Kuwait bourse extends gains in volatile trade – NBK rallies 10 fils;

26/01/2017 08:02 AST

The KSX 15 benchmark rose 8.1 pts to 985.86 points taking the months gains to 101 pts while weighted index was up 3.2 pts. The volume turnover meanwhile receded below the 1000 million mark. 937.82 million shares changed hands – a 9.6 percent drop from Monday.

All sectors barring one closed in the green turf. Technology outperformed the rest with 2.65 pct gain wheres telecommunications slipped 0.26 percent, the biggest loser of the day. Volume wise, financial services mustered the highest market share of 39.6 pct while real estate trailed with 27 percent contribution.

Among the standout performers, National Bank of Kuwait rallied 10 fils on back of over 6 million shares and Kuwait Finance House followed suit to wind up at 620 fils. NBK’s Board of Directors has approved a cash dividend of 30 pct and 5 percent bonus shares for the year ending Dec 31, 2016.

Zain climbed 10 fils on back of 9.8 million shares taking the month’s gains to 80 fils while Wataniya Telecom (Ooredoo) stood pat at KD 1.240. Kuwait Telecommunications Co (VIVA) was unchanged at 890 fils off early highs whereas Agility shed 20 fils.

Burgan Bank added 5 fils and Ahli United Bank too was up same measure to wind up at 420 fils. KIPCO was up 10 fils extending an identical rise in the day before and has gained 60 fils so far during the month.

The market opened firm but fell sharply in early trade. The main index plumbed the day’s lowest level of 6593 pts amid brief bout of profit taking and rebounded as sentiment turned positive. It charted a volatile course thereafter before pulling strongly higher in the final hour to close with impressive gains.

Top gainer of the day, Safat Energy Co rallied 10 pct to 55 fils while Aayan jumped 9.8 pct to stand next. Soor Fuel Marketing Co slumped 7.2 percent, the steepest decliner of the day and Ithmaar Bank topped the volume with over 90 million shares.

Mirroring the day’s upswing, the market spread was skewed towards the winners. 77 stocks advanced whereas 43 closed lower. Of the 150 counters active on Tuesday, 30 closed flat. 15453 deals worth KD 75.2 mln were transacted –a 22.4 pct drop in value from the day before.

National Industries Group rose 10 fils with brisk trading and Gulf Cable was up 5 fils at 470 fils. Heavy Engineering Industries and Shipbuilding Co added 4 fils whereas Contracting and Marine Services Co gave up 2 fils. Shuaiba Industrial Co gained 20 fils.

Followed

Kuwait Food Co (Americana) jumped 20 fils to KD 2.620 and UPACI followed suit to settle at 850 fils. Jazeera Airways climbed 20 fils to 680 fils and ALAFCO was down 4 fils at 244 fils. Nafais closed 4 fils higher at 174 fils.

Kuwait Foundry Co was flat at 236 fils and RISCO too did not budge from its earlier close of 315 fils. Kuwait Portland Cement Co rose 10 fils to 990 fils whereas Qurain Petrochemical Industries Co slipped 5 fils.

ACICO Industries was unchanged at 310 fils while Hilal Cement was up 10 fils at 120 fils. Boubyna Petrochemical Co dropped 10 fils whereas NICBM and Equipment Holding stood pat at 216 fils and 73 fils respectively.

Combined Group Co dipped 10 fils to 500 fils and Independent Petroleum Group gave up 5 fils before settling at 395 fils. Humansoft Holding climbed 20 fils while Kuwait National Cinema Co and closed flat. KPPC took in 2 fils to end at 60 fils.

Kuwait and Gulf Link Transport Co inched 1 fil into red and KGL Logistics Co paused at 82 fils. Mezzan Holding Co added 10 fils ad Zimah Holding rose 5 fils on back of 13 million shares. Yiaco Medical gained 15 fils and OSOS closed 10 fils higher at 190 fils.

In the banking sector, Gulf Bank fell 5 fils to 285fils and Al Ahli Bank was up 5 fils at 335 fils. Commercial Bank was not traded during the session.

Kuwait International Bank eased 2 fils to settle at 226 fils and Boubyan Bank followed s

Arab Times