Kuwait market index wraps up week on firm footing
KUWAIT CITY, June 17: Kuwait stocks edged higher on Thursday as it wrapped up the week on a firm footing. The All Shares Index scaled 12.50 points in range bound trading to close at 6,393.51 pts paced by some of the blue chips even as the broader sentiment remained mixed.
The Premier Market climbed 19.25 points to 6,947.83 pts taking the month’s gains to 207 points while Main Market clipped 2.88 pts. The BK Main 50 index eased 2.90 pts to 5,572.34 points. The volume turnover meanwhile shrank for second straight session. Over 336 million shares changed hands – down 12 percent from the day before.
The sectors closed mostly in green turf. Consumer Services outpaced the rest with 1.12 pct gain whereas Healthcare trimmed 0.23 percent, the biggest loser of the session. Volume wise, Real Estate topped with 103.3 million shares while Banking sector continued to dominate in value with over KD 31 million.
Among the standouts, Kuwait Finance House rose 3 fils to 772 fils on back of 9.2 million shares and Burgan Bank followed suit to end at 247 fils. Gulf Bank rallied 5 fils after pushing 16.4 million shares and Mabanee Co added 4 fils with a volume of over 1 million to settle at 742 fils. Humansoft Holding extended last session’s gains with a 30 fils jump to KD 3.650 while Mezzan Holding gained 8 fils.
Zain rose 2 fils to 590 fils on back of 5.4 million shares while Ooredoo stood pat at 640 fils. stc eased 1 fil to 850 fils whereas Agility was up 3 fils at 923 fils after pushing over 3 million shares. Integrated Holding Co scaled 9 fils and Boursa Kuwait Securities jumped 13 fils. Sultan Centre gained 6 fils with a volume of over 6 million.
National Industries Group was unchanged at 225 fils after moving 11.2 million shares whereas Gulf Cable tripped 1 fil. Boubyan Petrochemical Co inched 1 fil higher to 918 fils and Al Qurain Petrochemical Co paced 3 fils. Jazeera Airways skidded 7 fils to 641 fils and ALAFCO dialed down 2 fils. United Projects Co and Mashaer Holding stood pat at 299 fils and 75.7 fils respectively.
The market opened firm and slipped briefly in early trade. The main index plumbed the day’s lowest level of 6381 points and rebounded amid buying pressure in some of the heavyweights. It peaked at 6398 points close to mid-session and retreated again before flitting between small gains and losses. It headed north in the final hour and closed with modest gains.
Top gainer of the day, KSHC soared 10.77 percent to 32.9 fils and Hayat Communications climbed 5.59 pct to stand next. NCCI skidded 9 percent, the steepest decliner of the day and Mazaya Holding topped the volume with 32.28 million.
Despite the day’s uptick, the market spread almost even. 52 stocks advanced whereas 53 closed lower. Of the 137 counters active on Thursday, 32 closed flat. 12,182 deals worth KD 69.9 million were transacted during the session.
In the banking sector, National Bank of Kuwait took in 1 fil on back of 11.2 million shares whereas Kuwait International Bank gave up 4 fils after pushing 9.5 million shares.
Boubyan Bank tripped 1 fil before settling at 711 fils.
Warba Bank inched 1 fil higher to 260 fils whereas Ahli United Bank BSC dialed down 1 fil with brisk trading. Commercial Bank was unchanged at 500 fils and Al Ahli Bank too did not budge from its earlier close of 215 fils. Ahli United Bank Kuwait paused a 301 fils.
KIPCO held ground at 156 fils while National Investment Co added 2 fils. Kuwait Investment Co clipped 2 fils while International Financial Advisors and Kuwait Financial Centre (Markaz) gave up 3 fils each. Arzan Financial Group tripped 1 fil and First Investment Co closed 1.2 fils in red. Aayan Leasing and Investment took in 1 fil.
Noor Financial Investment was flat a 221 fils whereas Tamdeen Investment dialed down 2 fils. Gulf Investment House fell 2 fils to 299 fils whereas Bayan Investment stalled at 54.9 fils after moving 3.3 million shares. Osoul Investment trimmed 0.4 fils whereas Al Deera Holding added 2 fils to close at 195 fils. Gulf Insurance Group gained 13 fils whereas Warba Insurance Co slipped 4 fils to 139 fils.
Kuwait Cement Co and Kuwait Portland Cement tripped 1 fil each whereas Hilal Cement dialed up 1 fil. ACICO Industries eased 1 fil to 121 fils whereas HEISC took in 1 fil. Metal and Recycling Co shed 8 fils while Kuwait Foundry Co was down 4 fils at 376 fils. Educational Holding Co gained 6 fils. Kuwait and Gulf Links Transport Co inched 0.2 fils up whereas KCPC dropped 7 fils to 550 fils.
The market was bullish during the week. The main index closed higher in all five sessions gaining 88 points weekon-week. It has rallied 173 points from start of the month and is up 843 points year-to-date.