Kuwait bourse extends gains; volume rebounds – KFH rallies 13 fils;

26/07/2017 06:17 AST

Kuwait stocks headed north on Monday extending the gains to second straight session. The price index climbed 22.51 pts in volatile trade to 6,822.18 points as investors chased some of the banking and financial shares. Other blue chips too closed mostly higher.

The KSX 15 benchmark surged 16.21 pts to 948 pts taking the month’s gains to 38 points while weighted index rose 5.34 pts. The volume turnover meanwhile swelled further to hit a fresh multi-month high. 139 million shares changed hands — a 16.5 pct rise from the day before.

The sectors closed mostly in the green turf. Oil and gas outshone the rest with 1.9 percent gain whereas parallel market shed 1.57 pct, he biggest loser of the day. In terms of volume, financial services clocked the highest market share of 33.5 percent and real estate followed with 28.7 pct contribution.

Among notable gainers, National Bank of Kuwait extended Sunday’s rally with a 5 fils rise to 699 fils on back of 4.3 million shares while Kuwait Finance House jumped 13 fils to 541 fils with brisk trading.

KIPCO surged 30 fils to 380 fils and Mabanee Co gained 5 fils. Burgan Bank rallied 13 fils to 355 fils and Gulf Bank added 4 fils before winding up at 242 fils.

Zain climbed 12 fils to 444 fils after trading 4.8 million shares and Ooredoo was up 9 fils at KD 1.160 with thin volume. Kuwait Telecommunications Co (VIVA) climbed 13 fils to 815 fils and Agility gained 9 fils.

The market opened wobbly and edged lower in early trade. The main index pulled up in choppy trade to peak at 6,829 pts almost half way into the session and headed south . It fell sharply to plumb the day’s lowest level of 6765 pts before rebounding amid spurt in buying in select counters and closed with modest gains.

Top gainer of the day, Sharjah Cement Co spiked 10.39 pct to 83.9 fils and KIPCO jumped 8.5 percent to stand next. Sanam Real Estate Co plunged 20 pct, the steepest decliner of the day and Al Imtiaz topped the volume with 14.3 million shares.

Mirroring the day’s upswing, the market spread heavily skewed towards the winners. 75 stocks advanced whereas 35 closed lower. Of the 132 counters active on Monday, 22 closed flat. 4,064 deals worth over KD 25 million were transacted — a 17 pct surge in value from the day before.

National Industries Group rose 4 fils to 142 fils on back of 3 million shares and Gulf Cable gave up 2 fils to end at 436 fils. Heavy Engineering Industries and Shipbuilding Co was flat at 205 fils whereas Metal and Recycling Co dipped 12 fils.

Humansoft Holding vaulted 101 fils to KD 4.400 extending last session’s strong gains and NAPESCO climbed 35 fils to KD 1.560. HumanSoft has recorded a 19.9 pct rise in second quarter profits to KD 6.03 million from Q2 2016.

Stalled

Yiaco and Al Rai Media Group dialed up 1 fil each whereas Mezzan Holding stalled at 910 fils. Educational Holding Co was unchanged at 335 fils and Automated Systems Co too did not budge from its earlier close of 181 fils.

Jazeera Airways eased 1 fil to 499 fils and ALAFCO slipped 5 fils to 343 fils. Kuwait Portland Cement Co took in 1 fil and Kuwait Cement Co stood pat at 445 fils. NICBM was down 5 fils at 175 fils.

Kuwait Food Co (Americana) paused at KD 2.100 after Sunday’s steep fall while Equipment Holding Co inched 1 fil up. Boubyan Petrochemical Co dialed up 2 fils at Al Qurain Petrochemical Co gained 14 fils.

Eyas For Higher and Technical Education shed 15 fils whereas OSOS and UPAC were unchanged at 138 fils and 779 fils. Combined Group Contracting Co inched 1 fil into green and AWJ Holding paused at 80 fils.

In the banking sector, Commercial Bank and Al Ahli Bank were flat at 330 fils and 320 fils respectively whereas Kuwait International Bank clipped 1 fil before settling at 244 fils.

Al Mutahed climbed 6 fils to 409 fils and Boubyan Bank adde

Arab Times