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Thursday , October 6 2022

Kuwait’s stocks climb 16.99 pts; volume dips – Americana plummets 299 fils; Kuwait Cinema surges

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KUWAIT CITY, Oct 22: Kuwait stocks closed higher on Sunday to kick off week on a positive note. The main index rose 16.99 points in choppy trading to close at finish at 6,650.06 points as the board remained mixed.

The KSX-15 benchmark fell 0.24 point to 1,002.20 points, while the weighted index was down 0.02 points. The turnover activities however, pulled lower to 57.8 million shares, which was 24.70 percent drop from the previous session.

The sectors diverged as Consumer services outshone the rest with 1.67 percent jump while Americana’s delisting weighed on the consumer goods, which plunged 3.43 percent to end as the biggest loser. Real estate topped the volume with 39.16 pct of market share, closely followed by financial services with a 33.18 pct contribution.

Kuwait Food Co (Americana) plummeted 299 fils to finish at KD 1.751, the steepest decliner of the day. Americana announced it had obtained CMA approval to delist from Boursa Kuwait on Sunday. The company’s tradable shares consist 6.567 pct of the overall shares on the bourse.

Kuwait National Cinema surged 140 fils or 11.67 pct to KD 1.340 to end the day as the biggest gainer, Warba Insurance Co rose 8.90 fils or 10.34 pct to stand next. Tijara & Real Estate Investment Co plunged 6.45 pct while Kuwait Remal Real Estate Co tumbled 5.35 pct.

ALAFCO Aviation gained 13 fils while Agility advanced 11 fils to close at KD 0.864. Jazeera Airways Co jumped 8 fils extending its gains to KD 0.648, while, GFH Financial Group rose 4 fils in heavy trade.

The Investors Holding eased 0.5 pct to dominated the turnover chart with 5.08 million shares changing hands, followed by Kuwait Investment Co which closed flat after trading more than 3 million shares. Alimtiaz Investment Group dived 0.58 pct to KD 0.171 in heavy trade, whereas Ithmaar Holding shed 1.25 pct on the back of 3.4 million shares. The market opened on a tame note and edged higher in early trade. The price index seesawed between small losses and small gains and hits the day’s lowest level of 6,625.18 points. The bourse however, recovered its losses in the last hour to head north.

Sector bellwether, NBK climbed 3 fils, while KFH rose 2 fils to wind up at KD 0.604. Boubyan Bank, Ahli United Bank and Warba Bank added 1 fil each to close at KD 0.465, KD 0.207 and KD 0.239 respectively. Meanwhile, Gulf Bank eased 2 fils in small trading volume, whereas Burgan Bank and KIB shares stagnated. Commercial Bank of Kuwait shares were not traded during this session.

Reflecting on the day’s upswing, the winners took a modest lead as 56 shares advanced, and 37 stocks declined. Out of the 112 traded issues on Sunday, 19 remained unchanged. A total of 2,422 deals worth KD 6.5 million were transacted, a sharp fall of 52.05 percent in value from the last session. The telecom sector sank 0.97 pct, weighed by Ooredoo’s 46 fils or 3.84 pct decline in small trading volume, while Zain and VIVA dived 1 fil to wind up at KD 0.507 and KD 0.791. AAN Digital Services Co fell 1.5 pct.

Commercial Facilities Co dropped 2 fils, while Kuwait Projects Co climbed 3 fils 1 fil and National Investment Co was down at KD 0.107. Kuwait Financial Centre and Kuwait Investment closed flat.

In the real estate sector, Salhia Real Estate Co advanced 10 fils, National Real Estate Co gained 4 fils, while United Real Estate Co was up 1.2 fils to 82.9 fils. Commercial Real Estate Co added 2.5 fils, whereas Mabanee Co and Real Estate Trade Centers Co inched 1 fil higher. However, Injazzat Real Estate Co slipped 2.21 pct and Arkan Al-Kuwait Real Estate Co sank 1.5 pct in thin trade. Al-Mazaya Holding eased 0.87 pct in heavy trade and International Resorts Co slid 3.12 pct after trading more than 1 million shares, while Abyaar Real Estate Co was down 2.02 pct to 24.3 fils.

Boubyan Petrochemical Co slid 6 fils while Qurain Petrochemical Co was up by the same amount in small trading volume. ACICO Industries Co climbed 2 fils to KD 0.265, whereas Kuwait & Gulf Link Transport Co added 2.2 fils and Burgan Co for Well Drilling slipped 1 fil in thin trade.

Umm Al Qaiwain rose 4 fils and Egypt Kuwait Holding followed suit in small trading volume to stand at KD 0.235. GFH Financial advanced 4 fils in heavy trade, whereas Fujairah Cement Industries and Ras Al Khaimah Co were up 2.8 fils and 3.2 fils respectively.

The market was positive during last week. The main index closed higher in three sessions and advanced 10.77 points during the week. However, it has lost 21.57 points from the start of the month but gained 15.69 percent year-to-date. Boursa Kuwait is the second largest bourse in the region.