Kuwait index stages strong rebound, volume ticks higher
KUWAIT CITY, April 25: Kuwait stocks staged a strong rebound Monday, stemming the three-day decline. The All Shares Index soared 92.68 pts in a broad advance to 8329.78 points paced by blue chips.
The Premier Market rallied 100.55 pts to 9242.97 points taking the month’s gain to 182 pts while Main Market jumped 77.40 points. The BK Main 50 climbed 58.69 pts to 6718.71 points. The volume turnover meanwhile saw a small rise following Sunday’s drop.
All sectors, barring one, closed in green. Banking sector outshone the rest with 1.44 percent gain while Energy, the only loser was down 0.35 pct. Volume wise, Financial Services topped with 73.5 million shares and Banking was ahead in value with KD 24.67 million.
Among the prime movers, sector bellwether National Bank of Kuwait rallied 7 fils to KD 1.055 on back of 3.9 million shares and Kuwait Finance House scaled 11 fils paring the month’s loss to 84 fils. Boubyan Bank sprinted 41 fils to 966 fils with a volume of 2.7 million and Gulf Bank paced 15 fils. Educational Holding extended last session’s robust gain with 122 fils jump to KD 3.200.
Zain was unchanged at 650 fils with a volume of over 2 million and Ooredoo galloped 48 fils. stc rallied 45 fils to 884 fils and logistics major Agility added 2 fils. National Investment Co eased 1 fil to 416 fils whereas KIPCO was up 4 fils at 190 fils after pushing 2.5 million shares. Mabanee Co took in 1 fil whereas Humansoft Holding gave up 6 fils before settling at KD 3.418.
National Industries Group was unchanged at 316 fils with a volume of 4.6 million shares and Gulf Cable slipped 6 fils to KD 1.738. Jazeera Airways saw a 21 fils lift to KD 1.911 and ALAFCO held ground at 215 fils. Boubyan Petrochemical Co rose 3 fils to KD 1.004 and Qurain Petrochemical dialed down 2 fils. Boursa Kuwait Securities closed 8 fils in green.
The market opened weak and ticked up in early trade. The main index picked pace amid strong buying across the sectors and closed with solid gain.
Top gainer of the day, First Takaful Insurance rallied 9.79 percent to 51.6 fils and Fujairah Cement climbed 9.45 pct to stand next. KSHC skidded 7.5 percent, the steepest decliner of the day and Ahli United Bank BSC topped the volume with 22.6 million shares.
Mirroring the day’s gain, the winners outnumbered the losers. 69 stocks advanced whereas 41 closed lower. Of the 129 counters active on Monday, 19 closed flat. 10,664 deals worth KD 52.65 million were transacted during the session.
Kuwait Investment Co rose 3 fils to 263 fils whereas International Financial Advisors trimmed 1 fil. Arzan Financial Group and Kuwait Financial Group dialed up 1 fil each to close at 161 fils and 169 fils respectively while Gulf Investment
House scaled 5 fils. Aayan Leasing gained 4 fils on back of 2.9 million shares.
KAMCO Investment rose 3 fils to 142 fils whereas KFIC erased 2.1 fils. Osoul Investment walked back 7.1 fils to close at 98.9 fils whereas Bayan Investment added 1.4 fils. Al Deera Holding took in 2 fils and Al Safat Investment eased 1 fil to 242 fils. Noor Financial Investment took in 1 fil whereas Tamdeen Investment stood pat at 429 fils.
National Real Estate Co and Ajial Real Estate dialed up 2 fils each and the former saw a volume of 13.3 million while Salhia Real Estate clipped 2 fils. Tamdeen Real Estate was unchanged at 429 fils.
Kuwait Cement Co rose 3 fils to 259 fils and Kuwait Portland Cement closed 5 fils in green. HEISC jumped 33 fils to 940 fils on back of 2.8 million shares while Shuaiba Industrial climbed 8 fils to 239 fils. Kuwait Foundry Co gained 8 fils whereas Metal and Recycling Co paused at 82 fils.
Equipment Holding eased 0.2 fil to 51.8 fils whereas NCCI was up 3 fils at 132 fils. Warba Capital took in 1 fil and Sultan Centre clipped 1 fil. Arabi Group Holding paced 6 fils and Kuwait and Gulf Links Transport Co added 1.9 fils. NAPESCO slipped 8 fils to 813 fils and KCPC closed 4 fils in green.
Burgan Company For Well Drilling rose 2 fils to 159 fils and Combined Group Contracting Co added 1 fil. IFA Hotels and Resorts trimmed 0.2 fil while Mashaer Holding crept 0.6 fil into green. Kuwait Resorts fell 1.5 fils to 92.3 fils.
GFH Financial Group rose 2.2 fils to 103 fils with brisk trading while Inovest BSC dialed up 2 fils. Egypt Kuwait Holding fell 3 fils to 414 fils and Jassim Transport fell 2 fils to 358 fils.
The market has been mixed so far during the week and has scaled 62 points at the end of last two sessions. It has gained 183 points from start of the month and is up 1286 points year-to-date.