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Kuwait stock market leaps 41.84 pts to 7,392 points Banking sector ends in red zone

KUWAIT CITY, Aug 24: Kuwait stocks leaped 0.57% or 41.84 points ahead to 7,392 points, starting the week off in the green zone. The weighted index ebbed 1.99 points lower to 492.45 points.  The KSE benchmark sustained a 10.13 point hurtle to 1,202.86 points. A total of 269.6 million shares were traded for a total value of KD 21.2 million in 5,337 transactions. Of the 130 companies that traded, 59 gained, 34 lost and 37 recorded no change.  Human Soft Holding Co led the pack of gainers in the session with a 10% addition to its share price, closing at 550 fils while Pearl Of Kuwait Real Estate Company kept up with a 9.68% increment to 17 fils and Gulf Petroleum Investment marked a 7.84% increase to 110 fils, trading over 12 million shares on the floor. Flex Resorts & Real Estate Co took a 7.46% rise to the green, albeit with low activity to close at 72 fils. The Securities House Co took a 6.49% leap forward to 82 fils. 
 
On the other hand, Housing Finance Co plummeted 8.33% down to a 27.5 fils close and Ras Al Khaimah Co. For White Cement Construction Materials dropped 7.46% lower to 124 fils. Al-Deera Holding Co suffered a 4.76% tumble down to 30 fils and Nafais Holding Company slid 4.17% below to 92 fils. Concurrently, Salbookh Trading Co slipped to 100 fils with a 3.85% contraction. Gulf Finance House traded the top volume of the day, moving 19.67 million shares to close 2.41% higher at 42.5 fils. Abyaar Real Estate Development Co traded a hearty 16.43 million shares and Al-Madina For Finance And Investment Co 15.2 million. 
 
Higher
Telecommunications stood at 769.6 points, down by 0.12%. Mobile Telecommunications Company — Zain shed 10 points to close at 650 fils, while Ooredoo closed flay ay KD 1.480. Hits Telecom Holding Company inched 1 point higher to 54 fils, trading 6.3 million shares on the floor.  Banking Sector stood at 1,121.9 points with a 14.45% drop in volume traded and 68.42% drop in value from the previous session. National Bank of Kuwait started the week in the red, slumping 10 points lower to 990 fils while Kuwait International Bank edged 5 points down to 320 fils, trading 1.34 million shares. Kuwait Finance House also took a 10 point tumble to close at 820 fils and Ithmaar Bank scaled 0.5 points higher to 48.5 fils.
 
Meanwhile, Boubyan Bank held firm at 510 fils while Gulf Bank and Warba Bank both shacked 5 points to close at 345 fils and 275 fils respectively. Burgan Bank closed at a flat 540 fils.  Financial Services rose to 1,018.8 points, 0.21% higher and making up 49.15 5 of the total volume and 38.29% of the total value. Al Salam Group Holding gained 2 points to close at 102 fils while trading 9.97 million shares while Gulf Finance House climbed 1 point to 42.5 fils and Al-Madina For Finance And Investment Co cast off 1 point to close at 45 fils. Ekttitab Holding Company and Boubyan International Industries Holding Co added 2 points to their share price to close at 57 fils and 89 fils respectively. 
 
Meanwhile, Coast Investment and Development Company slid 2 point down to 67 fils and Gulf North Africa Holding Company closed flat at 52 fils. Al Aman Investment Company heaved to 87 fils and National Industries Group inched 2 points lower to 226 fils. Bayan Investment Company shuffled 1 point lower to 81 fils and Al Deera Holding Company slithered 1.5 points lower to 30 fils. International Financial Advisors closed at 59 fils, recording no change from the previous session. Securities House closed at 82 fils with a 5 point rise and Privatization Holding Company took a 2 point turn to the green at 70 fils. While Kuwait Syrian Holding Co and Manazel Holding stagnated at 29.5 fils and 56 fils , Alimtiaz Investment Group gained 2 points to close at 80 fils. 
 
Real Estate stood at 1,258.3 points, making up 23.765 of the total volume and 23.40% of the total value. Abyaar Real Estate Development Company sloped 0.5 points upwards to 48.5 fils while Sokouk Holding Co rose 3 points higher to 86 fils. At the same time, Al Mudon International Real Estate Company moved 2 points higher to a 84 fils finish and Kuwait Real Estate Company hunched 2 points lower to 80 fils.
 
Gained
Mabanee Co held its ground at KD 1.060 while Tijara & Realestate Investment Co leveled 3 points higher to 72 fils. Al Mazaya Holding Company closed at a flat 120 fils even as Kuwait Remal Real Estate Company bounded 3 points upwards to 83 fils. Taameer Real Estate Investment Co noted a 2.5 point rise to 46.5 while Munshaat Real Estate Projects Company, Sanam Real Estate Co, and First Dubai for Real Estate Development gained 2 points each to close at 154 fils, 65 fils, and 91 fils respectively. 
The Oil and Gas sector 1,274.69 points, 1.67% higher than last week’s close. Gulf Petroleum Investment trekked 8 points higher to close at 110 fils while Al-Safat Energy Holding crept 0.5 points higher to 40.5 fils. Ikarus Petroleum Industries Co closed flat at 186 fils while The Energy House Holding Company stooped 2 points under to 80 fils. Independent Petroleum Group, at the same time, wound up 10 points higher at 470 fils. 
 
Industrials grew by 0.84% to stand at 1,175.6 points. Mubarrad Transport Co trailed 3 points higher to a 81 fils close, trading 7.69 million shares in the session while Equipment Holding Company rose 4 points higher to 136 fils and traded 1.904 million shares. Aviation Lease And Finance Co and Agility Public Warehousing Company held ground at 275 fils and 870 fils respectively. ACICO Industries Co climbed 5 points up to 345 fils and National Cleaning Co mounted 6 points to finish at 110 fils. 
 
Basic Materials stood at 1230, down 0.35%. Boubyan Petrochemical Company skimmed 10 points lower to 760 fils while Qurain Petrochemical Industries Company and Kuwait Foundry Co closed flat at 255 fils and 315 fils respectively. The technology saw a 2.29% rise to 988.6 points. Al-Safat Tec Holding Company budged 2 point upwards to 59 fils in the session while Hayat Communications Co stood stale at 80 fils. Automated Systems Company with a 15 point upswing closed at 435 fils with low activity. 
 
In consumer goods, Danah Al Safat Foodstuff Company grew by 5 points and traded 11.94 million shares, closing at 89 fils. As for consumer services, EYAS For Higher & Technical Education fell 5 points below closing at 305 fils while Soor Fuel Marketing Company clambered 2 points higher to 152 fils. Sultan Center Food Products Co eased 2 points lower to 106 fils and Kuwait Resorts Company crawled 1 point higher to 97 fils.  In insurance, Gulf Insurance Group gained 20 points to surge ahead at 570 fils while Warba Insurance Company dipped 2 points lower to 64 fils and Wethaq Takaful Insurance Company pulled off a 1 point increase to 64 fils.
 

By Cinatra Fernandes 

Arab Times Staff

By: Cinatra Fernandes

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