Kuwait’s bourse soars 115.15 pts; volume up – NBK rallies 20 fils;

17/01/2017 07:38 AST

Kuwait stocks rose sharply in a broad rally on Sunday to kick off the week on strong note. The price index, rallied 115.15 pts, the highest single day gain of the year, to close at 6,222.83 pts. The sentiment was markedly bullish on firming oil price.

The KSX 15 benchmark jumped 17.73 pts to 9,26.41 points taking month’s gains to 32 points while weighted index climbed 6.56 pts. The volume turnover meanwhile soared past the 700 million mark. 736 million shares changed hands — a 46.5 pct surge from the last session.

The sectors closed mostly in the green turf. Technology outperformed the rest with 5 pct gain whereas insurance slipped 0.39 pct, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 39 pct while real estate trailed with 32.9 percent contribution.

Among the prime movers, National Bank of Kuwait rallied 20 fils on back of 2.3 million shares to close at 680 fils and Kuwait Finance House gained 10 fils with a volume of over 10 million shares. Mabanee Co was up 10 fils at KD 0.890 and Humansoft Holding vaulted by 100 fils.

Zain rose 10 fils on back of 3.8 million shares to 420 fils while Wataniya Telecom gained 20 fils. Kuwait Telecommunications Co (VIVA) rose 10 fils to 900 fils and Agility climbed 20 fils taking the month’s gains to 60 fils.

KIPCO rallied 10 fils to 510 fils and Sokouk Holding Co added 2.5 fils with brisk trading. The company has incurred a net loss of KD 2.26 million and loss per share of 3.96 fils in the first nine months of 2016.

The market opened on a strong note and headed north in early trade. The main index continued to soar amid heavy buying across the sectors and peaked at 6,224.48 pts in the final minutes before closing with hefty gains.

Top gainer of the day, KBT rallied 10 pct to 55 fils while Investors Holding Co climbed 9.4 pct to stand next. Wethaq Takaful slumped 5.9 percent, the steepest decliner of the day and Abyaar Real Estate Co topped the volume with 52.7 million shares.

Mirroring the day’s rally, the winners outnumbered the losers by 8 to 1. 111 shares advanced whereas 13 closed lower. Of the 147 counters active on Sunday, 23 closed flat. 8,487 deals worth KD 53.5 mln were transacted — a 45 pct surge in value from the day before.

National Industries Group rose 2 fils to 136 fils after trading 6.8 million shares and Gulf Cable was up 10 fils at 420 fils. Kuwait Portland Cement Co stood pat at 950 fils and Kuwait Cement Co gained 10 fils.

Jazeera Airways dropped 20 fils to 680 fils and ALAFCO stood pat at 240 fils. Kuwait Food Co (Americana) paused at KD 2.600 and Al Qurain Petrochemical Co climbed 9 fils to 255 fils. Equipment Holding Co dialed up 2 fils on back of over 9 million shares.

Dipped

Combined Group Co dipped 20 fils to 560 fils and RISCO was up 10 fils at 315 fils. Shuiaba Industrial Co added 5 fils to wind up at 295 fils and Automated Systems Co stalled at 244 fils.

NAPESCO was unchanged at 850 fils and Alrai Media Group Co clipped 2 fils. YIACO was down 10 fils at 760 fils and Heavy Engineering Industries and Shipbuilding Co closed 8 fils up.

Kuwait Foundry Co and ACICO Industries gained 10 fils each to close at 222 fils and 295 fils respectively while NICBM gave up 2 fils. Independent Petroleum Group jumped 25 fils to 390 fils.

OSOS rose 10 fils to 160 fils whereas PAPCO held ground at 95 fils. Kuwait and Gulf Link Transport Co inched 1 fil higher and KGL Logistics Co paused at 74 fils. Contracting and Marine Services Co rose 5 fils to 60 fils.

Zimah Holding rallied 4 fils on back of 11 million shares and Mezzan Holding gained 10 fils to settle at 950 fils. Metal and Recycling Co gained 4 fils while Boubyan Petrochemical Co rose 10 fils to 530 fils.

In the banking sector, Gulf Bank rose 4 fils to 244 fils while Al Ahli Bank and Bur

Arab Times