Kuwait market notches modest gains in choppy trade
KUWAIT CITY, July 14: Kuwait stocks pulled higher on Wednesday, recouping most of last session’s drop. The All Shares Index climbed 10.60 points in choppy trade to 6,368.45 pts even as the broader sentiment remained mixed.
The Premier Market rose 11.12 points to 6,904.76 pts paring the month’s losses to 32 points while Main Market scaled 9.75 pts. The BK Main 50 sprinted 17.36 pts to 5,552.36 points . The volume turnover meanwhile tapered for the second session. Over 178 million shares changed hands – down 7 pct from the day before.
The sectors closed mixed. Telecommunications outshone the rest with 0.28 pct gain whereas Insurance shed 0.89 percent, the biggest loser of the day. Volume wise, Financial Services topped with 111.36 million shares and the sector also dominated in value with KD 11.8 million.
In the individual shares, Kuwait Finance House rose 3 fils to 755 fils on back of 2.56 million shares whereas sector bellwether National Bank of Kuwait dialed down 2 fils after pushing 1.7 million shares. National Investment Co fell 2 fils to 170 fils and KIPCO gave up 3 fils with a volume of 1.58 million. Humansoft Holding scaled 9 fils stemming the three-day losing streak.
Zain inched 1 fil higher to 586 fils on back of 2.64 million shares whereas Ooredoo gave up 2 fils. stc paced 12 fils while Agility added 3 fils after pushing 1.94 million shares. Mezzan Holding slipped 4 fils to 618 fils and Integrated Holding Co gained 5 fils. Mabanee Co eased 1 fil to 708 fils while Boursa Kuwait Securities Co rallied 14 fils to KD 1.490. YIACO Medical slid 23 fils to 447 fils.
National Industries Group was unchanged at 220 fils after moving 1.7 million shares whereas Gulf Cable paced 6 fils to close at 743 fils. Boubyan Petrochemical Co was down 4 fils at 840 fils and Al Qurain Petrochemical Co tripped 1 fils. Jazeera Airways skidded 8 fils to 691 fils and ALAFCO stood pat at 219 fils. Aznour eased 1 fils to 222 fils whereas Arabi Group Holding gained 8 fils. Kuwait Foundry Co vaulted 34 fils to 404 fils.
The market opened firm and edged higher in early trade. The main index vacillated in a tight range and fell sharply almost half way into the session. It bottomed at 6,358 pts and headed north again in choppy trade to scale the day’s highest level of 6372 points in the final minutes before giving up some of the gains at close.
Top gainer of the day, Kuwait Foundry Co rallied 9.19 pct to 404 fils while Shuaiba Industrial sprinted 7.19 percent to stand next. Gulf Finance Co skidded 9.57 percent, the steepest decliner of the day and Arzan Financial Group topped the volume with 15.9 million shares.
Despite the day’s marginal rise, losers slightly outnumbered the winners. 54 stocks advanced whereas 59 closed lower. Of the 138 counters active on Wednesday, 25 closed flat. 8,648 deals worth KD 30.2 million where transacted during the session.
In the banking sector, Gulf Bank was unchanged at 241 fils after pushing 5.6 million shares whereas Kuwait International Bank eased 1 fil to 222 fils. Burgan Bank took in 1 fil an Boubyan Bank was down 3 fils at 730 fils. Warba Bank and Ahli United Bank Kuwait Bank tripped 1 fil each whereas Ahli United Bank BSC gained 4 fils on back of 10.7 million shares to close at 234 fils. Al Ahli Bank stalled at 211 fils
Kuwait Cement Co was unchanged at 245 fils with razor thin trading whereas Kuwait Portland Cement dialed down 1 fil. Shuaiba Industrial sprinted 11 fils to 164 fils and ACICO Industries added 3 fils before ending at 126 fils. Hilal Cement took in 1.2 fils whereas HEISC paused at 488 fils. Educational Holding Co was up 4 fils at 713 fils.
Kuwait and Gulf Links Transport Co eased 0.6 fils to 51 fils and Sultan Centre was unchanged at 200 fils. Inovest BSC clipped 2 fils and Mashaer Holding gave up 5.3 fils before ending at 65.1 fils. United Projects Co tripped 1 fil whereas Combined Group Contracting Co paused at 287 fils. Burgan Company For Well Drilling Co slipped 3 fils to 179 fils and OSOS Holding Group added 1.5 fils.
Kuwait Investment Co fell 1 fil to 225 fils whereas Kuwait Financial Centre (Markaz) and Arzan Financial Group scaled 4 fils each. KMEFIC dialed down 1 fil whereas International Financial Advisors rallied 5 fils on back of 5.3 million shares.
KAMCO Investment dialed up 1 fil whereas Gulf Investment House and Aayan Leasing and Investment Co clipped 2 fils each. Tamdeen Investment gave up 4 fils whereas Noor Financial Investment added 3 fils. Kuwait Insurance Co shed 12 fils and Al Ahleia Insurance Co erased 8 fils.
The market has been mixed so far during the week. It has retreated 18 points from start of the month and is up 798 points year-to-date.