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Kuwait index ticks up in ‘lackluster’ session

Mabanee Co gains 7 fils, Ooredoo slips

KUWAIT CITY, Aug 14: Kuwait stocks ticked higher on Tuesday stemming the three-day retreat. The All Shares Main Index rose 3.35 pts in lackluster session to 5,217.96 points as counters closed narrowly mixed. Some of the tech shares notched robust gains.

The Premier Market was little changed at 5,378 pts and is up 82 pts so far during the month while Main Market climbed 9.3 pts to 4,927 points. The volume turnover meanwhile inched past the 100 million again following last session’s dip. Over 105 million shares changed hands – a 10 pct rise from the day before.

The sectors closed mixed. Technology outpaced the rest with a 9 pct jump whereas industrials shed 0.54 percent, the worst performer of the day. In terms of volume, financial services notched the highest market share of 40 pct and banks trailed with 24 percent contribution.

In the individual shares, National Bank of Kuwait took in 2 fils on back of over 2 million shares and Mabanee Co clawed back most of the Monday’s losses with a 7 fils jump taking the month’s gain to 37 fils. Tamdeen Real Estate Co rallied 20 fils whereas Humansoft Holding  extended its losses with 60 fils slide.

Zain was unchanged at 490 fils after trading 2.8 million shares while Ooredoo was down 4 fils at 781 fils with razor thin trading. Kuwait Telecommunications Co (VIVA) took in 1 fil and Agility dipped further to close 12 fils down at 864 fils.

Kuwait Finance House and Boubyan Bank dialed up 1 fil each to close at 594 fils and 518 fils respectively. Boubyan Bank’s second quarter  earnings rose 17.6 pct to KD13.18 million while during the first six months the bank posted a 17.7 percent  jump in profits to KD25.74 million.

The  market opened  tame  and  see sawed slightly in early trade. The main index drifted sideways thereafter as sentiment remained  mixed and slipped briefly to bottom at 4,909 pts past the mid-session. It pulled up and continued to move listlessly before revving up in the  final minutes close marginally in the green zone.

Reflecting the day’s tame closing, the market was evenly spread. 55 stocks advanced and 54 closed lower. Of the 122 counters active on Tuesday, 13 closed flat. 5,302 deals worth KD17.4 million were transacted – up 0.25 pct in value from the day before.

National Industries Group inched 1 fil higher to 168 fils on back of 3.5 million shares and Mezzan Holding clipped 2 fils before settling at  713 fils. Boubyan Petrochemical Co paused at KD1.000 and Al Qurain Petrochemical Co too did not budge from its earlier close of 340 fils.

Jazeera Airways  was unchanged at 747 fils and ALAFCO ticked 1 fil lower to 359 fils. Gulf Cable sprinted 8 fils to 396 fils while Heavy Engineering Shipbuilding soared 39 fils extending last session’s gains. ACICO dipped 16 fils to 222 fils.

Kuwait Portland Cement Co slid 18 fils to KD1.085 and Automated Systems climbed 11 fils to 133 fils with thin trading. Independent Petroleum Group and EK Holding took in 1 fil each whereas NICBM eased 1fil to 172 fils. OSOS was down 7.7 fils at 91.2 fils.

NAPESCO  jumped 24 fils to 849 fils while Burgan Well Driling Co stood pat at 90 fils. KPPC trimmed 0.5 fil and Mashaer Holding  gave up 2.1 fils to close at 46.4 fils. Inovest ticked 0.5 fil higher to 90 fils and Combined Group Contracting Co clipped 2 fils.

In the banking sector, Commercial Bank rose 5 fils to 520 fils and Al Mutahed fell 2 fils to 298 fils.  Ahli United Bank tripped 1 fil and  Warba Bank inched 1 fil higher to 235 fils.

Kuwait Finance House took in 1 fil on back of 3.6 million shares while Kuwait International Bank added 2 fils. Burgan Bank gave up 2 fils  after trading over 4 million shares and Al Ahli Bank was not traded during the session.

KIPCO eased 1 fil to 230 fils and Gulf Finance House held ground at 107 fils.  Kuwait Investment Co slipped 4 fils to 125 fils while International Financial Advisors and Noor Financial Investment Co trimmed 0.3 fil each. Coast Investment Co eased 0.1 fil to 32.5 fils.

Bayan Investment fell 2 fils to 50 fils whereas KAMCO and Ektittab Holding dialed down 1.1 fils each to end at 70 fils and 24.8 fils respectively. Securities House Co tripped 1 fil to 50 fils and Unicap added 3 fils.

Kuwait Financial Centre (Markaz) dialed up 2 fils and Osoul Investment edged 0.7 fil up to 55.5 fils. Securities House Co trimmed 1 fil and National Investment Co closed 0.2 fil in red.

Al Imtiaz dialed up 1 fil and Kuwait Insurance Co added 2 fils to wind up at 307 fils. KMEFIC took in 2.5 fils and Al Madina ticked 0.5 fils higher to 28 fils. Warba Insurance Co slipped 5.9 fils to 68 fils.

Kuwait Real Estate took in 0.2 fil and National Real Estate Co closed 2 fils down at 113 fils. Salhiya Real Estate gained 4 fils and Mazaya Holding eased 0.8 fil to 86.6 fils.

The market has been largely trending lower so far during the week, shedding 63 points in last three sessions and is trading 51 points  higher 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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