Kuwait index rallies 65.3 pts, volume up – Americana gains 20 fils;

KFH flat

10/01/2017 05:59 AST

Kuwait stocks logged solid gains amid brisk trading on Sunday following an impressive performance in the previous week. The bourse rallied 65.3 pts in a broad rally to close at 5896.49 pts as sentiment turned bullish on firming oil prices.

The KSX 15 gauge rose 5.14 pts to 903.38 pts taking the month’s gains to 18 pts while weighted index added 2 pts. The volume turnover soared past the 400 million mark to hit a fresh multi-month high. 401.4 million shares changed hands – a 24.49 pct surge from Thursday.

The sectors all closed in the green turf. Financial services outpaced the rest with 2.1 pct gain while consumer prices edged 0.22 percent higher, the weakest performer of the day. In terms of volume, financials services accounted for the highest market share of 42.8 pct while real estate stood next with 31.70 percent contribution.

Among the notable movers, National Bank of Kuwait rose 10 fils to 670 fils and KIPCO was up by same measure to wind up at 510 fils. Kuwait Food Co (Americana) gained 20 fils and Humansoft Holding Co soared 100 fils on back of 1.4 million shares.

Zain, which gained 60 fils during the whole of 2016, fell 5 fils to 425 fils after trading 1.7 million shares while Wataniya Telecom (Ooredoo) stood pat at KD 1.160 . Kuwait Telecommunications Co (VIVA) was up 10 fils at 900 fils and Agility was unchanged at 650 fils.

Kuwait Finance House was flat at 550 fils off early highs and Ahli United Bank slipped 5 fils. The bank has registered a nine-month net profit of KD 39.13 mln and earnings per share of 25.1 fils.

The market opened firm and headed north in early trade. The main index continued to rally amid brisk trading across the sectors and peaked at 5897.77 pts in the final minutes before winding up with strong gains.

Top gainer of the day, Hayat Communications Co jumped 8.77 pct to 62 fils while GIH rallied 7.8 pct to stand next. Securities Group Co dropped 5.56 pct, the steepest decliner of the day and Investors Holding Group topped the volume with over 32 million shares.

Mirroring the day’s upswing, The market spread was heavily skewed towards the winners. 78 stocks advanced whereas 31 closed lower. Of the 135 counters active on Sunday, 36 closed flat. 6841 deals worth KD 29.9 mln were transacted – a 30.4 pct jump in value from the day before.

National Industries Group was unchanged at 126 fils while Gulf Cable climbed 20 fils on back of over 1million shares.

Heavy Engineering Industries and Shipbuilding Co eased 2 fils to 186 fils while Contracting and Marine Services Co paused at 66 fils.

Jazeera Airways rose 10 fils to 740 fils recouping last session’s drop while ALAFCO gave up 2 fils before settling at 240 fils. UPAC shed 20 fils and Equipment Holding Co too in 2 fils with a volume of 2.5 million.

Kuwait Portland Cement Co was flat at 910 fils and RISCO added 5 fils. Kuwait Foundry Co paused at 188 fils and Qurain Petrochemical Industries Co dialed up 2 fils.

Stood

Kuwait and Gulf Link Transport Co took in 2 fils after trading 1.9 million shares and KGL Logistics Co stood pat at 73 fils. Zimah Holding rose 1.5 fils with a volume of 4.3 million shares whereas Mezzan Holding stagnated at 950 fils.

Al Rai Media Group Co was flat at 138 fils while AWJ Holding was up 5 fils at 77 fils. Shuaiba Industries Co dropped 10 fils and KCPC gave up fils to close at 168 fils.

In the banking sector Gulf Bank was flat at 240 fils and Kuwait International bank was up 4 fils on back of over 1million shares. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.

Burgan Bank was unchanged at 305 fils after seesawing in tight range while Boubyan Bank rose 5 fils to 405 fils. Warba Bank took in 2 fils to settle at 222 fils.

International Financial Advisors and Coast Investment Co rose 2 fils each to close at 3

Arab Times