Kuwait gains in choppy trade; volume rebounds – NAPESCO jumps 60 fils;

17/05/2017 05:53 AST

Kuwait stocks swung higher on Monday after hitting a shallow trough in the previous session. The price index bounced 47.41 pts in choppy trade to 6706.25 points helped by renewed buying in select counters even as the heavyweights remained largely subdued.

The KSX 15 benchmark rose 4.49 pts to 918.74 points taking the year’s gains to 33 points while weighted index edged 2.1 pts higher. The volume turnover meanwhile rebounded after receding in last two sessions. 166.46 million shares changed hands – a 60 pct surge from the day before.

The sectors closed mostly in green turf. Healthcare outled the peers with 1.59 percent gain whereas technology shed 0.50 pct, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 47.87 percent while real estate stood next with 26.25 pct contribution. Among the notable movers, Kuwait Finance House rallied 5 fils on back of 7.5 million shares and Burgan Bank followed suit. NAPESCO soared 60 fils to KD 1.640 extending and Kuwait National Cinema Co soared 80 fils.

Zain rose 10 fils to 450 fils with a volume of 5.9 million while Ooredoo stood pat at KD 1.220. Kuwait Telecommunications Co (VIVA) climbed 10 fils and Agility was not traded during the session.

National Bank of Kuwait was flat at 680 fils off early highs and Ahli United Bank too did not budge from its earlier close of 400 fils. The bank’s first quarter profit rose 2.6% to KD 16.003 million as against KD 15.59 million in for Q1 of 2016.

The market opened on flattish note and moved sideways in early trade. The main index slipped briefly to plumb the day’s lowest level of 6655.77 pts and clawed back close to the opening mark. It picked up momentum in the final minutes to close at the day’s highest level.

Top gainer of the day, Bayan Investment Co rallied 9 pct to 54 fils and the counter also saw the highest volume of 16.3 million. Yiaco Medical climbed 8.8 pct, the second best performer of the day whereas Al Mal, the steepest decliner, slid 8.33 pct.

Mirroring the day’s gains, the market spread was skewed towards the winners, 57 stocks advanced whereas 35 closed lower. Of the 130 counters active on Monday, 38 closed flat. 4284 deals worth KD 18.12 million were transacted – a 54.57 pct surge in value from Sunday National Industries Group rose 4 fils to 118 fils and Gulf Cable gained 20 fils. Heavy Engineering Industries and Shipbuilding Co clipped 2 fils while Contracting and Marine Services Co inched 1 fil into green.

Jazeera Airways was unchanged at 485 fils with razor thin trading volume and ALAFCO fell 5 fils. The company has posted a 83.3% surge in profits to KD 5.59 million for the quarter ending 31 March 2017

Kuwait Portland Cement Co shed 20 fils and Kuwait Cement Co jumped 15 fils to 485 fils. Boubyan Petrochemical Co climbed 10 fils to 570 fils and Al Qurain Petrochemical Co added 5 fils.

Slipped

Shuaiba Industrial dropped 10 fils and ACICO Industries slipped 5 fils to 275 fils. Metal and Recycling Co took in 4 fils before settling at 86 fils

Independent Petroleum Group slid 30 fils to 295 fils and Educational Holding Group rose 10 fils to 295 fils. Humansoft Holding shed 20 fils and KCPC gave up 6 fils to wind up at 150 fils. NICBM paused at 212 fils.

Burgan Well Drilling Co and Combined Group Contracting Co were flat at 88 fils and 560 fils respectively whereas AWJ Holding inched 1 fil up. Al Rai Media Group dialed up 2 fils to end at 77 fils.

Kuwait and Gulf Link Transport Co rose 3 fils to 62 fils while KGL Logistics gave up 3 fils Zimah Holding was unchanged at 54 fils while Mezzan Holding erased Sunday’s gains with a 10 fils drop to 990 fils. Gulf Bank and Commercial Bank were flat at 244 fils and 365 fils respectively whereas Kuwait International Bank dialed up 2 fils. Al Ahli Bank stood pat at 310 fils. Boubyan Bank he

Arab Times