Companies scramble to beat deadline – ‘Hefty buying’

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KUWAIT CITY, May 15, (KUNA): Boursa Kuwait brought down the curtain on Monday’s session in a bullish manner amid a series of financial statements’ revelations by the enlisted companies for Q1 2017, ahead of the disclosures’ deadline falling tomorrow (Tuesday).

Hefty buying targeted small and medium chips, as some groups, namely National Investments and Agility, turned noticeably active. The purchasing trend centered in particular on companies under umbrella of the Kuwait-15 index, with the entry of heavyweights, Zain and Baitak. Traders targeted in a selective manner below 50 fils chips, including those dubbed as “inactive,” thus contributing to settling the price index at the 6,700-point level, in addition to noticeable rise of the cash value, as compared to previous sessions.

The bullish chips were those of the sectors of oil, gas, basic and industrial commodities, health care, services, communications, realty and financial services. Traders followed up on the suspension of Wataniyah and Agility shares, upon the two companies’ request and revelation by Al- Salboukh trade Co. about a judicial case.

The bourse ended Sunday’s trading in the green zone. The price index went up by 47.41 points to reach 6,706.25 points. The weighted went up by 2.1 points to stand up to 402.75 and KSX 15 index also rose by 4.49 to read 918.74 points. The value of trades was KD 18,119,672.379, while the volume reached 166,465,549 shares done through 4,284 deals.

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