Kuwait bourse extends gain; volume rebounds

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NBK rallies 5 fils, Jazeera Airways drops

 

KUWAIT CITY, Oct 24: Kuwait stocks swung higher on Wednesday extending last session’s modest gains. The All Shares Index climbed 32.93 pts in a broad rally to 5,033.91 pts led by blue chips even as Humansoft Holding stemmed its three-day decline with a strong rebound.

The Prime Market scaled 38.09 pts to close at 5,208.85 pts while Main Market was up 23.48 pts trimming the month’s losses to 19 pts. The volume turnover meanwhile bounced back to hit a oneweek high. Over 52 million shares changed hands – a 35 pct surge from the day before.

The sectors closed mostly in green turf. Telecommunications outshone the rest with 1.13 pct gain whereas consumer services dipped 1.58 percent, the biggest loser of the day.

Volume wise, financial services notched the highest market share of 32.7 pct and banks trailed with 31.2 percent contribution. Among the prime movers, National Bank of Kuwait rallied 5 fils to 815 fils and Kuwait Finance House followed suit to end at 584 fils after trading over 2 million shares. Humansoft Holding soared 123 fils to KD 3.135 trimming the month’s losses to 65 fils. Zain climbed 6 fils to 444 fils on back of 1.8 million shares and Ooredoo scaled 7 fils. Kuwait Telecommunications Co (VIVA) was unchanged at 720 fils off early lows and Agility was up 5 fils at 808 fils with a volume of 2.6 million.

The market opened firm and headed north in early trade. The main index continued to rise amid buying across the sectors and drifted sideways. It revved up again and peaked at 5034 pts in the final minutes before closing with moderate gains. Reflecting the day’s upswing, the market spread was skewed towards the gainers. 63 stocks advanced whereas 35 closed lower.

Of the 117 counters active on Wednesday, 19 closed flat. 3,046 deals worth KD 11.4 million were transacted – a 14.5 pct rise in value from the day before. National Industries Group rallied 4 fils to 159 fils with a volume of 1.6 million and Mezzan Holding slipped 5 fils. Boubyan Petrochemical Co tripped 1 fil and Al Qurain Petrochemical Co dialed up 2 fils extending Tuesday’s strong gains. Jazeera Airways fell 3 fils to 727 fils taking the monthly losses to 22 fils while ALAFCO climbed 8 fils to 348 fils.

Heavy Engineering Industries and Shipbuilding Co gave up 4 fils before settling a 465 fils and Equipment Holding took in 0.2 fils. Kuwait Foundry Co clipped 2 fils whereas NAPESCO and ACICO Industries added 2 fils each to wind up at 827 fils and 200 fils respectively. Safat Energy fell 3 fils to 27 fils and OSOS scaled 4.5 fils to end at 97.4 fils.

Gulf Cable rose 4 fils to 370 fils and Kuwait Portland Cement stood pat at KD 1.065. KCPC trimmed 1 fil and KPPC was unchanged at 51 fils. IFA Hotels and Resorts slipped 5 fils to 90 fils and Mashaer Holding dialed up 2.2 fils. Automated Systems Co took in 1 fil and Independent Petroleum Group paused at 430 fils. The company’s third quarter profits rose 1.3 pct to KD 1.46 million from same period last year.

During the nine-month period ending Sept 30 the earnings grew 15.4% to KD 5.86 million. Burgan Well Drilling Co was flat at 100 fils and Mashaer Holding edged 2.2 fils up to 44.4 fils. Kuwait and Gulf Links Transport Co tripped 1 fil and KGL Logistics ticked 0.4 fil higher.

Al Rai Media Group dialed up 1.9 fils to close at 52.9 fils. In the banking sector, Burgan Bank and Gulf Bank rose 3 fils each to close at 275 fils and 257 fils respectively while Warba Bank held ground at 226 fils. Kuwait International Bank climbed 4 fils on back of 1.4 million shares.

Commercial Bank rose 5 fils to 510 fils whereas Al Mutahed stood pat at 290 fils. Al Ahli Bank dialed up 2 fils to wind up at 296 fils. Ahli United Bank added 3 fils and Boubyan Bank followed suit. KIPCO eased 1 fil to 207 fils and Gulf Finance House dialed down 2 fils.

National Investment Co took in 2.4 fils whereas KFIC and Kuwait Investment Co were unchanged at 48.2 fils and 122 fils respectively. Al Mal Investment trimmed 0.1 fil. Bayan Investment Co added 1.3 fils whereas Al Madina and Noor Financial Investment Co paused at 22.2 fils and 51.3 fils respectively.

Securities House Co and International Financial Advisors took in 0.6 fil each while FACIL was flat at 172 fils. KAMCO ticked 0.1fil up to 64.4 fils and Al Deera Holding edged 0.2 fil higher to 17.2 fils. KMEFIC tripped 1 fil and Ektittab Holding inched 0.4 fil higher. Al Imtiaz dialed up 1 fil and Sokouk Holding rose 1.5 fils to 43.5 fils.

Mabanee Co fell 2 fils to 613 fils taking the month’s losses to 23 fils while National Real Estate Co and Salhiya Real Estate paused at 91 fils and 328 fils respectively. Kuwait Real Estate Co inched 0.3 fil up and Mazaya Holding was unchanged at 72 fils.

The bourse has been mixed so far during the week climbing 28 points in last four sessions and has shed 94 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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