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Tuesday , September 17 2019

Kuwait market opens week with an ‘uptick’

Ooredoo jumps 30 fils, NAPESCO dips

KUWAIT CITY, Feb 10: Kuwait stocks edged higher on Sunday after charting a mixed course in the previous week. The All Shares Index clawed back from a shallow trough to close 5.35 pts higher at 5,204.99 points helped by some of the heavyweights even as the broader sentiment remained fickle. The Prime Market rose 2.66 pts to 5,442.18 points taking the month’s gains to 12 points and Main Market climbed 11.03 points.

The volume turnover meanwhile shrank following last session’s rebound. Over 168 million shares changed hands – a 41 pct drop from Thursday. The sectors closed mostly in green turf. Consumer goods outshone the rest with 1.95 pct jump whereas oil and gas shed 1.82 percent, the biggest loser of the day. Volume wise, banks notched the highest market share of 32 percent and real estate trailed with 29.8 pct contribution.

In the individual shares, National Bank of Kuwait dialed up 2 fils on back of 4.7 million shares trimming the month’s losses to 18 fils while Gulf Bank climbed 6 fils to 282 fils with brisk trading. KIPCO was up 3 fils at 190 fils and Humansoft Holding extended Thursday’s losses with 20 fils dip to KD 3.180. Zain eased 1 fil to 460 fils and Ooredoo jumped 30 fils to 729 fils. Kuwait Telecommunications Co (VIVA) fell 5 fils to 850 fils extending last session’s losses and Agility stood pat at 772 fils. The market opened firm and fell briefl y in early trade. The main moved sideways and headed south to plumb the day’s lowest level of 5,194 pts almost half way into the session. It pulled up thereafter and managed to close in the green territory.

Top gainer of the day, Marakez sprinted 10.53 pct to 31.5 fils and Mena Holding climbed 7.42 pct to stand next. Al Mudon slipped 8.9 fils, the steepest decliner of the day and Abyaar Holding topped the volume with over 13 million shares.

The market spread was almost even. 47 stocks advanced whereas 48 closed lower. Of the 118 counters active on Sunday, 23 closed fl at. 3,836 deals worth KD 98.59 million were transacted – down 29 pct in value from the day before. National Industries Group took in 2 fils on back of over 2 million shares and Mezzan Holding scaled 11 fils to wind up at 442 fils. Heavy Engineering Industries and Shipbuilding Co slipped 7 fils to 413 fils and Gulf Cable gave up 3 fils. Jazeera Airways was unchanged at 740 fils and ALAFCO ticked 1 fil down to settle at 309 fils. Equipment Holding Co edged 0.9 fil higher to 29.9 fils and Boubyan Petrochemical Co paused at 937 fils. Integrated Holding Co shed 17 fils.

Kuwait Cement Co slipped 7 fils to 333 fils while Kuwait Foundry Co and Warbacap dialed up 2 fils each. Gulf Cable fell 3 fils to 378 fils and ACICO Industries ticked 1 fil into 175 fils. Automated Systems Co climbed 3 fils to 118 fils. NAPESCO dived 45 fils to 925 fils and Combined Group Contracting Co gave up 5 fils to wind up at 310 fils. UPAC was unchanged at 600 fils and OSOS tripped 1 fil. KPPC added 2.5 fils before closing at 60 fils and Mashaer Holding ticked 0.1 fil into green. Kuwait Gulf Links Transport Co paused at 93.4 fils and KGL Logistics eased 0.1 fil to 42 fils. Al Rai Media Holding paused at 60.8 fils and EK Holding scaled 15 fils.

Inovest held ground at 85.8 fils. In the banking sector, Kuwait Finance House fell 4 fils to 623 fils after trading over 2 million shares while Burgan Bank and Kuwait International Bank trimmed 1 fil each. Ahli United Bank took in 1 fil and Ahli United Bank ticked 1 fil into red. Al Ahli Bank climbed 5 fils to 305 fils and Al Mutahed stood pat at 320 fils. Boubyan Bank clipped 2 fils whereas Commercial Bank was not traded during the session. Kuwait Investment Co fell 1 fil to 136 fils whereas NIH and Madar Finance took in 1 fil each.

International Financial Advisors inched 0.1 fil higher and Coast Investment Co edged 0.2 fil into green. Securities House and Al Mal Investment closed fl at at 52 fils and 21.4 fils respectively. National Investment Co fell 1.3 fils to 92 fils and Arzan closed 0.4 fil up at 28.9 fils. KMEFIC fell 1.6 fils to 47.2 fils and Aayan dialed up 0.8 fil. Unicap took in 0.3 fil and Al Deera Holding tripped 0.2 fil. Ektittab Holding eased 0.3 fil.

Noor Financial Investment fell 0.6 fil to 81.9 fils with a volume of over 1 million shares while Al Madina and Al Imtiaz paused at 25.1 fils and 127 fils respectively. Ahleia Insurance gained 6 fils and Warba Insurance Co was up 3.8 fils at 69.8 fils, Wethaq Takaful inched 0.3 fil higher. Mabanee Co was unchanged at 610 fils and Kuwait Real Estate Co trimmed 0.4 fil. United Real Estate and Tamdeen Real Estate paused at 325 fils and Al Aqaria dialed up 2 fils. Mazaya Holding edged 0.4 fil up and Remal slipped 0.5 fil to 39.2 fils. The bourse was mixed during last week.

The main index closed lower in three of the five sessions slipping 4 pts week-on-week and has rallied 120 points so far during 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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