Boubyan Petrochemicals soars 41 fils; KFH up 1.52%
KUWAIT CITY, June 25: Kuwait stocks jumped to multi-week highs on Monday, buoyed by gains in telecoms and banks. The All Share index advanced 42.99 points to 4,867.07 points.
The Premier Market index climbed 53.58 points to 4,866.21 points while the Main Market rose 23.86 points. The volume turnover meanwhile swelled past the 90 million mark as 90.4 shares changed hands, 77.17 percent jump from the previous session.
The sectors closed mostly in the positive territory led by basic materials, which outperformed with 2.37 percent gain while industrials and consumer services eased 0.42 percent each, the worst performing sectors of the day. The heaviest traded sector, banks gained 1.23 percent on the back of 35.78 percent of the market share.
Among the top gainers, Boubyan Petrochemicals Co soared 41 fils, or 5.22 percent to KD 0.826 while Salhia Real Estate Co advanced 12 fils, or 3.69 percent. Independent Petroleum Group Co jumped 10 fils, or 2.38 percent to close at KD 0.430.
The best performing stock, Kuwait Cable Vision Co spiked 22 fils, or 275 percent to 30 fils and Ettittab Holding Co surged 10.47 percent. Kuwait Finance and Investment Co plunged 9.57 percent, the biggest loser of the day while the heaviest-traded stock, Gulf Bank leapt 5 fils, or 2.13 percent on the back of 8.1 million shares.
Kuwait Portland Cement Co plummeted 37 fils to KD 1.043 while Humansoft Holding Co declined 20 fils, but trading 7.77 percent higher so far this month. Al EID Food Co rose 5.4 fils, or 10 percent to 59.4 fils and National International Holding Co closed 4 fil, or 7.27 percent higher.
Zain leapt 9 fils, or 2.16 percent higher to lead gains in telecommunications. VIVA climbed 4 fils to KD 0.698 and Ooredoo bucked the trend to trade 9 fils, or 1.05 percent lower at KD 0.851. AAN Digitals Services Co fell 0.49 percent and down over 28 percent so far this year.
Kuwait Projects Co gained 3 fils or 1.23 percent on the back of over 1.5 million shares whereas National Industries Group added 2 fils to KD 0.157 after trading more than 4 million shares. Agility edged up 3 fils to KD 0.773 on the back of 1.7 million shares. The stock is up 5.89 percent so far this month.
Al-Ahliea Insurance rose 7 fils, trimming losses in the last session to KD 0.388 while Gulf Insurance Group gained 5 fils and is up 0.78 percent from the start of the month. Mabanee Co and GFH Financial Group paused at KD 0.630 and KD 0.104 respectively.
KFH soared 8 fils, or 1.52 percent to KD 0.533 on the back of7.5 million shares as banks closed with strong gains. Burgan Bank posted 6 fils gains, or 2.36 percent while AUB rose 4 fils after trading 2.4 million shares. NBK shot up 2 fils while KIB and Warba Bank closed flat at KD 0.219 and KD 0.217 respectively.
Al-Mutahed spiked 22 fils, or 8.12 percent after trading 2.4 million shares. The stock is 10.15 percent up from the start of the month. ABK closed 9 fils, or 2.73 percent higher while CBK dialed up 2 fils, or 0.41 percent to KD 0.487. Boubyan Bank and Ithmaar Holding bucked the trend to trade 0.20 percent and 6.61 percent lower respectively.
KAMCO Investment Co advanced 5 percent while Al-Madar Finance and Investment Co climbed 2.9 percent. Alimtiaz Investment Group Co inched up 1.5 percent and Commercial Facilities Co gained 1.23 percent to KD 0.165. Noor Financial Investment edged higher 2.28 percent on the back of 1.7 million shares.
Reflecting on the day’s upswing, the winners outperformed as 59 stocks advanced while 33 closed lower. Of the 112 counters active on Monday, 20 ended flat. 3,738 deals worth KD 20.4 million were transacted, a jump of 99.72 percent in value from last session.
Amwal International Investment Co rose 1.96 percent while ACICO Industries was up 0.46 percent to KD 0.220. Privatization Co and Specialities Group Holding Co climbed 1.79 percent and 1.75 percent respectively.
National Industries Co plunged 13 fils, or 7.10 percent and Kuwait Foundry was down 7 fils, or 3.41 percent. Kuwait National Cinema fell 5 fils to KD 1.045 whereas Gulf Cable and Electrical Industries Co followed suit at KD 0.375.
Kuwait Insurance Co gave up 5 fils, or 1.79 percent while Kuwait Finance & Investment Co shed 4.5 fils, or 9.57 percent to 42.5 fils. Jiyad Holding Co lost 4.4 fils and Al Rai Media Group Co was down 3 fils to close 100 fils.
Kuwait Resorts Co tumbled 3.8 fils, or 6.45 percent whereas Sharjah Cement & Industrial Development Co fell 6 fils. Jazeera Airways lost 2 fils to KD 0.768 and Senergy Holding Co slipped 2.2 fils. Arzan Financial Group and Al-Aman Investment Co eased 6.80 and 2.88 percent respectively.
Munshaat Real Estate Projects Co fell 3.33 percent and Arkan Al-Kuwait Real Estate Co sank 3.42 percent. United Real Estate Co dialed up 3.02 percent whereas Kuwait Real Estate Holding Co rose 2.79 percent. Kuwait Real Estate Co added 2.28 percent while Al-Arabiy Real Estate Co was up 2.08 percent.
First Dubai for Real Estate Development closed 5.95 percent down and Aayan Real Estate Co shrank 4.85 percent to 49 fils. National Shooting Co and Qurain Petrochemical Co stagnated at 16.5 fils and 330 fils respectively.
The market has been upbeat so far this week. It has however, gained 131.35 points from the start of the month and trading 24.05 percent lower so far this year. Boursa Kuwait is the second largest market in the region with 175 listed stocks.
By Iliasu Abubakari – Arab Times Staff