Kuwait Stock Exchange began the week on a positive note Sunday climbing 1.5 percent paced by frontline banking scrips. The index added 110.5 points to close 7,528.3 points. This was the 13th rise in 14 sessions, which experts read as signs of the bourse’s recovery after a long drawn lean patch. Gulf Finance House surged 7.6 percent and Kuwait Finance House added 3.5 percent as financial stocks continued to prosper on rising expectations across the Gulf for this sector. The market saw a total of 908.2 million shares changing hands for KD 210 million. The increase in the volume compared to last week’s closing was 23.9 percent, while value shot up 28.4 percent. During Sunday’s trading, all sectors closed up, with the banking sector seeing the highest climb of 2 percent equaled by the industrial sector. The realty sector moved 1.9 percent up, and services sector moved 1.7 percent up. The investment sector gained a little under 1 percent.
National Bank of Kuwait saw an increase of 3.3 percent after taking in 40 fils to close at KD 1.240. National Bank is expected to post a 10 percent rise in first-quarter operating profit, a source informed local media. Gulf Bank of Kuwait saw its share price rising steadily as trading progressed. During initial trading Gulf Bank rose 5.8 percent, which was further improved upon when the bank closed at KD 460 fils after taking in 25 fils. Gulf Bank’s stocks went up after it received permission to buy back up to a tenth of its shares. The lender’s shares fell 9 percent last week after resuming trading on Tuesday following a six-month suspension to allow for a capital restructuring. Kuwait Finance House gained 40 fils, 3.5 percent, to close KD 1180. Commercial Bank of Kuwait closed at KD 1.020 adding 20 fils to its last week’s closing figure. Al Ahli Bank climbed 1.9 percent after it added 10 fils to its share value to close 520 fils.
The banking sector sold a total of 109.4 million shares worth KD 78.4 million. However, compared to last week’s closing, the sector sold 3.6 percent lesser volume.
The investment sector’s gain was paced by mid level scrips as all the heavyweights had suspended trading. The Investment Dar and Global Investment House have been suspended from trading by Kuwait Stock Exchange for not presenting their financial results within the given time frame. KIPCO Asset Management Company did not trade on Sunday.
The investment sector sold the market’s biggest volume of 281.2 million shares for KD 33.6 million. The sector’s volume was 25 percent up compared to last week’s closing. The value was up 23.8 percent.
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