Kuwait index rebounds in volatile trade; volume up – NBK gains 21 fils

11/09/2017 06:09 AST

Kuwait stocks swung higher on Sunday as it opened the week on a buoyant note. The price index climbed 28.9 pts in volatile session to 6,926.32 points paced by strong buying in banking majors .

The KSX 15 benchmark jumped 23.76 pts to hit the year’s highest level of 1,023 points while weighted index was up 5.88 pts at 440.57 points. The volume turnover meanwhile rose past the 100 million mark. 120.13 million shares changed hands – a 29.66 pct increase from the previous session.

The sectors closed mostly in the green turf. Technology outled the rest with 1.24 pct gain whereas consumer goods dipped 2.65 percent, the worst performer of the day. In terms of volume, financial services mustered the highest market share of 37.7 pct and banks followed with 32.98 pct contribution.

Among the prime movers, National Bank of Kuwait rallied 21 fils on back of 4.5 million shares and Kuwait Finance House soared 35 fils with a volume of 7.4 million. KIPCO was up 5 fils at 365 fils taking the month’s gains to 13 fils.

Zain rose 3 fils to 501 fils after trading 5.6 million shares whereas Ooredoo shed 20 fils. Kuwait Telecommunication Co climbed 7 fils to 809 fils and Agility jumped 28 fils 918 fils extending last session’s modest gains.

Boubyan Bank gained 20 fils and Burgan Bank was up 3 fils at 376 fils. The bank has posted a profit of KD 21.07 million in the second quarter, a 24.6 pct increase from same period last year.

The market opened on a tame note and turned choppy in early trade. The main index slipped into red to plumb the day’s lowest level of 6879.98 points and pulled higher thereafter. It drifted sideways before resuming its climb in the second half and closed with modest gains.

Top gainer of the day, Mowasat Hospital vaulted 20 pct to 480 fils and Jiyad climbed 8.79 percent to stand next. First Takaful Insurance Co slid 7.57 pct, the steepest decliner of the day and Al Imtiaz topped the volume with 16.7 million shares.

Mirroring the day’s upswing, the winners outnumbered the losers. 58 stocks advanced whereas 49 closed lower. Of the 123 counters active on Sunday, 16 closed flat. 4410 deals worth KD 26.39 million were transacted – a 42.5 percent surge in value from the day before

National Industries Group rose 3 fils to 147 fils and Gulf Cable took in 2 fils. NIG bounced back to post a profit of KD 2.09 million in Q2 against a loss of KD 4.75 million in the same period last year. In the first half it logged a profit of KD 5.23 million.

Kuwait Food Co (Americana) slumped 149 fils to KD 1.850 with thin trading and Shuaiba Industries was down 10 fils at 290 fils. Boubyan Petrochemical Co gained 20 fils and Al Qurain Petrochemical Co clipped 2 fils to settle at 350 fils.

Jazeera Airways slipped 4 fils to 600 fils and ALAFCO followed suit to close at 378 fils. Equipment Holding Co eased 0.4 fils to 47.5 fils and Educational Holding Group dialed down 2 fils. KCPC ticked 1 fils up.

Profit

Humansoft Holding dropped 12 fils to KD 4.000 and Napesco gave up 4 fils. The company’s second quarter profits slid 26.8 pct to KD 1.73 million from same period in year before.

Kuwait Foundry Co and ACICO Industries were unchanged at 300 fils and 270 fils respectively whereas Eyas For Higher and Technical Education dipped 10 fils. OSOS took in 2 fils to end at 122 fils.

Combined Group Contracting Co rose 6 fils to 545 fils and AWJ Holding eased 0.9 fils. Kuwait and Gulf Links Transport Co trimmed 0.9 fil and KGL Logistics gave up 1.6 fil. Mezzan Holding fell 4 fils to 861 fils and Al Rai Media Group clipped 2 fils.

In the banking sector, Gulf Bank was flat at 238 fils after trading 3.7 million shares and Al Ahli Bank too did not budge from its earlier cloee of 309 fils. Commercial Bank inched 1 fil into green.

Kuwait International Bank dialed up 1 fil on back of 4.3 mi

Arab Times