Kuwait stocks end with 18.34 pts gain

30/01/2014 09:10 AST

Kuwait stocks headed higher Wednesday helped by renewed buying in select counters. The index, after a wobbly start, climbed 18.34 pts in lackluster trade to 7,767.83 pts. Most of the blue chips shined even as some of the mid and low caps sagged on profit taking. The KSX 15 measure rose 8.14 pts to 1,075.9 points taking the month’s gains to 23 points while weighted index added 4.25 pts. The volume turnover meanwhile pulled lower after the two-day upswing. 412.84 million shares changed hands — a 20.12 percent fall from Tuesday. The sectors closed mixed. Banks outled the rest with 1.38 percent gain whereas insurance was down 0.77 percent — the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 38.93 pct and real estate came in next clocking 33.09 pct. Industrials was distant third with 12.20 pct contribution.

Among notable gainers, Kuwait Food Co (Americana) rallied 40 fils to KD 2.500 more than recouping the loss in the previous session while United Projects Co partly pared Tuesday’s loss with 20 fils gain. Mabanee Co rose 20 fils to KD 1.180 and City Group followed suit. Tamdeen Real Estate and Ajial Real Estate and Entertainment Co climbed 8 fils each while Hayat Communications Co closed 4 fils higher. Equipment Holding Co gained 10 fils on back of 6.5 million shares and Boubyan Petrochemical Co followed suit. Telecom major, Zain rose 20 fils to KD 0.670 with a volume of 7.75 million and Wataniya Telecom rallied 40 fils to extend the strong gains in the day before. Agility gave up 10 fils to settle at KD 0.650 and the stock has retreated 40 fils so far during the month.

For more on this Click Here

Arab Times