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KSE closes 1.23 points higher at 5,804.57 pts – GFH Financial Group witnesses robust activity

KUWAIT CITY, Dec 2: Kuwait stocks trudged 0.02 percent or 1.23 points higher, managing to steer into the green at 5,804.57 points with mixed boards, down by 11.19 percent on a year to date basis. The weighted index stood at 391.69 points, declining 0.38 points.

The KSE benchmark stood at 926.87 points, shedding 1.72 points. The total number of trades conducted in the day were 3,336 with a volume of 144.74 million being traded for a total value of KD 10.5 million. Of the 130 counters open in the session, 38 advanced, 39 retreated and 53 remained unchanged.

Zima Holding Co and Flex Resorts & Real Estate Co peaked with a 6.67 percent increase in share price, closing at 128 fils and 40 fils respectively. Meanwhile Housing Finance Co made it among the top gainers of the session with a 6.06 percent rise to 35 fils with 10.35 million shares exchanged. At the same time, Kuwait Finance & Investment Company clambered to 42 fils, marking a 5 percent increase. Alargan International Real Estate Co posted a 4.65 percent leap to the green with a 180 fils close.

On the other hand, Kuwait Cable Vision took a hard 9.09 percent tumble to 25 fils while OSOUL Investment Co suffered a 6.25 percent decrease to 37.5 fils. Gulf Franchising Holding Co was counted among the top losers in the session today as it closed at 70 fils, down by 5.41 percent in share price. Meanwhile, Burgan Company for Well Drilling, Trading & Maintenance dropped 5.36 percent lower to 106 fils and the Kuwait Company For Process Plant Construction And Contracting lost 4.95 percent to close at 192 fils.

GFH Financial Group witnessed robust activity, trading 35.44 million shares to a 37.5 fils finish, posting a 4.17 percent increase while Gulf Petroleum Investment traded over 11.2 million shares and closed flat at 58 fils. Meanwhile, Ithmaar Bank exchanged 9.83 million shares with a 2.15 percent downturn to 45.5 fils and Al-Safat Energy Holding followed closely behind by trading a volume of 9.6 million gaining 3.57 percent in share price to close at 14.5 fils.

The banking sector closed at 925.06 points, easing 3.42 points below the red line with 30.38 percent increase in volume turnover and 83.19 percent increase in value from the previous session. National Bank of Kuwait and Kuwait Finance House held gournd at 820 fils and 570 fils respectively while Ithmaar Bank inched 1 point lower to 45.5 fils and traded 9.8 million shares on the trading floor. Burgan Bank and Boubyan logged a 5-point decline to 380 fils and 430 fils while Kuwait International bank crept up 2 points higher to a 228 fils close.. Warba Bank and Commercial Bank remained stable at 204 fils and 500 fils respectively.


Concurrently the telecommunication sector marked a surge of volume traded as compared to Tuesday, Mobile Telecommunications Company — Zain held ground at 360 fils as did Ooredoo at KD 1.060. Viva and Hits Telecom Holding Company also stood firm at KD 1.060 and 30.5 fils respectively.

Financial Services edged 0.02 percent lower to 634.3 points and made up 51.61 percent of the total traded volume and 28.97 percent of the value in the session. Gulf Finance House moved up 1.5 points in share price to close at 37.5 fils trading 35.4 million shares while The Securities House took a 1 point downturn to 46 fils.

Housing Finance Co scaled 2 points higher to 35 fils and Al-Madina For Finance And Investment Co slipped 0.5 points lower to 45 fils. Kuwait Projects Company closed flat at 580 fils.

Real Estate made up 10.03 percent of the traded volume and 7.76 percent of the total market in terms of value, closing at 977.7 points, up by 0.36 percent. Al Dar National Real Estate Co took a 0.5 point step upwards to 29.5 fils trading a 4.18 million shares. Tamdeen Real Estate Company, meanwhile, made a 20 point leap to 620 fils and Al Mudon International Real Estate Co eased 0.5 points down to 34.5 fils. Mabanee Company dived 10 points lower to a 920 fils close while Investors Holding Group Company reached 0.5 points higher for a 30 fils close.

The industrial sector closed at 1,071 points. Agility Public Warehousing Company resolved to a 520 fils finish, trading 1.28 million shares in the session while Mubarrad Transport Co followed closing 2 points higher at 74 fils.

The oil and gas sector closed at 789.4 points, dipping 0.14 percent in the red, making up 14.47 percent of the total traded volume and 7.73 percent of the total value in the session. Al-Safat Energy Holding advanced by 0.5 points to close at 14.5 fils, Gulf Petroleum Investment stood firm at 58 fils and Ikarus Petroleum Industries Co closed flat at 89 fils.

In the technology sector, Hayat Communications Company eased 1 point lower to a 47 fils share price at closing with Osos Holding Group Company closed flat at 82 fils.

In consumer goods, Mezzan Holding stood its ground at KD 1.080 and Danah Al Safat Foodstuff Co moved 1 point higher to 79 fils. In consumer services, Zima Holding Co moved up 8 points to 128 fils while Jazeera Airways Co took a 10-point augment to 480 fils.

In bourse related news, Kuwait Stock Exchange conducted its scheduled review of the Kuwait 15 Index (“KSX 15”) at the end of November 2015. Accordingly Kuwait International Bank (K.S.C.P.), National Industries Group Holding (K.P.S.C.) and Warba Bank (K.S.C.P.) will be removed from the Index, to be replaced by Al Ahli Bank of Kuwait (K.S.C.P.), Mezzan Holding Co. (K.S.C.P.) and Boubyan Petrochemical Company (K.S.C.P.).

Further, The Commercial Real Estate Co. (K.P.S.C.) and Kuwait National Cinema Company (K.P.S.C.) will be removed from reserve list to be replaced by Kuwait International Bank (K.S.C.P.) and Warba Bank (K.S.C.P.) (which were in the index) while keeping Jazeera Airways Company (K.S.C.P.) within the reserve list. These changes to KSX 15 resulting from the review will be implemented after the market close on Dec 17.

By Cinatra Fernandes

Arab Times Staff

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