Kuwait bourse edges up in volatile session

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Humansoft Holding shines, Mabanee slips

KUWAIT CITY, Sept 27: Kuwait stocks edged higher on Thursday to wind up the week on a positive note. The All Shares Index rose 8.14 points in volatile session to 5138.52 points paced by Humansoft Holding and some of the heavyweights even as the overall mood remained mixed.

The Premier Market climbed 9.24 points to 5345.74 pts while Main Market scaled 6.1 fils points to close at 4762.03 pts trimming the month’s losses to 129 points. Volume turnover surged again as it continues to see-saw around the 100 million mark. Over 132 million shares changed hands – a 44 pct jump from the day before.

The sectors closed mostly in the green turf. Oil and gas outshone the rest with 1 pct rise whereas technology tumbled 10 pct, the worst performer of the day.

Volume wise, real estate accounted for the highest market share of 49 percent and banks trailed behind with 24.6 pct contribution.

Among the notable movers, sector bellwether National Bank of Kuwait rose 3 fils to 827 fils on back of 3.5 million shares whereas Mabanee Co gave up 5 fils to settle at 634 fils. Humansoft Holding soared 25 fils to 25 fils and NAPESCO climbed 5 fils to 825 fils. Zain was up 3 fils at 479 fils with a volume of 2.6 million and Ooredoo stood pat at 780 fils. Kuwait Telecommunications Co (VIVA) ticked 1 fils higher to 719 fils and Agility dialed up 2 fils.

The market opened firm and headed north in early trade. The main index flipped and pulled into red amid selling in select counters and plumbed the day’s lowest level of 5126 points almost an hour into the session.

It clawed back thereafter in choppy trade and closed with small gains. Top gainer of the day, Asiya climbed 9.8 pct to 37.9 fils and Safat Energy rallied 9.6 percent to stand next. Tijara slumped 11.7 percent, the steepest decliner of the day and Kuwait Real Estate topped the volume with over 36 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 47 stocks advanced whereas 53 closed lower. Of the 126 counters active on Thursday, 26 closed flat. 3,392 deals worth KD 20.96 million were transacted – a 69 pct surge in value from the day before National Industries Group ticked 1 fil up to 162 fils and Mezzzan Holding took in 2 fils. Boubyan Petrochemical Co clipped 2 fils and Al Qurain Petrochemical climbed 10 fils to 346 fils. Equipment Holding tripped 0.7 fil before settling at 28.2 fils. Jazeera Airways gained 9 fils to end at 749 fils and ALAFCO stood pat at 325 fils. Heavy Engineering Industries and Shipbuilding Co and NICBM too paused at 503 fils and 170 fils respectively while ACICO Industries was up 9 fils at 211 fils. Kuwait Portland Cement clipped 2 fils and Gulf Cable closed fl at. Burgan Well Drilling and Combined Group Contracting Co rose 6 fils each to close at 120 fils and 369 fils respectively. Kuwait National Cinema Co shed 10 fils and IFA Hotels and Resorts ticked 1 fil into green.

OSOS and Mashaer Holding were unchanged at 90 fils and 44 fils respectively while  Automated Systems Co shed 13 fils to wind up at 117 fils. Kuwait and Gulf Link Transport Co trimmed 0.8 fil and KGL Logistics inched 0.5 fil higher. Al Rai Media Group slipped 3.3 fils to 50.1 fils and Inovest dialed down 0.4 fil. KCPC fell 4 fils to 240 fils. In the banking sector, Kuwait Finance House and tripped 1 fil to close at 598 fils and Gulf Bank inched 1 fil into green.

Boubyan Bank clipped 2 fils and Warba Bank paused at 236 fils. Ahli United Bank took in 2 fils to end at 234 fils. Burgan Bank and Kuwait International Bank fell 1 fil each while Al Mutahed gave up 4 fils before closing at 293 fils. Commercial Bank and Al Ahli Bank were not traded during the session. KIPCO fell 2 fils to 212 fils and Gulf Finance House held ground at 100.8 fils.

Kuwait Investment Co and International Financial Advisors were fl at at 123 fils and 24.5 fils respectively whereas Securities House eased 0.2 fil to 49.5 fils. Kuwait Financial Centre (Markaz) slipped 4 fils to 100 fils whereas KMEFIC and Unicap stood pat at 33.8 fils and 60 fils respectively. Osoul Investment tripped 0.1 fil whereas Bayan Investment and Al Deera Holding added 0.1 fil each.

KAMCO took in 1 fil and Al Mal Investment fell 1.5 fils to 18.1 fils. Aayan and Noor Financial Investment Co trimmed 0.9 fil each to end at 36.3 fils 50.9 fils respectively while GIH fell 0.4 fil to 17.5 fils. Madar dialed up 1 fil whereas Al Imtiaz and Kuwait Insurance Co eased 1 fil each to close at 129 fils and 324 fils respectively. Al Madina added 1 fil and National Investment Co trimmed 0.1 fil. Ahleia Insurance shed 11 fils and Warba Insurance Co ticked 1 fil into green.

National Real Estate Co rose 1 fil to 103 fils and Salhiya Real Estate was up 2 fils at 330 fils. Kuwait Real Estate inched 0.7 fil higher and United Real Estate edged 1.5 fils higher to 64.5 fils. The market was mixed during the week.

The main index closed lower in three of the five sessions shedding 9 points week-on-week and has added 6 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region

By John Mathews Arab Times Staff

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