Kuwait clocks modest gains in choppy trade–Ooredoo climbs 20 fils;

Zain slips

28/12/2016 05:52 AST

Kuwait stocks eked modest gains on Monday as it extended advance to sixth straight session. The price index rose 14.22 pts in choppy trade to 5,714.38 pts led some of the mid caps even as the heavyweights remained mostly subdued.

The KSX 15 benchmark eased 1.65 pts to 891.59 points and is up 7 points year-to-date while weighted index inched 0.28 percent into green. The volume turnover meanwhile rose for the sixth consecutive session. 163.8 million shares changed hands — a 1 pct uptick from Sunday.

The sectors closed mostly in the green turf. Consumer services outshone the rest with 0.98 pct gain whereas healthcare shed 1.15 percent, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 42.6 pct while real estate stood next with 28 pct contribution.

In the individual shares, National Bank of Kuwait was unchanged at 650 fils off early lows and Kuwait Finance House too did not budge from its earlier close of 550 fils after trading 6.7 million shares. KIPCO was flat at 510 fils.

Zain fell 5 fils to 415 fils while Wataniya Telecom (Ooredoo) was up 20 fils at KD 1.120 paring higher early gains. Kuwait Telecommunication Co (VIVA) rose 10 fils to KD 0.930 and Agility stood pat at 630 fils after trading in narrow range.

Humansoft continued its strong winning spree with 80 fils gain to wind up at KD 2.400. whereas Kuwait Food Co (Americana) stood pat at KD 2.600. Kuwait National Cinema Co climbed 20 fils to KD 1.180 extending Sunday’s strong gains.

The market opened flat and headed north in early trade. The main index moved sideways thereafter as sentiment turned mixed and slipped into red past the mid-session. It plumbed the day’s lowest level of 5,696.2 pts before clawing back to close with modest gains.

Top gainer of the day, Equipment Holding Co rallied 9.2 pct and Remal climbed 8 percent to stand next. KAMCO tanked 15.25 percent, the steepest decliner of the day and Al Mudon topped the volume with 12.4 million shares.

Despite the day’s gains, the losers slightly outled the winners. 42 stocks advanced whereas 44 closed lower. Of the 133 counters active on Monday, 47 closed flat. 4,186 deals worth KD 16.16 mln were transacted — a 25.4 pct surge in value from the day before.

National Industries Group took in 2 fils while Gulf Cable was unchanged at 380 fils. Heavy Engineering Industries and Shipbuilding Co added 4 fls before settling at 170 fils whereas Contracting and Marine Services Co paused at 170 fils.

Kuwait Foundry Co fell 2 fils to 180 fils and RISCO stagnated at 315 fils. The company has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016.

Dropped

Yiaco dropped 20 fils to 375 fils after trading over 1 million shares and ALAFCO was up 4 fils at 234 fils. Kuwait Gulf Link Transport Co dialed up 2 fils on back of 2.2 million shares and KGL Logistics paused at 72 fils.

Kuwait Cement Co was unchanged at 420 fils and Gulf Glass Manufacturing Co followed suit. UPAC was down 10 fils at 680 fils. ACICO Industries Co stalled at 270 fils and Equipment Holding Co was up 5 fils at 59 fils.

Independent Petroleum Group dipped 15 fils while Automated Systems Co and NAPESCO were flat at 246 fils and 810 fils respectively. IFA Hotels and Resorts slipped 4 fils and Al Rai Media Group closed 2 fils higher. Jeeran Holding Co was up 2.5 fils at 49 fils.

Mezzan Holding Co gained 10 fils and Zimah Holding inched 0.5 fil higher to 43 fils. Qurain Petrochemical Co stalled at 232 fils and AWJ Holding gave up 1 fil to wind up at 64 fils.

In the banking sector, Al Ahli Bank was unchanged at 300 fils off slight early lows whereas Gulf Bank clipped 2 fils. Ahli United Bank climbed 10 fils to 405 fils and Boubyan Bank stagnated at 400 fils.

Burgan Bank s

Arab Times