Kuwait bourse extends advance; volume drops – Americana gains 10 fils;

06/06/2017 02:17 AST

Kuwait stocks eked modest gains on Sunday extending the winning streak from previous week. The main index climbed 16.83 pts in choppy trade to 6,830.02 points even as the overall sentiment remained sluggish amid anemic trading volume.

The KSX 15 benchmark eased 0.25 pct to 916.34 points while weighted index inched 0.24 percent down to 405.16 points. The volume turnover meanwhile shrank after Thursday’s rebound. 49.22 million shares changed hands — a 34.5 pct drop from last session.

The sectors closed mostly in the green. Consumer goods outperformed the rest with 5.73 pct surge whereas real estate shed 1.33 pct, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 28.9 pct while real estate trailed with 21.9 percent contribution.

In the individual shares, Al Ahli Bank rose 5 fils to 310 fils while Kuwait Finance House gave up 2 fils to settle at 486 fils with a volume of 3.3 million shares. Kuwait Food Co (Americana) climbed 10 fils to KD 2.700 extending last session’s gains.

Zain inched 1 fil higher to 426 fils whereas Ooredoo plunged 60 fils to KD 1.200. Kuwait Telecommunications Co (VIVA) dipped 10 fils to 835 fils and Agility slipped 5 fils to 743 fils.

Sector bellwether National Bank of Kuwait fell 2 fils to 683 fils and Gulf Bank of Kuwait took in 1 fil. The bank has posted a 6.7 pct increase in first quarter profit in to KD 9.36 million from KD 8.77 million in Q1 of 2016. The net operating profit rose by 6.8% to KD 9.8 million.

The market opened firm and rose sharply in early trade. The price index scaled the day’s highest level of 6,845.6 points and retreated thereafter as selling kicked in. It traded choppy as sentiment turned fickle and closed with modest gains.

Top gainer of the day, Eyas rallied 17.65 pct to KD 1.000 and Gulf Investment House vaulted 13.8 percent to stand next. Tamdeen Real Estate slid 12.2 pct, the steepest decliner of the day and National Ranges Co (Mayadeen) topped the volume with 4.9 million shares.

Despite the day’s gains, the losers outnumbered the winners. 39 stocks advanced whereas 46 closed lower. Of the 101 counters active on Sunday, 16 closed flat. 1985 deals worth KD 8.36 million were transacted — a 27.5 pct drop in value from the day before.

National Industries Group, the flagship company of Kharafi Group, fell 1 fil to 110 fils after trading 1.6 million shares while Gulf Cable gave up 3 fils to close at 425 fils. Metal and Recycling Co dialed up 1 fil.

Jazeera Airways powered 21 fils ahead recouping previous session’s losses whereas ALAFCO stood pat at 305 fils. Heavy Engineering Industries and Shipbuilding Co dipped 7 fils while Contracting and Marine Services Co added 3 fils.

Losses

Kuwait Foundry Co rose 4 fils to 294 fils and Equipment Holding stood ground at 50 fils. The company’s first quarter losses narrowed by 12.4 percent to KD 354,460 from KD 404,490 in Q1 of 2016.

Dropped

Automated Systems Co gained 10 fils and Educational Holding Co climbed 16 fils to 366 fils. Boubyan Petrochemical Co dropped 5 fils to 578 fils whereas Al Qurain Petrochemical Co was up 4 fils at 340 fils.

Humansoft Holding shed 20 fils and Shuaiba Industrial closed 5 fils in red. The company’s has logged a Q1 profit of KD 632,050 up 0.4% from KWD 629,560 in the same period a year ago. Al Rai Media Group fell 3 fils to 120 fils.

Kuwait and Gulf Link Transport Co dipped 5 fils to 62 fils while KGL Logistics Co clipped 0.3 fil before settling at 54.6 fils. Zimah Holding dialed up 1.6 fils whereas Mezzan Holding slid 20 fils to 950 fils.

In the banking sector, Burgan inched 1 fil higher to 324 fils whereas Commercial Bank stood pat at 345 fils. Ahli United Bank was not traded during the session.

Kuwait International Bank dropped 6 fils to 242 fils and Boubyan Bank

Arab Times