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Kuwait bourse plods ahead in volatile trade

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KUWAIT CITY, June 20: Kuwait stocks plodded higher on Sunday as it extended its two-week winning spree. The All Shares Index kicked off the week with a modest 15.10 points rise in volatile session to 6,408.61 points even as the broader sentiment remained mixed. The Premier Market scaled 15.22 points taking the month’s gains to 223 points while Main Market was up 15.31 pts at 5,327.41 points. The volume turnover meanwhile saw a modest rebound following last session’s drop. Over 395 million shares changed hands – a 17 pct jump from Thursday.

The sectors closed mixed. Insurance sector outpaced the rest with 3.37 pct gain whereas Healthcare shed 2 percent, the biggest loser of the day. Volume wise, Financial Services topped with 167 million shares and the sector was also ahead in value with KD 21 million. In the individual shares, Kuwait Finance House extended last session’s gains with a 3 fils jump to 775 fils on back of 6.9 million shares while Boubyan Bank dialed 2 fils. KIPCO rallied 5 fils after pushing 8.6 million shares and closed at 8.6 million shares while Humansoft Holding paced 16 fils to end at KD 3.666 taking month’s gains to 367 fils.

Gulf Insurance Group soared 75 fils to 938 fils. Zain fell 2 fils to 588 fils with a a volume of 1.3 million shares whereas Ooredoo climbed 7 fils to 647 fils. stc slipped 5 fils to 845 fils and logistics major Agility added 3 fils before settling at 926 fils. Mezzan Holding fell 3 fils to 654 fils and Boursa Kuwait Securities gave up 9 fils. Advanced Technology extended last session’s losses with a 52 fils to 492 fils. National Industries Group rose 3 fils to 228 fils on back of 32.9 million shares whereas Gulf Cables was down 6 fils at 762 fils Boubyan Petrochemical Co paced 5 fils while Al Qurain Petrochemical Co gave up 6 fils before settling at 392 fils. Jazeera Airways tripped 1 fil and ALAFCO dialed up 1 fil on back of 1.8 million shares. YIACO Medical closed 7 fils in red. The market opened firm and rose sharply in early trade. The main index scaled the day’s highest level of 6423 points and fl ipped back close to the opening level.

It headed north again amid fresh buying in some of the counters and moved sideways past the mid-session before retreating to close with modest gains. Top gainer of the day, Sharjah Cement Co soared 25 percent to 65 fils while Kuwait Hotels sprinted 9.87 pct to stand next. Advanced Technology Co skidded 9.56 pct, the steepest decliner of the day and National Real Estate Co topped te volume with 63.2 million shares. Despite the day’s moderate gains, the market spread was almost even. 60 stocks advanced whereas 59 closed lower. Of the 140 counters active on Sunday, 21 closed fl at. 12,102 deals worth KD 70 million were transacted during the session.

In the banking sector, National Bank of Kuwait was unchanged at 843 fils after pushing over 2 million shares and Burgan Bank too did not budge from its earlier close of 247 fils. Gulf Bank tripped 1 fil after moving over 11 million shares and Kuwait International Bank followed suit. Warba Bank clipped 1 fil whereas Ahli United Bank BSC added 3 fils on back of 21.6 million shares. Commercial Bank was unchanged at 500 fils whereas Al Ahli Bank dialed up 1 fil. Ahli United Bank Kuwait dialed down 2 fils. National Investment Co and Kuwait Investment eased 1 fil each to close at 174 fils and 194 fils respectively whereas International Financial Advisors paced 4 fils on back of 7.4 million shares. Arzan Financial Group was fl at at 133 fils whereas Kuwait Financial Centre added 2 fils on back of 2.5 million shares. Noor Financial Investment Co took in 1 fil while Gulf Investment House gave up 6 fils. Aayan Leasing and Investment fell 4 fils to 166 fils and Osoul Investment erased 4.6 fils. KAMCO tripped 1 fil. Kuwait Cement Co and HEISC took in 2 fils whereas Kuwait Portland Cement dropped 10 fils to 867 fils.

Shuaiba Industrial rose 3 fils to 173 fills whereas Metal and Recycling Co stood pat at 172 fils. ACICO Industries gave up 3 fils and Kuwait Foundry Co added 2 fils. NICBM erased 2 fils whereas Equipment Holding Co paused at 36 fils. Burgan Company For Well Drilling ticked 1 fil higher to 204 fils on back of over 1 million shares whereas Combined Group Contracting Co clipped 1 fil. OSOS Holding Group trimmed 0.3 fils and United Projects Co dipped 9 fils to 290 fils. Inovest BSC eased 1 fil to 118 fils. Integrated Holding and Aznour paused at 397 fils and 237 fils respectively. The market was bullish during the previous week. The main index closed higher in all five sessions gaining 88 points week-on-week. It has rallied 188 points from start of the month and is up 858 points year-to-date – By John Mathews Arab Times Staff

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