Kuwait stocks starts off week with modest gains – NBK climbs 8 fils;

25/07/2017 06:08 AST

Kuwait stocks swung higher on Sunday as it started off the week on a firm note. The main index climbed 18.65 pts in volatile session paced by banking majors and some of the mid-caps. Other heavyweights however closed mixed.

The KSX 15 gauge edged 0.97 pts higher to 932 points while weighted index was up 0.78 points at 408.48 pts. The volume turnover meanwhile rebounded to scale a fresh multi-month high. 119.3 million shares changed hands — a 21 pct rise from the last session.

The sectors closed mixed. Oil and gas outpaced the rest with 2.9 percent gain whereas insurance shed 2.3 pct, the worst performer of the day. In terms of volume, financial services notched the highest market share of 35.6 percent and real estate followed with 26.4 pct contribution.

Among the prime movers, Kuwait Finance House rallied 11 fils on back of over 8 million shares and National Bank of Kuwait climbed 8 fils with a volume of 5.2 million. KIPCO gained 10 fils to settle at 350 fils and is trading 150 fils lower year-to-date.

Zain rose 2 fils to 432 fils and on back of over 2 million shares and Ooredoo dropped 19 fils to KD 1.151. Kuwait Telecommunications Co (VIVA) was unchanged at 802 fils and Agility was up 4 fils at 840 fils.

Burgan Bank climbed 9 fils to 342 fils and Gulf Bank gave up 3 fils. The bank has registered a 12.3 pct rise in the second quarter profits to KD 13.4 million from same period last year. During the first half profits was up 10 percent to KD 22.76 mln.

The market opened weak and slipped into red in early trade. The main index rebounded to peak at 6,811.17 pts in the first half and retreated thereafter. It plumbed the day’s lowest level of 6,769.5 pts in the final minutes before pulling up to close with modest gains.

Top gainer of the day, AREEC jumped 12.8 pct to 158 fils and BIIHC climbed 11.6 percent to stand next. Kuwait Food Co (Americana) sank 13.15 pct, the steepest decliner of the day and Al Imtiaz topped the volume with over 19 million shares.

Reflecting the day’s gains, the winners outled the losers. 58 stocks advanced whereas 48 closed lower. Of the 126 counters active on Sunday, 20 closed flat. 126 deals worth KD 21.4 million were transacted — a 28.9 pct surge in value from the day before.

National Industries Group inched 1 fil up to 138 fils on back of over 2 million shares and Gulf Cable dipped 18 fils to 438 fils. Educational Holding Group slipped 4 fils to 335 fils.

Jazeera Airways rose 5 fils to 500 fils while ALAFCO climbed 6 fils . Heavy Engineering Industries and Shipbuilding Co was flat at 205 fils and Shuaiba Industrial too did not budge from its earlier close of 295 fils.

Kuwait Foundry Co rose 9 fils to 289 fils with thin trading and ACICO Industries added 4 fils to wind up at 259 fils. Al Qurain Petrochemical Co fell 5 fils to 336 fils and Boubyan Petrochemical Co closed 3 fils in red.

Humansoft Holding soared 99 fils while Metal and Recycling Co paused at 120 fils. UPAC slid 72 fils to 779 fils and Kuwait Portland Cement trimmed 1 fil.

NAPESCO jumped 70 fils to KD 1.525 and Eyas For Higher and Technical Education fell 5 fils. Burgan Well Drilling Co clipped 2 fils while Automated Systems Co and Combined Group Co stood pat at 614 fils respectively.

UPAC dived 72 fils to 779 fils and OSOS eased 1 fil to 138 fils. Al Rai Media Group Co fell 2 fils to 120 fils and YIACO gained 15 fils. Mezzan Holding was down 7 fils at 910 fils.

In the banking sector, Commercial Bank rose 10 fils to 330 fils and Al Ahli Bank ticked 1 fil higher. Al Mutahed tripped 1 fil and Kuwait International Bank nudged 1 fil into green.

Warba Bank paused at 266 fils and Boubyan Bank slipped 2 fils to 406 fils. The bank has posted a profit of KD 11.21 mln in the second quarter of 2017, up 14.3 pct from same period last year. In the first half period the profits ro

Arab Times