the winners. 58 stocks advanced whereas 62 closed lower. Of the 138 counters active on Tuesday, 18 closed flat. 15,455 deals worth KD 73.4 million were transacted during the session.
In the banking sector, National Bank of Kuwait inches 1 fil higher to 844 fils whereas Kuwait International Bank paused at 227 fils after moving over 16 million shares. Burgan Bank tripped 1fil and Boubyan Bank added 2 fils to close at 704 fils.
Warba Bank rose 2 fils to 258 fils and Ahli United Bank took in 1 fil on back of 23.9 million shares. Commercial Bank was unchanged at 500 fils whereas Al Ahli Bank clipped 1 fil. Ahli United Bank paced 7 fils to 300 fils.
KIPCO was flat at 173 fils whereas Al Imtiaz Investment closed 2 fils in green. Kuwait Investment Co climbed 7 fils to 197 fils whereas International Financial Adviser stalled at 122 fils. Arzan Financial Group trimmed 1 fil whereas Kuwait Financial Centre (Markaz) gained 6 fils. KMEFIC added 3 fils and Gulf Investment House darted 14 fils.
Kuwait Cement Co and Kuwait Portland fell 1 fil each to close at 259 fils and 880 fils respectively whereas Metal and Recycling Co shed 10 fils. HEISC darted 6 fils to 508 fils and Shuaiba Industrial scaled 8 fils. Educational Holding Co fell 3 fils to 657 fils and ACICO Industries dialed up 1 fil. Kuwait National Cinema Co inched 1 fil higher to 880 fils.
Kuwait and Gulf Links Transport Co fell 1.9 fils to 57.2 fils after moving over 1 million shares while Automated Systems Co pulled 7 fils higher to 118 fils. KCPC added 2 fils and Burgan Company For Well Drilling sprinted 9 fils to 210 fils. Combined Group Contracting Co gave up 7 fils whereas OSOS stalled at 93 fils. United Projects Co tripped 1 fil. Mezzan Holding whittle down 1 fil.
The market has been buoyant so far during the week, jumping 70 points in last three sessions. It has rallied 157 points from start of the month and is up 827 points year-to-date.