Kuwait stocks logged strong gains on Monday, extending its rally to fourth straight session. The bourse jumped 55.35 pts to 5951.84 pts led by select counters while the blue chips closed mixed.
The trading floor sentiment was upbeat even as the investors await the annual earnings.
The KSX 15 benchmark rose 2.14 points to 905.52 pts taking the month’s gains to 20 points while weighted index edged 1.48 pts higher. The volume turnover meanwhile surged to a multi-year high driven mostly by speculative trading. Over 574 million shares changed hands – a 43 pct spike from Sunday.
The sectors closed mostly in green. Technology outshone the rest with 2.18 pct gain whereas healthcare dropped 1.82 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 40.7 pct and real estate stood next with 35.8 pct contribution.
Among the prime movers, National Bank of Kuwait climbed 10 fils on back of 2.5 million shares and Mabanee Co rallied 30 fils to 890 fils. Humansoft Holding extended its winning spree with a solid 100 fils jump to KD 2.880.
Zain was unchanged at 425 fils after trading 1.8 million shares and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.160. Kuwait Telecommunications Co (VIVA) slipped 10 fils to 890 fils and logistics major Agility too was down by same measure.
Kuwait Food Co (Americana) shed 20 fils and Jazeera Airways Co dipped 30 fils. The airline has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016.
The market opened firm and moved sideways in early trade. The main index revved up almost an hour into the session amid brisk buying in select counters. It sagged briefly before peaking at 5855.37 pts in the final minutes and closed with strong gains.
Top gainer of the day, MENA Holding rallied 11.63 pct to 24 fils while Abyaar Real Estate soared 10.64 pct to stand next. Aqar Real Estate Co slid 7.25 pct, the steepest decliner of the day and Abyaar also topped the volume with 47.8 million shares.
Reflecting the day’s rally, the winner vastly outnumbered the losers. 82 stocks advanced whereas 33 closed lower.
Of the 146 counters active on Monday, 31 closed flat. 9252 deals worth over KD 43 million were transacted – a 43.8 pct surge in value from the day before.
National Industries Group rose 4 fils to 130 fils whereas RISCO gave up 5 fils to wind up at 315 fils. Gulf Cablle gained 10 fils whereas Heavy Engineering Industries and Shipbuilding Co paused at 186 fils. Contracting and Marine Services Co fell 3 fils to 63 fils.
Kuwait Foundry Co rose 4 fils to 192 fils and OSOS followed suit to wind up at 138 fils. ALAFCO took in 2 fils before settling at 242 fils and AWJ Holding followed suit. Equipment Holding Co was unchanged at 62 fils.
Kuwait Portland Cement Co was flat at 910 fils and Al Rai Media Group clipped 2 fils. Kuwait and Gulf Link Transport Co eased 2 fils to 65 fils and KGL Logistics Co inched 1 fil higher.
Automated Systems Co dropped 8 fils and Al Qurain Petrochemical Co stood pat at 230 fils. ACICO Industries Co was down 5 fils at 275 fils and Shuaiba Industrial Co closed 5 fils higher.
Mezzan Holding Co was unchanged at 950 fils and Zimah Holding inched 1 fil into green after trading over 9 million shares. Al Kout Industries gained 10 fils and Mowasat Hospital Co shed 10 fils.
In the banking sector, Gulf Bank fell 2 fils to 238 fils and Kuwait International Bank followed suit. Al Ahli Bank stalled at 300 fils and Ahli United Bank was up 5 fils with thin trading. Commercial Bank of Kuwait was not traded during the day.
Kuwait Finance House and Burgan Bank were flat at 550 fils and 305 fils respectively whereas Boubyan Bank slipped 5 fils to 400 fils.
Technical analysis of the QSE index
This week’s uptick was on lower volumes and that indicates weakness of that up-move. However, we are generally optimistic on the index as positive momentum has been picking up. We maintain our suppor