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Tuesday , September 27 2022

Kuwait’s stocks rise as tech shares lead – Ooredoo dives 20 fils; Nafais soars

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KUWAIT CITY, Oct 4: Kuwait stocks ticked higher on Wednesday as blue-chips continued to see buying following last week’s upgrade of Boursa Kuwait to secondary emerging market status. The main index climbed 27.74 pts to close at 6,692.56 pts.

The KSX-15 index rose 2.22 pts to 1,023.53 pts. The weighted index was up 0.57 percent. The volume turnover meanwhile continued to rise in the last two sessions as 168.3 million shares changed hands, a 3.87 pct rise from Tuesday.

The sectors closed mixed. Technology outshone the rest with 4.10 pct gain, industrials edged up 1.55 pct to stand next. Parallel market dropped 1.17 pct to end the day as the biggest decliner. In terms of volume, financial services topped with 46.68 pct market share while banks and real estate trailed far behind with 20.98 pct and 13.8 pct contributions respectively for the third consecutive session.

Among the notable movers, Automated Systems Co jumped 23 fils to 165 fils with thin trading while Ooredoo gave up 20 fils to close at KD 1.170 and Zain gained 13 fils on the back of 16 million shares and VIVA was down 4 fils. National Industries rose 11 fils to KD 0.186.

Kuwait International Bank advanced 4 fils and Ahli United Bank was down by the same amount after trading over 12 million shares. National Bank of Kuwait added 1 fils while Gulf Bank, Al- Ahli Bank of Kuwait followed suit.

Burgan Bank lost 1 fils and Kuwait Finance House dived 2 fils with over 4 million shares traded. Boubyan Bank fell 4 fils to KD 0.448 while Ithmaar Holding Co gained 1.3 fils Meanwhile, Commercial Bank of Kuwait shares were not traded in this session

The market opened on dour mote and edged lower into the negative territory in early trading. The price index moved sideways and headed north in the final moments to close with green zone.

Top gainer of the day, Nafais Holding Co soared 66 fils to KD 0.396 whereas United Real Estate Co rose 7.38 pct to settle at 99 fils. Effect Real Estate Co slumped 20 pct to close as the biggest loser of the day while Tamkeen Holding Co and First Takaful Insurance Co dropped 6.67 pct and 5.94 pct respectively. The heaviest-traded stock, Securities House Co gave up 4.62 pct on the back of 19.3 million shares.

Kuwait Investment Co was down 2 fils whereas National Investment Co climbed 6 fils after trading 10 million shares. Commercial Facilities Co and Kuwait Projects Co stagnated at 189 fils and 358 fils respectively while Kuwait Finance Centre sank 4 fils. National International Holding Co was up 3 fils and Al-Deera Holding Co dipped 1.5 fils.

Mabanee Co jumped 10 fils to close at KD 0.805 while Kuwait Real Estate Co and National Real Estate Co lost 1 fil each. Arabtec advanced 2.45 pct and International Resorts Co dived 4.12 pct during this session.

However, Tijara & Real Estate Investment Co and Al- Mazaya Holding Co were down 5.69 pct and 0.85 pct respectively. Munshaat closed up 4.23 pct and Kuwait Business Town Real Estate Co rose 3.24 pct to 51 fils.

The market was skewed slightly toward the losers as 50 stocks closed lower whereas 44 advanced.

Of the 118 counters active on Wednesday, 24 closed flat. 5,205 deals worth KD 30.34 million were transacted, a rise of 5.7 pct from the previous session.

Gulf Cable and Electrical Industries Co jumped 10 fils to close KD 0.530 while Heavy Engineering Industrise and Ship Building Co added 2 fils. ACICO Industries Co rose 7 fils whereas Boubyan Petrochemical Co tumbled 9 fils to stand at KD 0.665 and Qurain Petrochemical Industries Co was down 1 fils.

Agility shed 9 fils while Kuwait Co for Process Plant Construction & Contracting sank 10 fils. Humansoft rose 10 fils to extend its gains to KD 4.090 while Combined Group Contracting Co and ALAFCO Aviation Lease and Finance gained 5 fils and 3 fils to close at 515 fils and 365 fils respectively.

AlRai Media and Inovest eased 3 fils each while Egypt Kuwait Holding jumped 10 fils.

The market has been mixed so far during the week. The main index has closed up in two sessions and gained 12.83 points in the last four trading sessions.

However, it has gained 16.43 percent year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

By Iliasu Abubakari

Arab Times Staff