NBK rallies 12 fils, KIPCO flat
KUWAIT CITY, Jan 5: Kuwait stocks pushed higher on Tuesday stemming the three day fall. The All Shares Index climbed 27 pts in volatile session to 5,563.53 points led by some of heavyweights even as the overall mood turned cautiously positive.
The Premier Market jumped 41.62 pts to 6,073.95 points while Main Market trimmed 3.13 points. The BK 50 Main index rose 8.53 pts. The volume turnover meanwhile saw a modest rise following Monday’s pullback. Over 261 million shares changed hands – a 10 pct increase from the day before. The sectors closed mostly in green territory.
Basic Materials outshone the rest with 1.42 pct gain whereas Consumer Goods shed 0.96 percent, the worst performer of the day. Financial Services continued to top the volume with 114.2 million shares while Banking sector dominated the value with over KD 24 million. National Bank of Kuwait rallied 12 fils to 850 fils while Kuwait Finance House scaled 4 fils on back of over 7 million shares to end at 682 fils after slipping 9 fils during last month. Mabanee Co sprinted 23 fils to 675 fils after trading 2.3 million shares. Zain rose 7 fils on back of over 7 million shares while Ooredoo was up 8 fils at 635 fils. stc dialed down 2 fils before settling at 850 fils and logistics Agility paced 8 fils to end at 684 fils. Humansoft Holding swung 48 fils higher and Boursa Kuwait was up 7 fils at KD 1.107. YIACO tumbled 102 fils. KIPCO was unchanged at 159 fils after moving over 1 million shares while KAMCO ticked 0.2 fil lower to 73.7 fils. Kuwait Investment Co and Osoul stood pat at 121 fils and 80 fils respectively whereas National Investment Co took in 2 fils. Kuwait Financial Centre (Markaz) trimmed 0.6 fil and Noor Financial Investment Co inched 1 fil up to 171 fils.
The market opened firm and pulled sharply lower in early trade. The main index plumbed the day’s lowest level of 5,509 points almost an hour into the session and headed north amid buying spurt in some of the blue chips. It plateaued past the mid-session and revved in the final minutes to close with modest gains. Top gainer of the day, Tijara jumped 12.16 percent to 48.9 fils while IFA Hotels and Resorts scaled 8.7 percent to stand next. UPAC skidded 18.8 pct, the steepest decliner of the day and ALOLA continued to top the volume with 65.4 million shares.
Mirroring the day’s gains, the market spread was skewed towards the winners. 59 stocks advanced whereas 44 closed lower. Of the 123 counters active on Tuesday, 20 closed fl at. 11,008 deals worth KD 44.3 million were transacted during the session. National Industries Group eased 1 fils to 179 fils after pushing over 1 million shares while Mezzan Holding gave up 9 fils. Boubyan Petrochemical Co gained 20 fils and Al Qurain Petrochemical Co inched 1 fils higher to 341 fils. Integrated Holding took in 1 fils whereas Aznour held ground at 276 fils. Jazeera Airways slipped 3 fils to 740 fils after gaining 114 fils during whole of December and ALAFCO clipped 2 fils. Inovest paced 4.6 fils and Al Manar added 2.4 fils before closing at 52 fils. Soor Fuel tripped 1 fils whereas Oula Fuel paused at 122 fils. Mubarad Transport Co was up 3.4 fils at 74.4 fils. Kuwait Cement Co rose 2 fils to 231 fils and Kuwait Portland Cement scaled 4 fils. Metal and Recycling Co dialed up 2 fils and Automated Systems Co inched 0.4 fils up to 68.5 fils. Burgan Well Drilling Co added 3 fils and Combined Group Contracting Co closed 2 fils in green. QIC gave up 3 fils before closing at 3.6 fils Kuwait Foundry Co slipped 5 fils to 263 fils and Gulf Cable closed 3 fils down. Kuwait Gulf Links Transport Co eased 0.2 fil to 53.2 fils and Gulf Petroleum Investment Co ticked 0.2 fil in to red. In the banking sector, Gulf Bank dialed up 2 fils on back of 15.5 million shares and Burgan Bank closed 2 fils lower at 211 fils. Kuwait International Bank took in 1 fil and Boubyan Bank gained 4 fils. Warba Bank paused at 235 fils whereas Ahli United Bank slipped 5 fils to 217 fils. Al Ahli Bank stood pat at 212 fils.
The market has been mixed so far during the week adding 17 points in last two sessions. It had gained 87 points during December but has tumbled 736 points during whole of 2020.
By John Mathews Arab Times Staff