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Sunday , February 28 2021

Kuwait index edges higher in volatile session, sentiment mixed

National Bank of Kuwait adds 3 fils, YIACO skids

KUWAIT CITY, Jan 18: Kuwait stocks crept higher on Monday after treading water in the previous session. The All Shares Index rose 8.23 points in a volatile session to 5662.57 pts helped by heavyweights even as the overall sentiment remained mixed.

The Premier Market climbed 15.72 points to 6186.75 pts taking the month’s gains to 135 pts while Main Market gave up 7.34 points. The BK 50 Main index ticked 1.56 points higher to 4794.50 pts. The volume turnover meanwhile saw a modest increase following Sunday’s drop. Over 229 million shares changed hands – up 11 pct from the day before.

The sectors closed mixed. Insurance outpaced the rest with 1.11 pct gain whereas Oil and Gas skidded 1.95 percent, the biggest loser of the day. Volume wise, Financial Services topped with 123.8 million shares while Banking sector dominated in value with KD 11.4 million. Among the standout performers, National Bank of Kuwait rose 3 fils to 853 fils on back of 3.9 million shares and Boubyan Bank followed suit to end at 575 fils. Mabanee Co extended its winning spree with a 7 fils jump to 728 fils after scaling 71 fils so far during the month while Humansoft Holding sprinted 29 fils. Zain rose 3 fils to 633 fils after moving 3.2 million shares while Ooredoo was up 11 fils at 664 fils. stc took in 2 fils and logistics major Agility paced 9 fils on back of 1.5 million shares. Boursa Securities Kuwait added 2 fils whereas NAPESCO skidded 49 fils to 991 fils. KIPCO eased1 fils to 159 fils and KAMCO tripped 0.4 fils. Noor Financial Investment and National Investment Co clipped 2 fils each whereas Osoul Investment paused at 80 fils. Kuwait Investment Co took 1 fils whereas Tamdeen Investment was down 5 fils at 325 fils. Bayan Investment ticked 0.2 fils into green.

The market opened firm and pulled lower in choppy trade. The main index plumbed the day’s lowest level of 5648 pts an hour into the session and swung higher. It retreated again before drifting sideways in the final hour to close with small gains. Top gainer of the day, National Ranges Co leapt 10 pct to 23 fils while Bareeq scaled 8 percent to stand next. YIACO skidded 9 pct, the steepest decliner of the day and Arzan topped the volume with 53.7 million shares. Despite the day’s modest gains, the losers outnumbered the winners. 57 stocks advanced whereas 62 closed lower. Of the 134 counters active on Monday, 15 closed flat. 9569 deals worth KD 34 million were transacted during the session. National Industries Group rose 4 fils to 185 fils on back of 9.5 million shares while Mezzan Holding trimmed 1 fils. Boubyan Petrochemical Co and Al Qurain Petrochemical Co took in 1 fils each while Integrated Holding added 2 fils. Aznour inched 1 fils lower to 768 fils. Kuwait National Cinema Co shed 25 fils. Kuwait Cement Co dialed up 2 fils and Kuwait Portland Cement ticked 1 fils into green. Gulf Cable clipped 2 fils while Shuaiba Industrial dropped 8 fils to 157 fils. Kuwait Foundry Co sprinted 18 fils to 282 fils and Educational Holding Co gained 10 fils. Jazeera Airways fell 3 fils to 731 fils and ALAFCO scaled 8 fils on back of 7.2 million shares. Automated Systems Co crept 0.1 fils higher to 70.2 fils and United Projects Co dialed up 1 fils. Kuwait and Gulf Links Transport Co edged 0.8 fils into green Mashaer Holding took in 0.8 fils whereas KCPC paced 4 fils. Burgan Well Drilling Co clipped 2 fils while Soor Fuel and Combined Group Contracting Co tripped 1 fils each. In the banking sector, Kuwait Finance House took in 1 fils after pushing 4.5 million shares whereas Gulf Bank and Kuwait International Bank trimmed 1 fils each. Burgan Bank was unchanged at 213 fils whereas Ahli United Bank dialed down 2 fils. Warba Bank added 1 fils while Al Ahli Bank closed 2 fils in red.

The market has been mixed so far during the week, adding 6 points in last two sessions.. It has gained 116 points from start of the month after tumbling 736 points during whole of 2020

By John Mathews Arab Times Staff

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