KUWAIT CITY, July 13: Kuwait stocks advanced on Wednesday as sentiment turned positive. The price index gained 8.35 points in a slightly volatile trade to 5,386.1 points even as board remained mixed.
The KSX-15 benchmark lost 1.11 points to 797.46 points while the weighted index was down 0.43 points. The volume turnover meanwhile saw a slight gain for a third day in a row. 65.9 million shares changed hands, a 1.43 percent gain from the last session.
The sectors diverged during the session. Technology outshone the rest with 2.16 percent while telecommunication shed 0.79 percent to end the day as the worst performing sector. In terms of volume, financial services notched the highest market share of 45.79 percent whereas consumer services and banks trailed far behind with 20.43 and 11.48 contributions respectively.
Among the notable movers, Humansoft Holding Co vaulted 40 fils to KD 1.440 with thin trading whereas Boubyan Petrochemicals Co slumped 15 fils. Safwan Trading & Contracting Co surged 15 fils to settle at KD 0.330 while Gulf Cable and Electricals Co added 10 fils and Mabanee Co was up by the same amount.
The market opened on a tame note and moved sideways in early trade. The price index continued to search for direction in a slightly volatile trading. The bourse hits the day’s low level of 5,375.4 points before recovering in the final moments with slight gains.
United Real Estate Co surged 8.16 percent to end as top gainer of the day Automated Systems Co stood next with 7.35 percent gain. Burgan Well Drilling Co plummeted 7 percent, the steepest decliner of the day. The heaviest-traded stock Zima Holding Co extended its losses with a 2.22 percent dive.
The banking sector remained muted as National Bank of Kuwait stagnated at 0.560 after trading nearly 4 million shares whereas Al-Ahli Bank of Kuwait and Commercial Bank of Kuwait slipped 10 fils each. Ahli United Bank and Kuwait International Bank closed flat at KD 0.395 and KD 0.186 respectively.
Gulf Bank was up 2 fils but Kuwait Finance House did not budge from its earlier close of KD 0.460 on the back of over 1 million shares. Burgan Bank stood pat whereas Boubyan Bank and Warba Bank followed suit.
Reflecting the day’s upswing, the winners outnumbered the losers as 40 stocks advanced whereas 36 closed lower. Of the 116 counters active on Wednesday, 40 closed flat. 2,035 deals worth KD 7.7 million were transacted, a drop of 22.92 percent in value from the last session.
Kuwait Investment Co inched 2 fils up whereas Commercial Facilities Co stagnated and International Financial Advisors followed suit with 1.9 million shares. Bayan Investment Co and Osoul Investment Co eased 1 fils and 2.5 fils respectively.
Kuwait Projects Co and National Investments Co closed flat in this session. First Takaful Insurance Co dived 2 fils whereas National International Holding Co was up by the same amount. Kuwait Foundry Co gave up 2 fils.
In the real estate sector, National Real Estate Co rose 2 fils whereas Injazzat Real Estate Co gained 3 fils to settle at 72 fils. Meanwhile, Arkan Al-Kuwait Real Estate Co declined 5 fils erasing the gains in the last session while Kuwait Real Estate Co and Al-Mazaya Holding Co held steady at 52 fils and 118 fils respectively.
Ajwan Gulf Real Estate Co sank 6.67 percent. Alargan International Real Estate Co and First Dubai for Real Estate Development shed 2 fils each whereas Munshaat Real Estate Co eased 1 fils to 55 fils. Flex Resorts & Real Estate Co fell 2.5 fils while Abyaar Real Estate Co and National Industries Group stagnated.
Kuwait Telecommunications Co (VIVA) plunged 10 fils while Mobile Telecommunications Co (Zain) declined 5 fils to push the sector into red as National Mobile Telecommunications Co shares were not traded in this session. Hits Telecom Holding Co closed flat after trading over 4.5 million shares. Agility stagnated at KD 0.470.
Kuwait Food Group stagnated at KD 2.5 whereas Sultan Centre Food Products Co gave up 3 fils. Qurain Petrochemicals Co rose 6 fils to close at 196 fils. AWJ Holding Co was up 4.23 percent with thin trading.
Alrai Media Group Co fell 2 fils and Jazeera Airways Co did not budge from its earlier close of KD 0.880. ALAFCO Aviation Lease And Finance rose 4 fils to KD 0.206 whereas Oula Fuel Co and Soor Fuel Co added 2 fils and 4 fils respectively. Livestock Transport and Trading Co and Gulf Cement Co edged up 2 fils each while Kuwait Resorts Co closed flat.
Kuwait & Gulf Link Transport Co added 1.5 fils partly erasing its losses in the last session. Kuwait & Gulf Link Transport Co has recorded a net profit of KD 494,405 and earnings per share of 1.87 fils in the quarter ending March 31, 2016 rebounding from net loss of KD 721,250 and losses per share of 2.73 fils in the same period last year
The market has been mixed so far during the week and has tripped 11.85 points in the last three sessions. However, it has gained 21.53 points from the start of the month but down 4.08 percent year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
By Iliasu Abubakari
Arab Times Staff