Kuwait notches modest rebound; volume shrinks – Agility gains 10 fils;

31/05/2017 01:58 AST

Kuwait stocks headed north on Monday stemming the four-day decline. The price index rose 13.23 pts in volatile trade to 6,662.89 points even as the overall sentiment remained sluggish amid anemic trading.

The KSX 15 measure inched 0.19 pt up to 913.16 points while weighted index nudged 0.16 pt higher to 401.16 points. The volume turnover meanwhile shrank further following Sunday’s drop. 46.5 million shares changed hands — down 35.8 pct from the day before.

The sectors’ closings diverged. Oil and gas outpaced the rest with 2.6 pct gain whereas healthcare shed 1.80 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 36.33 pct while real estate followed wih 32.9 percent contribution.

In the individual shares, Ahli United Bank rose 5 fils to 435 fils and Commercial Bank was down 7 fils at 338 fils. Investment major KIPCO shed 9 fils and Kuwait Food Co (Americana) climbed 10 fils to KD 2.670.

Zain eased 1 fil to 427 fils whereas Ooredoo stood pat at KD 1.220 with thin volume. Agility extended Sunday’s solid gains with a 10 fils rise to 706 fils and Kuwait Telecommunications (VIVA) was up 5 fils at 845 fils.

National Bank of Kuwait was flat at 680 fils and Gulf Bank followed suit. The bank has posted a 6.7 pct increase in first quarter profit to KD 9.36 million from KD 8.77 million in Q1 of 2016.

The market opened on a low note and rose sharply in early trade. The main index scaled the day’s highest level of 6,683.21 points and pulled back as sentiment turned dull. It drifted further lower in the second half before ticking up in the final minutes to close with modest gains.

Top gainer of the day Madar Finance vaulted 20 pct to 15 fils while Energy Holding Co soared 18.33 pct to stand next. Gulf Finance Co tanked 15 pct, the steepest decliner of the day and Al Imtiaz topped the volume with over 8 million shares.

Despite the day’s upswing, the losers outnumbered the winners. 34 stocks advanced whereas 49 closed lower. Of the 104 counters active on Monday, 49 closed flat. 1,682 deals worth KD 7.72 million were transacted — a 42.84 pct drop in value from the day before.

National Industries Group fell 2 fils to 113 fils and Gulf Cable was unchanged at 430 fils. Heavy Engineering Industries and Shipbuilding Co held ground at 224 fils while Contracting and Marine Services Co took in 1 fil.

Kuwait Foundry Co eased 1 fil to 294 fils and Humansoft Holding tumbled 55 fils extending the heavy losses in the previous session. ACICO gained 15 fils and Automated Systems Co stood pat at 280 fils. Al Qurain Petrochemical Co dropped 12 fils to 332 fils and Boubyan Petrochemical Co climbed 9 fils to 560 fils. Eyas soared 41 fils to 501 fils and AWJ Holding Co gave up 7 fils before closing at 70 fils.

Slipped

Jazeera Airways was unchanged at 474 fils and Alafco slipped 7 fils. The company has posted a 83.3 percent surge in profits to KD 5.59 million for the quarter ending 31 March 2017 from year before period.

Combined Group Contracting Co climbed 15 fils and Napesco jumped 56 fils. The company’s first quarter profit surged 62.7 percent year-on-year to KD 2.31 million as to compared to KD 1.42 million in same period last year.

Educational Holding Co rallied 40 fils to 340 fils and Equipment Holding Co inched 0.5 fil into red. Yiaco shed 25 fils and Al Rai Media Group gave up 5 fils to wind up at 122 fils. ACICO Industries gained 15 fils.

Kuwait and Gulf Link Transport Co took in 2 fils and KGL Logistics Co edged 1.6 fils into red. Zimah Holding fell 4.4 fils to 48.6 fils and Mezzan Holding stagnated at 990 fils. In the banking sector, Kuwait Finance House was flat at 488 fils off slight early lows and Kuwait International Bank fell 4 fils to 242 fils. Al Ahli Bank was not traded during the session.

Burgan Bank inc

Arab Times