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Kuwait’s market closes higher in volatile trade

Humansoft Holding soars 80 fils, Ooredoo slips

KUWAIT CITY, Oct 17: Kuwait stocks pulled higher on Wednesday, recouping most of the previous session’s losses.

The All Shares Index climbed 13.71 points in volatile session to 5,008.02 pts helped by Humansoft Holding and some of the heavyweights even as the broader sentiment remained cautiously positive. The Premier Market climbed 8.8 pts to 5,180.55 points trimming the month’s losses to 163 pts while Main Market climbed 22.62 pts to 4,695.24 pts.

The volume turnover meanwhile ebbed for second straight session. Over 58 million shares changed hands – a 11.3 pct drop from the day before. The sectors closed mostly in green. Consumer goods outshone the rest with 3 pct jump whereas oil and gas shed 0.55 percent, the worst performer of the day.

Volume wise, banks mustered the highest market share of 27.7 pct and financial services followed with 22.9 pct contribution.

Among the prime movers, National Bank of Kuwait rose 3 fils to 817 fils on back of over 2 million shares and Burgan Bank was up 4 fils with a volume of over 3 million. Mezzan Holding rebounded 23 fils to 635 fils and Humansoft Holding extended Tuesday’s gains with 80 fils surge. Zain ticked 1 fil up to 439 fils with brisk trading whereas Ooredoo gave up 6 fils to wind up at 750 fils. Kuwait Telecommunications Co (VIVA) climbed 9 fils to 720 fils and Agility tripped 1 fils after trading 1.3 million shares. The market opened firm and rose sharply in early trade.

The main index scaled the day’s highest level of 5,108 pts and see-sawed in a wide range, It continued its volatile course and bottomed at 5,006 pts in the final minutes before clawing back into green zone at close.

Top gainer of the day, RKWC spiked 18.6 pct to 70 fils and Asiya scaled 13.6 percent to stand next. Sanam Real Estate skidded 26.8 percent, the steepest decliner of the day and Zain topped the volume with 7.6 million shares.

Mirroring the day’s upswing, the winner outled the losers 2 to 1. 60 stocks advanced whereas 30 closed lower.

Of the 104 counters active on Wednesday, 14 closed flat. 3,176 deals worth KD 14.9 million were transacted – down 22 pct in value from the day before. National Industries Group was unchanged at 156 fils and Gulf Cable clipped 2 fils. Boubyan Petrochemical Co climbed 5 fils to KD 1.055 and Al Qurain Petrochemical was up 6 fils at 385 fils. Jazeera Airways rallied 7 fils to 737 fils and ALAFCO gained 4 fils. Mashaer Holding took in 0.2 fil and ACICO climbed 7 fils to 207 fils. NICBM was up 4 fils at 174 fils and Al Rai Media Group clipped 2.5 fils. Kuwait and Gulf Links dialed up 1.4 fils and KGL Logistics ticked 0.5 fil higher. Inovest trimmed 0.2 fil and Salbookh closed 2.5 fils in red. KPPC rose 2.4 fils to 54.9 fils and KCPC took in 2 fils.

NAPESCO and Combined Group Contracting Co were flat at 825 fils and 359 fils respectively while Burgan Well Drilling Co was down 4 fils with thin trading.

In the banking sector, Gulf Bank closed fl at and Kuwait Finance House tripped 1 fil. Fitch Ratings has affirmed KFH’S long-term issuer default rating (IDR) at “A+”, with a “stable” outlook. Fitch has also affirmed the lender’s viability rating at (bb+). Boubyan Bank extended last session’s losses with 4 fils drop to 530 fils and Kuwait International Bank inched 1 fil higher. Boubyan Bank net profits climbed 18 pct to KD 40.3 million during the nine-month period ended on 30 Sept 2018.

Earnings per share soared to 15.83 fils. Commercial Bank stood pat at 510 fils on back of over 1 million shares and Al Mutahed clipped 1 fil. Al Ahli Bank was not traded during the session. Warba Bank dialed up 1 fil and Ahli United Bank eased 1 fil to 199 fils.

KIPCO was flat at 205 fils and Gulf Finance House gained 5.2 fils. National Investment Co dialed up 2 fils and International Financial Advisors ticked 0.4 fil higher to 21.9 fils. Kuwait Investment Co paused at 120 fils and FACIL added 3 fils. Kuwait Financial Centre ( Markaz) dialed up 2.5 fils while Coast Investment Co and Al Madar rose 1 fil each. Al Mal Investment edged 0.8 fil higher to 21.1 fils whereas Arzan and Unicap held ground at 26 fils and 59.5 fils respectively. KFIC took in 0.6 fil and Al Deera Holding closed 1.3 fils higher at 17.5 fils. Al Salam trimmed 0.8 fil while Noor Financial Investment Co took in 0.9 fil. Al Imtiaz clipped 1 fil before settling at 126 fils and Gulf Insurance Co gained 5 fils. Ahliea Insurance scaled 11 fils and Warba Insurance slipped 7.2 fils to 68.3 fils. Mabanee Co dropped 6 fils to 605 fils and Kuwait Real Estate ticked 0.2 fil into green.

National Real Estate clipped 1 fil and Mazaya Holding edged 0.6 fil up to 74 fils Salhiya Real Estate stood pat at 329 fils. The bourse has been mixed so far during the week, shedding 58 pts in last three sessions and has skidded 120 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

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