Kuwait plods higher in range-bound trade

NBK gains 6 fils, Humansoft Holding skids

KUWAIT CITY, July 11: Kuwait stocks plodded higher on Sunday as it kicked off the week on a firm note. The All Shares Index climbed 12.31 points in range bound trade to 6,379.63 pts helped mostly by mid-caps even as the blue chips closed mixed.

The Premier Market rose 6.89 points to 6,927.11 pts paring the month’s losses to 9 pts and Main Market scaled 25.43 points. The BK Main 50 index sprinted 34.75 points to 5,551.15 pts. The volume turnover meanwhile swelled above the 200 million mark. Over 234 million shares changed hands – a 32 pct jump from the day before.

The sectors closed mostly in green turf. Financial Services outshone the rest with 0.98 percent gain whereas Technology skidded 4.43 percent, the biggest loser of the day. Volume wise, Financial Services topped the volume with 156.2 million shares and the sector also dominated in value with KD 15 million.

Among the standouts, sector bellwether National Bank of Kuwait rallied 6 fils to 857 fils on back of over 3 million shares whereas Kuwait Finance House dialed down 2 fils after pushing 3.7 million shares. Humansoft Holding plunged 108 fils to KD 3.690 and Mabanee Co gave up 3 fils. KIPCO added 3 fils before settling at 163 fils. whereas Kuwait Financial Centre (Markaz) scaled 13 fils.

Zain took in 1 fil and has shed 22 fils year-to-date while Ooredoo took in 2 fils to close at 633 fils. stc climbed 5 fils to 847 fils whereas logistics major Agility rose 3 fils to 941 fils on back of 1.4 million shares. Mezzan Holding slipped 5 fils to 628 fils whereas Boursa Kuwait Securities inched 1 fil higher. NAPESCO shed 10 fils to close at 870 fils.

National Industries Group crept 2 fils up to 221 fils on back of 3.7 million shares whereas Gulf Cable gave up 9 fils. Boubyan Petrochemical Co dropped 13 fils to 837 fils. while Al Qurain Petrochemical Co tripped 1 fil. Jazeera Airways added 2 fils and ALAFCO dialed up 1 fil before settling at 218 fils. HEISC and Kuwait Foundry Co were down 11 fils each to end at 487 fils and 384 fils respectively.

The market opened firm and pushed higher in early trade. The main index scaled the day’s highest level of 6398 points and headed south as selling kicked in at some of the counters. It see sawed thereafter between small gains and losses and bottomed at 6376 points in the final minutes before closing with small gains.

Top gainers of the day, KAMCO and Dalqan rallied 13 pct each whereas Munshaat skidded 9.3 pct, the steepest decliner of the day. Manazel topped the volume with 46.9 million shares.

Mirroring the day’s gains, the winners outnumbered the losers. 67 stocks advanced whereas 46 closed lower. Of the 129 counters active on Sunday, 16 closed flat. 9428 deals worth KD 37.5 million were transacted during the session.

In the banking sector, Gulf Bank eased 1 fil to 242 fils after moving 5.4 million shares whereas Kuwait International Bank and Burgan Bank both paused at 223 fils. Boubyan Bank added 2 fils whereas Warba Bank and Ahli United Bank BSC were flat at 249 fils and 232 fils respectively. Al Ahli Bank and Ahli United Bank Kuwait dialed up 1 fil each.

Kuwait Investment Co was unchanged at 228 fils whereas International Financial Advisors and KMEFIC dialed up 2 fils each. Noor Financial Investment gave up 4 fils and Tamdeen Investment was down 7 fils at 244 fils.

Kuwait Cement Co inched 1 fil up to 245 fils and Kuwait Portland Cement whittled down 4 fils. ACICO Industries took in 2 fils while Metal and Recycling Co gained 6 fils. Sultan Centre dialed up 1 fils whereas Shuaiba Industrial Co and IFA Hotels and Resorts stood pat at 159 fils and 41 fils respectively. Arabi Group Holding fell 3 fils to 160 fils

Kuwait and Gulf Links Transport Co gave up 3.1 fils and Automated Systems Co was down 5 fils at 108 fils. KCPC erased 3 fils whereas United Projects Co dialed up 2 fils. YIACO Medical was unchanged at 470 fils and Inovest BSC gained 4 fils. Burgan Company For Well Drilling paced 11 fils and Combined Group Contracting Co climbed 5 fils to 297 fils.

The market was mixed during the previous week. The main index closed lower in three of the five sessions, shedding 21 points week-on-week. It has retreated 7 points from start of the month and is up 809 points year-to-date.