Kuwait bourse swings higher as volume dips – NBK gains 20 fils;

Ooredoo flat

10/05/2017 05:52 AST

Kuwait stocks rebounded on Monday following the plunge in the previous session. The bourse gained 62.9 points in choppy session to 6,627.57 points amid bargain buying in select counters even as investors kept a wary eye on the oil prices.

The KSX 15 benchmark climbed 12.27 pts to 895.95 pts trimming the month’s losses to 24 points while weighted index added 4.62 pts. The volume turnover meanwhile receded after rising in the last two sessions. 119.9 million shares changed hands — a 26.2 pct drop from Sunday.

The sectors closed mostly in green turf. Oil and gas outpaced the rest with 3.18 pct gain whereas parallel market fell 0.57 pct, the biggest loser of the day. Volume wise, real estate mustered the highest market share of 37.3 pct and financial services was close behind with 35.4 percent contribution,

Among the standouts, National Bank of Kuwait rallied 20 fils to close at 670 fils and Commercial Bank followed suit to end at 385 fils. Kuwait Food Co (Americana) too gained 20 fils partly recouping Sunday’s losses while Mabanee Co was up 10 fils at 820 fils.

Zain rose 5 fils on back of 2.2 million shares while Ooredoo stood pat at KD 1.200 with thin volume. Kuwait Telecommunications Co (VIVA) climbed 20 fils to 880 fils and Agility was up 10 fils at 610 fils.

Burgan Bank added 5 fils and Warba Bank did not budge from its earlier close of 242 fils. The bank has posted a 296.3 pct year-on-year jump in profits to KD 1.3 million for the first quarter of 2017

The market opened firm and headed north in early trade. The main index scaled the day’s highest level of 6,637.8 pts amid fresh buying in some the shares and sagged briefly. It traded flat in the second half before winding up with hefty gains.

Top gainer of the day, FutureKid spiked 9.43 pct to 116 fils and Equipment Holding Co rallied 9.09 percent to stand next. Al Shamel slid 14.9 pct, the steepest decliner of the day and Manazel topped the volume with 6.4 million shares.

Mirroring the day’s upswing, the winners outnumbered the losers two to one . 70 stocks advanced whereas 36 closed lower. Of the 145 counters active on Monday, 39 closed flat. 3797 deals worth KD 10.63 mln were transacted – a 49.16 pct dip in value from the day before.

National Industries Group rose 4 fils to 116 fils and Gulf Cable gained 15 fils. Heavy Engineering Industries and Shipbuilding Co was unchanged at 220 fils while Contracting and Marine Services Co inched 1 fil higher.

Kuwait Cement Co and Kuwait Portland Cement climbed 20 fils each with thin volume and Shuaiba Industries gained 15 fils. Al Qurain Petrochemical Co added 5 fils and Boubyan Petrochemical Co held ground at 560 fils.

Jazeera Airways paused at 500 fils and ALAFCO closed 5 fils higher at 260 fils. Yiaco dialed down 2 fils while Al Rai Media Group and Zimah Holding were up 4 fils each. Mezzan Holding closed 10 fils higher at 990 fils.

Rose

Kuwait and Gulf Link Transport Co stagnated at 57 fils and KGL Logistics fell 3 fils to 58 fils. KCPC rose 10 fils while AWJ Holding and OSOS were flat at 74 fils and 130 fils respectively. Humansoft Holding rose 20 fils whereas Combined Group Contracting Co slipped 10 fils.

Automated Systems Co rose 15 fils to 280 fils and Napesco jumped 40 fils. The company’s first quarter profit surged 62.7% year-on-year to KD 2.31 million as to compared to KD 1.42 million in same period last year.

Kuwait Foundry Co climbed 15 fils to 295 fils and Equipment Holding closed 5 fils higher. Educational Holding Co gained 20 fils and Independent Petroleum Group jumped 25 fils to 410 fils.

In the banking sector, Gulf Bank and Al Ahli Bank were unchanged at 244 fils and 310 fils respectively whereas Ahli United Bank fell 5 fils to 410 fils. Kuwait International Bank stood pat at 242 fils while Boubyan Bank and Burgan Bank were up 5 fils each at

Arab Times