Kuwait stock index gains traction amid renewed buying Gains
KUWAIT CITY, July 15: Kuwait stocks gained traction amid renewed buying on Thursday. The All Shares Index , after a wobbly start, climbed 28.18 points to 6396.63 pts in a broad advance led by some of the blue chips and mid-caps.
The Premier Market jumped 29.29 points to 6934.05 pts while Main Market gained 26.54 points. The BK Main 50 index soared 50.80 pts to 5603.16 points. The volume turnover meanwhile surged past the 200 million mark to hit a 10-day high. Over 266 million shares changed hands – a 49 pct jump from the day before.
All sectors, barring one, closed in green turf. Technology outpaced the rest with 3.88 pct gain whereas Telecommunications , the only loser, fell 0.34 percent. Financial Services topped the volume with 155 million shares and sector was also ahead in value with KD 17.52 million.
Among the prime movers, Kuwait Finance House rallied 8 fils to 763 fils on back of 7 million shares and Gulf Bank added 3 fils after pushing 5.9 million shares National Investment Co rose 3 fils to 173 fils and Mabanee Co followed suit to close at 711 fils. Boursa Kuwait Securities scaled 9 fils with a volume of 1.2 million and Humansoft Holding galloped 59 fils.
Zain fell 2 fils to 584 fils after moving over 3 million shares and Ooredoo gave up 5 fils. stc stood pat at 858 fils and logistics major Agility dialed down 2 fils with a volume of 2.4 million shares. Mezzan Holding clipped 2 fils and Integrated Holding Co climbed 5 fils to 372 fils. KIPCO took in 1 fil while Noor Financial Investment Co was up 5 fils at 235 fils.
National Industries Group inched 1 fil higher to 221 fils while Gulf Cable paced 3 fils before settling at 746 fils. Boubyan Petrochemical Co climbed 6 fils to 846 fils whereas Al Qurain Petrochemical Co gave up 2 fils. Jazeera Airways glided 6 fils north on back of over 1 million shares whereas ALAFCO held ground at 219 fils. Egypt Kuwait Holding slid 17 fils to 318 fils.
The market opened gap up and edged higher in early trade before slipping into a shallow trough. The main index plumbed the day’s lowest level of 6370 points and clawed back amid fresh buying across the board . It sagged briefly half way into the session and headed north again before closing with moderate gains.
Top gainer of the day, Kuwait Hotels spiked 21 pct to 92 fils while Combined Group Contracting Co climbed 7.67 percent to stand next. EK Holding shed 5 percent, the steepest decliner of the day and Securities House topped the volume with over 31 million shares.
Reflecting the day’s gains, the market spread was heavily skewed towards winners. 84 stocks advanced whereas 24 closed lower. Of the 137 counters active on Thursday, 24 closed flat. 11,765 deals worth KD 48.1 million were transacted during the day.
In the banking sector, National Bank of Kuwait was unchanged at 855 fils with a volume of 2.9 million shares and Burgan Bank too did not budge from its earlier close of 223 fils. Boubyan Bank paused at 730 fils after pushing over 1 million shares and Ahli United Bank added 2 fils on back of 13.7 million shares. Warba Bank took in 1 fil whereas Al Ahli Bank closed flat. Ahli United Bank Kuwait dialed up 2 fils.
Kuwait Investment Co rose 2 fils to 227 fils whereas International Financial Advisors stood pat at 133 fils. Kuwait Financial Centre (Markaz) scaled 6 fils and Arzan Financial Group inched 1 fil into green. First Investment added 1.7 fils and Gulf Investment House rallied 17 fils on back of 1.85 million shares. KAMCO rose 4 fils to 120 fils and KFIC ticked 0.1 fil up.
Rose
Kuwait Cement Co fell 2 fils to 243 fis whereas Kuwait Portland Cement sprinted paced 11 fils. Metal and Recycling Co and ACICO Industries rose 4 fils each close 166 fils and 130 fils respectively while and HEISC dialed up 3 fils. Kuwait Foundry Co added 2 fils Kuwait National Cinema Co was unchanged at 830 fils with thin trading whereas Sultan Centre and Inovest BSC took in1 fil each. Mashaer Holding closed 1.7 fils in green.
Kuwait and Gulf Links Transport Co rose 1.5 fils to 52.5 fils whereas NAPESCO paused at 867 fils. KCPC sprinted 12 fils to 560 fils and Arabi Group Holding dialed up 1 fil. Educational Holding gave up 3 fils while Independent Petroleum Group and Automated Systems Co paced 4 fils each to close at 615 fils and 107 fils respectively. Combined Group Contracting Co sprinted 22 fils to 309 fils while Burgan Company For Well Drilling Co added 3 fils.
The market was mixed during the week. The main index closed higher in three of the five sessions, gaining 29 points week-on-week. It has added 10 points from start of the month and is up 826 points year-to-date.