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Kuwait index kicks off week on upbeat note, volume soars

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KFH rallies 7 fils, Humansoft Holding dips

KUWAIT CITY, May 17: Kuwait stocks pulled higher on Monday as it reopened after a five-day break. The All Shares Index gave up steeper early  gains  to close 34.19 points  down at  6,313.20 pts paced by some of the blue-chips and mid-caps even as the overall mood remained mixed.

The Premier Market rallied  47.35 points to  6,837.78 pts  taking the month’s gains to  214 points while Main Market added 4.51 pts. The BK Main 50 was up 23.63 points at  5507.37 pts. The volume turnover meanwhile soared past the 500 million mark. Over  579 million shares changed hands – a 52 pct surge from the previous session.

All sectors, barring one, closed in green. Technology outshone the rest with  2.94 percent gain whereas Real Estate, the only loser, slipped 0.57 pct. Financial Services topped the volume with  242 million shares and  Banking was ahead in value with  37.6 million shares.

Among the standouts, sector bellwether National Bank of Kuwait rallied 5 fils on back of 8.4 million shares to  837 fils while Kuwait Finance House scaled 7 fils with a volume of 14.4 million. Mezzan Holding jumped 26 fils to  680 fils and Boursa Kuwait Securities sprinted 42 fils. Kuwait Reinsurance Co darted  38 fils to  404 fils.

Zain inched  1 fils higher to   603 fils on back of over 4 million shares and Ooredoo paced 13 fils before settling at  655 fils. stc shed 13 fils whereas logistics major Agility sprinted 29 fils to KD 1.088 taking the month’s gains to 140 fils. KIPCO eased 1 fil to 156 fils and National Investment Co gave up 3 fils. Mabanee Co tripped 1 fil and Humansoft Holding slid 42 fils to KD 3.600.

National Industries Group climbed 10 fils to 235 fils on back of over 16 million shares and Gulf Cable gained 11 fils. Boubyan Petrochemical Co slipped 7 fils to 918 fils partly erasing last session’s gains while Al Qurain Petrochemical Co added 3 fils. Jazeera Airways scaled 18 fils before closing at  699 fils whereas ALAFCO clipped 2 fils after pushing 2.3 million shares.

The  market opened firm and rose sharply in early trade. The main index scaled the day’s  highest level of  6,350 points  almost an hour into the session and drifted lower. It continued to retreat amid selling in some of the counters and closed  with moderate gains.

Top gainer of the day, AAN rallied 11 pct to 14.1 fils and Kuwait Real Estate Co climbed 10.38 percent to stand close behind. Munshaat Real Estate skidded 12.72 percent, the steepest decliner of the day and KPPC topped the volume with  56.3 million.

In the banking sector, Gulf Bank fell 4 fils to 222 fils after moving 23.7 million shares while Kuwait International Bank dialed up 2 fils with a  volume of 7.2 million. Burgan Bank was unchanged at 229 fils whereas Boubyan Bank closed 3 fils in red.

Warba Bank rose 3 fils to 256 fils on back of  5.6 million shares and Ahli United Bank BSC followed suit to end at  226 fils with a volume of  37.8 million. Commercial Bank and Al Ahli Bank paused at 500 fils and 205 fils whereas Ahli United Bank Kuwait was up 3 fils at 292 fils.

Kuwait Investment Co dropped 5 fils to 190 fils and Commercial Facilities paced 17 fils on back of 2.2 million shares. Al Imtiaz Investment dialed up 2 fils  whereas International Financial Advisors  took in 1 fils with brisk trading. The Securities House added 1.3 fils and Arzan Financial Group gained 5 fils. First Investment Co closed 1.3 fils in red.

Kuwait Financial Centre (Markaz)  fell 3 fils to  136 fils whereas KMEFIC took in 1 fils. Gulf Investment House inched 1 fils higher whereas Aayan Leasing and Investment Co shed 13 fils after pushing 10.3 million shares. Bayan Investment  ticked 0.2 fil into green whereas Osoul Investment gave up 4.3 fils.

Noor Financial Investment Co erased 4 fils after trading 2.2 million shares while Tamdeen Investment Co slipped 8 fils to  255 fils.  KFIC was up 4 fils at  123 fils and  KAMCO dialed down 1 fils. Gulf Insurance Group shed 13 fils and Al Ahleia Insurance Co gave up 10 fils. Unicap Investment  fell 1.9 fils to 72.8 fils.

Kuwait Cement Co rose 3 fils to 255 fils while Kuwait Portland Cement  scaled 9 fils. Shuaiba Industrial fell 4 fils to  185 fils whereas Metal and Recycling Co gained 4 fils. HEISC slipped 13 fils to 467 fils and ACICO Industries gained 6 fils on back of 2.4 million shares. Kuwait National Cinema Co jumped 28 fils to  978 fils.

The  market was upbeat during the previous holiday curtailed week. It closed higher in  two of the three sessions gaining  27 points  week-on-week. It had rallied  199  points from start of the month and  is up  750  points year-to-date.

By John Mathews

Arab Times Staff

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