KSE advances 27.18 pts in ‘lackluster’ trading

Zain adds 5 fils; KFH drops

29/12/2015 06:23 AST

Kuwait stocks swung higher on Sunday following the drop in the last session. The price index rose 27.18 pts in lackluster trading to 5647.16 points helped by moderate buying in some of the mid and small caps. The market mood remained dull even as investors eye fresh cues.

The KSX 15 benchmark eased 1.83 pts to 900.69 points taking the month’s losses to 29 points while weighted index was nearly stagnant at 381.07 pts. The volume turnover meanwhile swelled past the 100 million mark after receding in the last two sessions. 112.59 million shares changed hands – a 26 pct jump from Thursday.

The sectors closed mostly in the positive territory. Oil and gas outshone the rest with 1.43 pct rise whereas healthcare slid over 4 percent, the biggest loser of the day. In terms of volume financial services notched the highest market share of 48 pct while real estate and banks followed with 26 percent and 13 pct respectively.

Among the notable gainers, Gulf Bank rose 5 fils to KD 0.265 paring the month’s losses to 10 points while Kuwait Portland Cement soared 40 fils to KD 1.080. National Industries Group took in 2 fils to settle at KD 0.128 and is down 6 fils so far during the month.

Bourse heavyweight Zain added 5 fils whereas Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.060. Logistics major Agility followed suit to close at KD 0.485 after trading in red earlier in the session

Kuwait Telecommunications Co (VIVA) stagnated at KD 1.000 off early lows. Capital Markets Authority has approved the optional offer of Kuwait Telecommunications Co to buy the shares which it doesn’t own and represent 74% of the company’s shares.

Kuwait Food Co (Americana) slid 40 fils to KD 1.940 taking the month’s drop to 320 fils and National Investment Co inched 1 fils lower. NIC has obtained the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months.

The market opened on tame note and moved sideways in early trade. It continued to move listlessly as investor sentiment remained soggy and revved up slightly at close.

Top gainer of the day, Burgan Well Drilling Co surged 8.2 pct to 132 fils with thin volume and Gulf Insurance House climbed 7.69 pct to stand close behind. Safwan Trading Co dived 7.69 percent, the steepest decliner of the day and Gulf Finance House topped the volume with over 16 million shares.

Mirroring the day’s gain, the winners vastly outpaced the losers. 54 stocks advanced whereas 24 closed lower. Of the 122 counters active on Sunday, 44 closed flat. 2737 deals worth KD 8.3 million were transacted – a 7.16 pct fall in value from the day before.

Kuwait Foundry Co slipped 10 fils to KD 0.220 while Shuaiba Industrial Co gave up 5 fils to close at KD 0.390. Metal and Recycling Co added 5 fils with thin trading and Salbookh Trading Co closed 2 fils in green at 83 fils.

Independent Group Co rallied 10 fils to KD 0.260 and City Group Co paused at KD 0.380 with thin volume. The company has received the approval of Capital Markets Authority for its request to voluntarily withdraw from Kuwait Stock Exchange.

Equipment Holding Co inched 1 fils up and Mezzan Holding Co shed 20 fils. Jazeera Airways was unchanged at KD 0.910 off early lows and ALAFCO trimmed 2 fils to settle at KD 0.210. IFA Hotels and Resorts climbed 6 fils to KD 0.184, Kuwait and Gulf Link Transport Co was flat at 43 fils and KGL Logistics Co too paused at 57 fils. Zima Holding Co held steady at 126 fils.

Rallied

In the banking sector, National Bank of Kuwait was flat at KD 0.800 off early highs and Commercial Bank of Kuwait followed suit. NBK has won the approval of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months from November 23, 2015.

Ahli United Bank was muted at KD 0.520 after giving up slight earl

Arab Times