Wednesday , September 26 2018

Kuwait’s index buoyed by surge in oil and gas shares – NAPESCO spikes 63 fils; Ooredoo up 9 fils

KUWAIT CITY, Oct 11: Kuwait’s stocks rebounded on Wednesday to halt a three-day slide, buoyed by surge in oil and gas shares. The price index rose 12.9 points in a lackluster trade to close at 6,626.12 points with mixed boards

The KSX-15 benchmark fell 5.24 points to 1,004.77 points while the weighted index was down 1.46 points. The volume turnover meanwhile dwindled below the 100 million mark since the start of the month as 81.8 million shares changed hands, a sharp fall of 43.88 percent from the previous session.

The sectors ended the session diverged. Oil and gas sector outpaced the rest with 3.69 pct gain and Industrials rose 1.22 pct to stand next. The worst peforming sector, real estate lost 0.78 pct and topped the volume with 32.42 pct market share while financial services and banks trailed behind with 31.52 pct and 13.63 pct contributions respectively.

Nafais Holding Co surged 20.0 percent, the top gainer of the day while Al-Themar extended its gains with 17.37 percent rise to KD 0.100 in heavy trade. Alargan International Real Estate Co plunged 18.29 percent to end as the worst performer of the day. The heaviest traded stock Investors Holding Co closed 8.60 percent lower on the back of 15.7 million shares.

NAPESCO spiked 63 fils (8.32 percent) in small trading volume to lift the sector while Energy House Co was up 3.29 percent. Independent Petroleum Group and Gulf Petroleum Investment did not budge from their earlier close of KD 0.365 and KD 0.0338. Burgan Co Well Drilling eased 1.31 percent in small trading volume.

The market opened on a tame note and slipped deep into red in early trade. The index seesawed between small gains and losses amid volatile trading. It surged briefly past the mid-session to hit the day’s highest level 6,638.28 points but lost steam in the final moments to head south.

Shares in the banking sector remained subdued as NBK slipped 3 fils, while KFH shed 5 fils on the back of 2.08 million shares, and Burgan Bank was down by the same amount. However, Boubyan Bank rose 2 fils to KD 0.451, whereas KIB added 1 fils after trading more than 1 million shares. ABK , Gulf Bank fell 2 fils each to close at KD 0.311 and KD 0.253 respectively.

Warba Bank closed 1 fil higher on plan lender is syndicating a $250 million debt facility. Moody’s affirmed Warba’s Baa2 rating and maintained its outlook stable. AUB and CBK ended flat during this session.

The market was skewed toward the losers as 66 shares closed lower and 38 stocks advanced. Of the 120 counters active on Wednesday, 16 closed flat. A total of 3,190 deals worth KD 13.9 million were transacted, a sharp drop of 50.14 percent in value from the last session.

National Industries Co jumped 6.32 percent, while Tamkeen Holding Co rose 6.23 percent in small trading volume. National Industries Group fell 0.63 percent on the back of 5 million shares, and National Investment Co was up 0.91 percent in heavy trade.

Ooredoo advanced 9 fils in small trading volume to KD 1.199, while second most heaviest traded stock Zain inched 1 fils higher on the back of 7.7 million shares. VIVA lost 4 fils to close at KD 0.795, and AAN Digital Services Co was up 1.77 percent on the back of 1.9 million shares.

Most shares in the real estate companies sank as Mabanee Co fell 9 fils, Kuwait Remal Real Estate Co gave up 5 fils, while Commercial Real Estate Co was down 2 fils. National Real Estate Co and Salhia Real Estate Co lost 2 fils and 4 fils respectively. Ajial Real Estate Co , however, gained 8 fils, and Sokouk Holding Co was down 1.6 fils.

Kuwait Projects Co tumbled 5 fils, while Kuwait Financial Center lost 3 fils to KD 0.101. Noor Financial Investment gave up 2.5 fils on the back of 1 million shares, whereas Alimtiaz Investment Group Co advanced 3 fils in heavy trade. GFH Financial Group finished 3 fils lower, while Privatization Holding Co and Arabi Holding Group Co shed 1 fil and 2 fils respectively.

Humansoft Holding Co plunged 24 fils, while Agility slipped 24 fils in heavy trade. Mezzan Holding climbed 10 fils in small trading volume to stand at KD 0.810, whereas Specialities Group Holding dived 3 fils. ALAFCO Aviation Lease and Finance was down 5 fils and Jazeera Airways stagnated at KD 0.579 in thin trade.

The market was largely downbeat during last week. The price index closed down in three sessions and plunged 45.51 points in the four sessions. However, it has gained 15.28 percent year-to-date. Boursa Kuwait is the second largest bourse in the region.

By Iliasu Abubakari

Arab Times Staff


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