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Kuwait’s stock index logs robust gains, volume turnovers swells

KUWAIT CITY, March 7: Kuwait stocks forged ahead on Sunday after charting mixed course in the previous week. The All Shares Index rallied 40.65 points to 56,93.97 pts paced by blue chips even as the overall mood turned cheery. The Premier Market sprinted 56.1 points to 6,220.11 pts taking the month’s gains to 63 pts while Main Market added 5.79 points.

The BK Main 50 index was up 12.58 points at 4,840.98 pts. The volume turnover meanwhile rose for the second straight session. Over 232 million shares changed hands – up 11.5 percent from Thursday.

The sectors closed mostly in green turf. Utilities outshone the rest with 3.23 percent gain whereas Technology slid 5.94 pct, the worst performer of the day. Volume wise, Financial Services topped with 113.3 million shares whereas Banking sector dominated with KD 17.88 million.

Among the prime movers, NBK rallied 7 fils to 840 fils on back of 3.36 million shares and Kuwait Finance House followed suit to close at 734 fils with a volume of over 8 million. Boubyan Bank and Mabanee Co scaled 4 fils each to end at at 570 fils and 703 fils respectively. Zain dialed up 2 fils after pushing 2.4 million shares and Ooredoo was up 6 fils at 656 fils. stc stood pat at 914 fils and logistics major Agility sprinted 11 fils to 670 fils. Humansoft Holding dipped 9 fils to KD 3.692 whereas Boursa Kuwait Securities gained 8 fils each.

The bourse opened firm and pulled higher in early trade. The main index continued to rise amid strong buying in most of the heavyweights and scaled the day’s highest level of 5,702 points half way into the session. It sagged slightly thereafter before closing with robust gains. Top gainer of the day, ALOLA rallied 12.66 pct to 71.2 fils and Tahssilat galloped 9.96 percent to stand next.

Fujairah Cement skidded 8.96 percent, the steepest decliner of the day and ALOLA also topped the volume with 68.2 million. The market was mixed during the previous week. The main index closed higher in two of the four sessions adding 4 points week-onweek. It had slid 132 points during whole of February and is up 124 points year-to-date.

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