Kuwait stock index caps volatile session with modest gains
KUWAIT CITY, Dec 28: Kuwait stocks eked out modest gains Tuesday after flat lining in the previous session. The All Shares Index rose 19.57 points in volatile trade to 7046.34 pts paced by some of the blue chips and mid-caps.
The Premier Market climbed 17.67 points 7653.50 pts taking the month’s gains to 308 points while Main Market sprinted 24.66 pts. The BK Main 50 was up 16.59 points at 6093.21 pts. The volume turnover meanwhile ticked slightly up after hitting a 11-month low in the previous session. 157 million shares changed hands – up 4 pct from the day before.
The sectors closed mostly in green turf. Technology outshone the rest with 4.21percent gain whereas Consumer Services shed 0.83 pct, the worst performer of the day. Volume wise, Financial Services topped with 65.36 million shares while Banking sector was ahead in value with KD 16.67 million.
Among the standouts, sector bellwether National Bank of Kuwait rose 4 fils to KD 1.000 on back of 2.9 million shares taking the month’s gain to 16 fils while Boubyan Bank paced 7 fils extending last session’s identical rise. Warba Bank climbed 8 fils to 274 fils after pushing 4.9 million shares and Burgan Bank closed 3 fils in green. Boursa Kuwait Securities darted 21 fils to KD 2.007.
Zain rose 2 fils to 599 fils on back of 4.4 million shares and Ooredoo took in 1 fil. stc climbed 8 fils to 850 fils while Agility partly recouped Monday’s loss with a 3 fils rise to 945 fils and has scaled 23 fils month-to-date. Mabanee Co added 2 fils and Humansoft Holding gave up 5 fils to close at KD 3.203.
KIPCO and Al Imtiaz Investment dialed up 1 fil each whereas National Investment Co gave up 3 fils to close at 218 fils. Kuwait Investment Co rose 4 fils to 281 fils and Noor Financial Investment was up 5 fils at 307 fils. Tamdeen Investment Co added 3 fils with thin trading whereas KAMCO paused at 128 fils. Gulf Insurance Group jumped 50 fils to KD 1.040 and Al Ahleia Insurance Co sprinted 10 fils to 509 fils.
National Industries Group rose 2 fils to 280 fils on back of 1.7 million shares whereas Gulf Cable retreated 6 fils to 885 fils extending last session’s pullback. Jazeera Airways climbed 4 fils to KD 1.241 and ALAFCO was up 5 fils at 221 fils after pushing 1.3 million shares. Boubyan Petrochemical Co slipped 4 fils to 855 fils while Qurain Petrochemical Co closed 3 fils in red. Mezzan Holding dropped 6 fils to 592 fils.
The market opened flat and rose sharply in early trade. The main index failed to hold on to the gain and pivoted south to plumb the day’s lowest level of 7025 points ahead of the mid-session. It moved sideways thereafter and revved up in the final minutes to close with modest gains.
Top gainer of the day, Energy Holding vaulted 15.99 pct to 66 fils while Munshaat sprinted 12.20 percent to stand next. GFC skidded 23.39 percent, the steepest decliner of the day and GFH topped the volume with 25.75 million shares.
Mirroring the day’s gain, the winners outnumbered the losers. 69 stocks advanced whereas 44 closed lower. Of the 134 counters active on Tuesday, 21 closed flat. 7799 deals worth KD 35.4 million were transacted during the session.
In the banking sector, Gulf Bank fell 2 fils to 279 fils after pushing 5.7 million shares and Kuwait Finance House tripped 1 fil. Kuwait International Bank paused at 217 fils whereas Commercial Bank gave up 4 fils.
Kuwait Cement Co rose 3 fils to 242 fils and Kuwait Portland Cement Co paced 10 fils. HEISC inched 1 fil higher to 509 fils whereas Metal and Recycling Co tripped 0.5 fil. Shuaiba Industrial climbed 11 fils to 225 fils and Kuwait Foundry Co shed 12 fils. ACICO Industries dialed down 2 fils after moving 1.7 million shares and Integrated Holding took in 1 fil. Aznour stood pat at 227 fils.
NICBM eased 1 fil to 192 fils while Warba Capital Holding and Educational Holding gave up 6 fils each. Equipment Holding took in 1.4 fils and NCCI closed 1 fil in green. Sultan Centre was unchanged at 212 fils whereas Arabi Group Holding rallied 18 fils on back of 4.4 million shares. Safat Energy Holding tripped 1.1 fils before settling at 49 fils.
Kuwait and Gulf Links Transport Co crept 0.5 fil up to 70 fils and Automated Systems Co paced 4 fils. Gulf Franchising Holding slid 29 fils to 95 fils while Oula Fuel Marketing Co and Hayat Communications dialed down 2 fils each. Mashaer Holding trimmed 2.8 fils and Egypt Kuwait Holding gave up fils.
Burgan Company For Well Drilling fell 3 fils to 143 fils whereas Combined Group Contracting Co and Mubbarrad Holding paused at 354 fils and 109 fils respectively. Inovest BSC added 2 fils while Jassim Transport clipped 2 fils.
The market has been mixed so far during the week and has added 6 points in last three sessions. It has gained 259 points from start of the month and is up 1502 points year-to-date.