Kuwait treads water after eight-day rally – NBK slips 10 fils;

18/01/2017 07:39 AST

Kuwait stocks took a breather on Monday after the eight day long rally. The price index was little changed after a volatile session with a 1.17 pct uptick to close at 6,224 points even as the shares closed mixed amid brisk trading.

The KSX 15 benchmark rose 3.39 pts to 929.8 pts taking the month’s gains to 44 pts while weighted index edged 0.98 pt into green. The volume turnover meanwhile receded slightly but managed to hold above the 700 million mark. Over 702 mln shares changed hands — a 4.6 pct fall from Sunday.

The sectors performances diverged. Basic materials outshone the rest with 1.65 pct gain whereas consumer services shed 1.25 percent, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 46.35 percent and real estate followed with 28.8 pct contribution.

In the individual shares, National Bank of Kuwait was down 10 fils at 670 fils erasing half of Sunday’s gains while National Investment Co climbed 4 fils on back of 22.4 million shares. Kuwait Food Co (Americana) rose 20 fils to KD 2.620.

Zain climbed 20 fils on back of 13.3 million shares extending the last session’s gains while Wataniya Telecom (Ooredoo) jumped 20 fils. Kuwait Telecommunications Co (VIVA) gave up 10 fils to settle at 890 fils and Agility closed 10 fils up.

Kuwait Finance House seesawed before closing unchanged at 590 fils and Boubyan Bank slipped 5 fils to 405 fils. The bank has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending Sept 30, 2016.

The market opened on a firm note and rose further in early trade on buying in select counters. The main index peaked at 6,268.18 pts before falling sharply amid brief bout of profit taking and bottomed at 6,200 pts almost half way into the session. It clawed back thereafter and managed to close in the green territory.

Top gainer of the day, Massaleh vaulted 7.84 pct to 55 fils while Manazel rallied 7 pct to stand close behind. Contracting and Marine Services Co slid 8.33 pct, the steepest decliner of the day and Investors Holding Group topped the volume with over 49 million shares.

Despite the uptick, market spread was slightly skewed towards the losers. 54 stocks advanced whereas 61 closed lower. Of the 152 counters active on Monday, 37 closed flat. 1,1669 deals worth over KD 60 mln were transacted — a 12.3 pct rise in value from the day before.

National Industries Group took in 2 fils on back of 5.6 million shares after an identical rise in day before while Gulf Cable climbed 15 fils to 435 fils. Automated Systems Co added 4 fils to close at 248 fils.

Jazeera Airways extended Sunday’s losses with a 10 fils drop to 670 fils while ALAFCO dialed up 2 fils. Kuwait and Gulf Links Transport Co fell 2 fils to 64 fils and KGL Logistics Co inched 1 fil into red.

Jumped

Kuwait Cement Co added 5 fils and Kuwait Portland Cement Co jumped 30 fils to 980 fils. UPAC dropped 20 fils to 730 fils and Alrai Media Group Co added 4 fils. Combined Group Contracting Co shed 20 fils and RISCO stood pat at 315 fils.

Independent Petroluem Group rose 5 fils to 395 fils whereas YIACO gave up 5 fils. Equipment Holding Co and NICBM stood pat at 62 fils and 212 fils respectively whereas Boubyan Petrochemical Co gained 20 fils.

Mezzan Holding Co climbed 10 fils to 960 fils and Zimah Holding Co clipped 2 fils. Heavy Engineering Industries and Shipbuilding Co fell 2 fils to 192 fils while Contracting and Marine Services Co was down 5 fils at 55 fils. In the banking sector, Gulf Bank rose 4 fils with a volume of 2.7 million to 248 fils whereas Al Ahli Bank and Kuwait International Bank paused at 305 fils and 214 fils respectively. Commercial Bank of Kuwait was not traded during the session.

Burgan Bank fell 5 fils to 305 fils erasing Sunday’s gains and Boubyan Bank foll

Arab Times