Kuwait stocks extend gains in tame session

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Humansoft Holding soars 45 fils; Ooredoo slips

KUWAIT CITY, Aug 7: Kuwait stocks headed north on Tuesday extending the gains to fifth straight session. The All Shares Index climbed 20 points to 5,279.05 points paced by Humansoft Holding and some of the heavyweights even as the overall sentiment remained soggy.

The Premier Market climbed 19.56 pts to 5,457.11 points while Main Market scaled 20.82 pts. The volume turnover meanwhile rose further to hit a multi-week high. Over 159 million shares changed hands — a 21.6 pct increase from the day before.

The sectors closed mostly in green turf. Telecommunications outshone the rest with 0.86 pct gain whereas basic materials eased 0.12 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 43.4 pct and banks trailed with 29.9 percent contribution.

Among the standout performers, Kuwait Finance House rose 3 fils to 612 fils back of over 10 million shares extending last session’s gains and Burgan Bank followed suit to wind up at 284 fils. Humansoft Holding soared 45 fils to KD 3.490 and Mabanee Co gained 8 fils.

Zain climbed 6 fils to 499 fils on back of over 10 million shares and Ooredoo gave up 4 fils before closing at 796 fils. Kuwait Telecommunications Co (VIVA) added 3 fils and Agility rallied 9 fils to 904 fils with brisk trading.

Gulf Bank fell 3 fils to 259 fils after trading 6.4 million shares and National Bank of Kuwait took in 1 fil. The bank has reported a 16.4 pct increase in profits to KD 92.26 million during the second quarter.

Moved
The market opened on a tame note and moved sideways in early trade. The main market fell briefly to plumb the day’s lowest level of 5250 points almost an hour into the session and headed north. It drifted listlessly well past the mid-session and revved up slightly in the final hour to close with modest gains.

Top gainer of the day, First Takaful Insurance Co spiked 16 pct to 47.2 percent and Livestock Transport and Trading Co climbed 7.3 pct to stand next. Integrated Systems Co slipped 3.6 pct to 927 fils and Ahli United Bank topped the volume with over 18 million shares.

Reflecting the day’s gains, the winners outnumbered the losers. 54 stocks advanced whereas 42 closed lower. Of the 127 counters active on Tuesday, 31 closed flat. 6,672 deals worth KD 37.37 million were transacted — a up 21.6 pct in value from the day before. National Industries Group dialed up 2 fils on back of over 10 million shares and Mezzan Holding gave up 2 fils. Heavy Engineering Industries and Shipbuilding Co shed 8 fils partly erasing Monday’s gains while Al Qurain Petrochemical Co ticked 1 fil into red. Jazeera Airways was unchanged at 750 fils with thin trading while ALAFCO rose 4 fils to 355 fils. Gulf Cable and NICBM stood pat at 385 fils and 175 fils respectively whereas ACICO Industries gained 6 fils. Equipment Holding Co tripped 0.3 fil.

Kuwait Portland Cement gained 10 fils and Educational Holding Co stood pat at 315 fils following last session’s pullback. Burgan Well Drilling Co and Combined Group Contracting Co were flat at 86.9 fils and 42.1 fils respectively. Kuwait and Gulf Link Transport Co stood pat at 113 fils and KGL Logistics ereased 0.4 fil. KCPC dialed down 2 fils and KPPC inched 0.6 fil higher to 61.6 fils.

Inovest trimmed 0.4 fil. Kuwait Foundry Co ticked 1 fil down to 203 fils and Al Rai Media Group gave up 0.8 fil to end at 96 fils. OSOS and UPAC held ground at 98.9 fils and 650 fils respectively. In the banking sector, Al Ahli B Bank scaled 15 fils to 329 fils whereas Commercial Bank paused at 520 fils with thin volume.

Al Mutahed was up 3 fils at 306 fils. Kuwait International Bank was unchanged at 259 fils and Boubyan Bank added 3 fils on back of 1.7 million shares. Ahli United Bank stalled at 211 fils and Warba Bank took in 1 fil. KIPCO tripped 1 fil while Gulf Finance House and Coast Investment Co were flat at 105 fils and 31.5 fils respectively. International Financial Advisors ticked 0.4 fil higher and Kuwait Investment Co took in 1 fil on back of 2.5 million shares. National Investment Co and Amwal Investment added 0.1 fil higher each while Securities House Co gave up 0.4 fil to close at 50.6 fils.

Al Mal Investment eased 0.2 fil to 18.1 fils and Ekttitab Holding. Al Deera Holding fell 0.5 fil to 17.5 fils.

Kuwait Financial Investment Co (Markaz) dialed up 2 fils and Bayan Investment clipped 2 fils. Sokouk Holding edged 0.3 fils higher and KMEFIC tripped 2.2 fils and KFIC ticked 1 fil into green. Kuwait Insurance Co dipped 25 fils to 285 fils and Ahleia Insurance Co jumped 16 fils.

Kuwait Real Estate Co eased 0.1 fil to 49.7 fils and National Real Estate Co gave up 2 fils. Mazaya Holding was up 0.9 fil at 88.9 fils. The market has been upbeat so far during the week rallying 73 points in last three sessions and has scaled 112 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

By John Mathews Arab Times Staff

This news has been read 11924 times!

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