Kuwait bourse notches modest gains in choppy trade
KUWAIT CITY, June 23: Kuwait stocks pulled higher on Wednesday as it continued its ascent to 17th straight session. The All Shares Index climbed 17.83 points in choppy session to 6,463.63 pts even as the trading floor sentiment turned cautiously positive.
The Premier Market rose 12.43 points to 7,018.44 pts taking the month’s gains to 278 points while Main Market rallied 31.11 pts. The BK Main 50 was up 22.87 points at 5,643.80 pts. The volume turnover meanwhile pulled back following last session’s surge. Over 372 million shares changed hands – a 21 percent drop from the day before.
The sectors closed mostly in green turf. Healthcare outshone the rest with 2.44 pct gain whereas Utilities shed 0.85 pct, the worst performer of the day. Volume wise, Financial Services topped with 163.9 million shares and the sector also dominated in value with KD 20.92 million shares.
In the individual shares, sector bellwether National Bank of Kuwait rose 3 fils to 850 fils on back of 5.2 million shares while Boubyan Bank and National Investment Co scaled 6 fils each to close at 726 fils and 178 fils respectively. Mabanee Co added 3 fils and is trading 27 fils higher monthto-date while Humansoft Holding extended last session’s robust gains with a 89 fils jump to KD 3.791.
Zain rebounded 5 fils to 587 fils on back of 2.4 million shares and Ooredoo followed suit to end at 640 fils. stc was up 3 fils at 847 fils whereas logistics major Agility gave up 5 fils after pushing 5.6 million shares. Mezzan Holding slipped 4 fils to 647 fils and Boursa Kuwait Securities Co shed 13 fils. Advanced Technology bounced 62 fils to 543 fils from Tuesday’s trough.
National Industries Group dialed up 2 fils on back of 10.5 million shares to close at 234 fils and Gulf Cable added 3 fils. Boubyan Petrochemical Co dropped 8 fils to 931 fils while Al Qurain Petrochemical Co tripped 1 fil after moving over 1 million shares. Jazeera Airways saw 6 fils lift to 646 fils whereas ALAFCO gave up 2 fils. Independent Petroleum Group sprinted 28 fils to 628 fils with razor thin volume.
The market opened slightly gap up and pulled higher in early trade. The main index flipped and fell briefly into red to plumb the day’s lowest level of 6,457 pts before heading north. It peaked at 6,474 points ahead of midsession and drifted lower in choppy trade to close with modest gains.
Top gainer of the day, Sanam Real Estate Co galloped 18 percent to 59 fils while Advanced Technology darted 12.89 pct to stand next. Injazzat slipped 3.5 percent, the steepest decliner of the day, while National Real Estate topped the volume with over 33 million shares.
Reflecting the day’s gains, the winners outnumbered the losers. 69 stocks advanced whereas 50 closed lower. Of the 139 counters active on Wednesday, 20 closed flat. 13,855 deals worth KD 67.7 million were transacted during the session.
In the banking sector, Kuwait Finance House eased 1 fil to 776 fils after pushing 3.6 million shares and Burgan Bank followed suit to end at 229 fils. Kuwait International Bank stood pat at 226 fils whereas Gulf Bank took in 1 fil on back of 9.5 million shares.
Warba Bank eased 1 fil to 259 fils whereas Ahli United Bank BSC paused at 239 fils after moving 14.5 million shares. Ahli United Bank Kuwait was unchanged at 300 fils and Al Ahli Bank dialed up 1 fil.
KIPCO inched 1 fil higher to 164 fils while Kuwait Investment Co paced 10 fils on back of 9.2 million shares. International Financial Advisors added 2 fils with brisk trading and Kuwait Financial Center ( Markaz) gained 5 fils.
Noor Financial Investment Co added 3 fils and Tamdeen Investment Co climbed 10 fils to 270 fils. Gulf Investment House dropped 8 fils to 294 fils whereas Osoul Investment dialed up 1.9 fils. Bayan Investment crept 1.4 fils into green while KAMCO took in 1 fil.
Kuwait Cement Co fell 2 fils to 251 fills whereas Kuwait Portland Cement crept 2 fils into green. Metal and Recycling Co paced 16 fils and ACICO Industries inched 1 fil higher to 118 fils. Kuwait Foundry Co was unchanged at 389 fils while Shuaiba Industrial climbed 4 fils to 172 fils.
United Projects Co rose 4 fils to 304 fils whereas Combined Group Contracting Co clipped 1 fil. Mashaer Holding inched 0.5 fils into green. HEISC eased 1 fil to 519 fils and NICBM dialed down 2 fils. Educational Holding Co paced 8 fils.
Kuwait and Gulf Links Transport Co ticked 0.6 fils higher to 58 fils and Kuwait National Cinema Co gained 5 fils. Automated Systems Co took in 2 fils whereas Burgan Company For Well Drilling gave up 3 fils.
The market has been upbeat so far during the week gaining 68 points in the last four sessions. It has rallied 241 points from start of the month and is up 901 points yearto-date.