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Monday , December 5 2022

Kuwait’s stocks extend gains to 3rd day in row

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KFH advances 10 fils; Humansoft dips 80 fils

KUWAIT CITY, June 26: Kuwait stocks pulled higher on Tuesday, extending winning streak to a third consecutive day. The All Share index jumped 38.52 points to 4,905.59 points. The Premier Market index surged 55.33 points to 4,921.54 points while the Main Market climbed 8.13 points. The volume turnover meanwhile ballooned to multi-month highs as 112.2 million shares changed hands, 24.19 percent rise from the previous session.

The sectors closed mostly in the positive territory led by basic materials, which outshone the rest with 2.59 percent gain while consumer services fell 0.67 percent, the biggest loser of the day. Volume wise, banks notched the highest market share of 38.77 percent.

Among the market movers, Boubyan Petrochemicals Co extended gains in the previous session to trade 39 fils, or 4.72 percent higher while ACICO Industries Co soared 20 fils, or 9.09 percent. Humansoft Holding Co plunged 80 fils further to KD 3.498 and Hayat Communications Co resumed trading to closed 29.9 fils, or 37.42 percent lower at KD 0.050.

The best performing stock, Salbookh Trading Co surged 13.84 percent to 51 fils while Kuwait Cable Vision Co retreated sharply to 73.33 percent, the biggest loser of the day while the heaviest-traded stock, KIB rose 7 fils, or 3.2 percent on the back of a record 14.4 million shares.

Independent Petroleum Group Co advanced 20 fils, or 4.65 percent to KD 0.450. stock is trading 8.43 percent higher so far this year. Kuwait Finance and Investment Co jumped 10.59 percent whereas Hilal Cement Co shot up 10.0 percent to KD 0.110.

Gulf Investment House tumbled 8.11 percent while Fujairah Cement Industries Co fell 5.71 percent to KD 0.066. National Shooting Co closed up 9.09 percent and Ettittab Holding Co closed down 5.26 percent to KD 0.027.

Agility rose 12 fils to KD 0.785 after the company signed a Protocol of Cooperation with Suez Canal Economic Zone on Tuesday to establish a logistics center in East Port Said.

Telecom shares extended rally, led by Zain, which climbed 7 fils on the back of 6.4 million shares. VIVA rose 2 fils to KD 0.700 while Ooredoo slipped 1 fil to KD 0.850 in thin trade.

Mezzan Holding Co gained 5 fils to KD 0.715 and Kuwait Projects Co extended last gains to trade 3 fils or 1.21 percent higher. National Industries Group added 3 fils to KD 0.160 after trading nearly 5 million shares while Mabanee Co closed flat at KD 0.630.

The market opened on a tame note and ticked higher in early trade. The main index continued to search for direction in a slightly volatile trade. It turned choppy well after half way the session before recovering into positive territory at close.

Bank shares rose 0.85 percent as KFH extended rally to close 10 fils up on the back of 8.1 million shares. CBK soared 13 fils to KD 0.500 while Burgan Bank was up 3 fils and Boubyan Bank followed suit. NBK added 2 fils to KD 0.750 and AUB dialed up 2 fils after trading 3.2 million shares.

Warba Bank closed 2 fils up on the bank of 4.4 million shares after the bank obtained CBK approved to raise its capital by 50 percent through offering new shares.

Al-Mutahed shrank sharply at 6 fils, or 2.05 percent after trading over 2 million shares. ABK and Gulf Bank stagnated at KD 0.339 and KD 0.240 respectively. Ithaar Holding sank 2.57 percent on the back of more than 5 million shares.

Kuwait National Cinema rose 5 fils, or 0.48 percent to KD 1.050 while Kuwait Investment Co was up 4 fils, or 3.57 percent. Specialities Group Holding Co and Alimtiaz Investment Group Co climbed 6 percent and 2.22 percent respectively.

Educational Holding Group plummeted 9 fils, or 2.91 percent to KD 0.300 whereas Egypt Kuwait Holding fell 5 fils, or 1.46 percent. IFA Hotels & Resorts Co slipped 4 percent and Kuwait Co for Process Plant was down 2.45 percent to KD 0.159. ALAFCO Aviation and Jazeera Airways paused at KD 0.353 and KD 0.768 respectively.

KAMCO Investment Co sank 4.76 percent to KD 0.080 while UNICAP Investment and Finance gave up 3.77 percent. INOVEST advanced 3.94 percent and Al-Madar Finance and Investment Co edged up 2.56 percent on the back of 1.1 million shares.

Mirroring on the day’s upswing, the winners outperformed as 66 stocks advanced while 40 closed lower. Of the 123 counters active on Monday, 17 ended flat. 4,309 deals worth KD 24.8 million were transacted, over 21 percent rise in value from last session.

First Takaful Insurance Co dipped 3.75 percent and Warba Insurance Co lost 1.64 percent to 60 fils. Jiyad Holding Co fell 1.26 percent while Kuwait & Gulf Link Transport gave up 0.84 percent on the back of 2.2 million shares. Osoul Investment Co dropped 1.85 percent whereas Amwal International Investment Co was down 1.73 percent.

Injazzat Real Estate Co shrank 4.49 percent to KD 0.085 after trading 2.2 million shares whereas Arkan Al-Kuwait Real Estate Co tumbled 3.67 percent to 76.1 fils. Massaleh Real Estate Co eased 2.28 percent while National Real Estate Co rose 1.89 percent to KD 0.108.

Real Estate Trade Centers Co leapt 7 percent and Al-Mazaya Holding was up 1.51 percent. Kuwait Real Estate Co took in 1.21 percent while Taameer Real Estate Co closed up 4.32 percent to 29 fils.

The market has been upbeat so far this week as the main index closed higher in last three session. It has however, gained 169.87 points from the start of the month and trading 23.45 percent lower so far this year. Boursa Kuwait is the second largest market in the region with 175 listed stocks.

By Iliasu Abubakari – Arab Times Staff