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Kuwait stocks market wraps up week with feeble uptick

Tamdeen Investment gains 15 fils, Mabanee dips

KUWAIT CITY, Jan 21: Kuwait stocks ticked up on Thursday to close the week on a positive note. The All Shares Index rose 6 points in volatile session to 5,687.17 points paced by mid and small caps even as the heavyweights closed mixed. The Premier Market eased 1 points to 6,201 pts while Main Market climbed 20.78 points to 4,676.59 pts. The BK Main 50 scaled 21.42 pts.

The volume turnover, meanwhile, dipped as it extended Wednesday’s slight pullback. Over 238 million shares changed hands – down 24 pct from the day before. The sectors closed mostly in green territory. Technology sector outshone the rest with 2.84 percent gain whereas Consumer Goods shed 0.51 pct, the biggest loser of the day. Volume wise, Financial Services continued to top with 89.98 million shares while Banking Sector dominated in value with KD 8.6 million.

In the individual shares, sector bellwether National Bank of Kuwait took in 1 fil on back of 2.5 million shares and Kuwait Finance House followed suit to end at 703 fils trimming the month’s gains to 32 pts. Tamdeen Investment Co paced 15 fils with thin trading while Kuwait Portland Cement sprinted 15 fils 835 fils. Mabanee Co shed 12 fils. Zain rose 2 fils to 631 fils on back of 1.6 million shares and Ooredoo was up 6 fils at 689 fils taking the month’s gains to 62 fils. stc climbed 8 fils to 913 fils and Agility added 3 fils after trading 1.7 million shares. Humansoft Holding dropped 20 fils whereas Boursa Securities Kuwait closed 3 fils in green. Investment conglomerate KIPCO dialed up 2 fils on back of over 2 million shares and KAMCO eased 0.3 fil. Osoul Investment and KFIC took in 0.1 fil each while Bayan Investment added 1.3 fils. KMEFIC and Noor Financial Investment Co clipped 1 fil each to end at 144 fils and 179 fils respectively whereas National Investment Co ticked 1 fil into green.

The market opened on a tame note and slipped into red in early trade. The main index plumbed the day’s lowest level of 5,678 points and pulled higher amid buying spurt in some of the counters. It sagged again before revving up in the final minutes to peak at 5,689 pts and gave up some of the gains at close. Top gainer of the day, Sharjah Cement soared 20.38 percent to 50.8 fils and Marakez scaled 17.2 pct to stand next. Tahssilat skidded 9 percent, the steepest decliner of the day while ALOLA topped the volume with 22.5 million shares.

Mirroring the day’s gains, the market spread was skewed towards the winners. 74 stocks advanced whereas 51 closed lower. Of the 140 counters active on Thursday, 15 closed fl at. 9,785 deals worth KD 31.5 million were transacted during the session. In the banking sector, Gulf Bank trimmed 1 fil after moving 3.3 million shares whereas Burgan Bank and Kuwait International Bank stood pat at 213 fils and 210 fils respectively. Boubyan Bank took in 1 fil on back of 1.2 million shares while Warba Bank gained 6 fils. Ahli United Bank eased 1 fil to 219 fils.

National Industries Group eased 1 fil to 186 fils and Mezzan Holding followed suit to close at 587 fils. Boubyan Petrochemical Co rose 3 fils to 666 fils while Al Qurain Petrochemical Co paced 4 fils. Integrated Holding scaled 6 fils and Aznour dialed up 2 fils before settling at KD 1.163 on back of over 3 million shares. Jazeera Airways swung 9 fils higher to 742 fils whereas ALAFCO gave up 7 fils. United Projects Co gained 7 fils and EK Holding dialed down 2 fils. Soor Fuel paused at 122 fils whereas Oula Fuel took in 1 fil. Mashaer Holding eased 0.4 fil to 59.6 fils. Kuwait Cement Co fell 2 fils to 242 fils and Gulf Cable paced 4 fils. Kuwait Foundry held ground at 295 fils and NICBM too did not budge from its earlier close of 156 fils. Synergy Holding and Educational Holding Co were fl at at 22 fils and 330 fils respectively whereas Warba Capital gave up 1.3 fils. NAPESCO added 3 fils whereas Combined Group Contracting Co and Burgan Drilling Co paused at 214 fils and 151 fils respectively. Automated Systems Co dialed up 2 fils and OSOS Holding scaled 4.4 fils to end at Kuwait Gulf Links Transport Co ticked 0.1 fil higher. Kuwait National Cinema Co inched 1 fil higher to 756 fils and YIACO stood pat at 780 fils. Shuaiba Industrial slipped 7 fils to 150 fils while Metal and Recycling Co edged 0.7 fil higher to 96 fils. ACICO Industries trimmed 0.8 fil. The market was largely upbeat during the week.

The main index closed higher in four of the five sessions, gaining 31 points weekon- week. It has rallied 141 points from start of the month after tumbling 736 points during whole of 2020.

By John Mathews Arab Times Staff

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