Kuwait’s bourse swings higher in volatile trade – NBK rallies 25 fils;
(6/20/2017 1:09:00 AM)
Kuwait stocks swung higher on Sunday as it kicked off the week on a firm note. The main index climbed 42.41 points in volatile trade to 6,853.09 pts helped by strong buying in banking shares and other heavyweights.
The KSX 15 benchmark slipped 18.7 pts to 919.97 points while weighted index climbed 5.9 points to 405.72 pts. The volume turnover meanwhile ticked down after rising in last two sessions. 45.4 million shares changed hands — down 2 pct from the previous session.
The sectors closed mixed. Technology outshone the rest with 7.6 pct jump whereas telecommunications shed 0.69 percent, the biggest loser of the day. Volume wise, banks notched the highest market share of 34.4 percent and financial services trailed with 29.7 percent contribution.
Among the notable movers, National Bank of Kuwait rallied 25 fils on back of 4.8 million shares while Kuwait Finance House was up 10 fils at 493 fils with a volume of over 3 million. Tamdeen Real Estate Co gained 30 fils to wind up at 400 fils.
Zain climbed 15 fils to 428 fils and Ooredoo stood pat at KD 1.150 following last session’s slump. Kuwait Telecommunications Co (VIVA) shed 20 fils and Agility jumped 40 fils to 780 fils extending previous session’s gains.
Gulf Bank rose 6 fils to 244 fils while Warba Bank added 5 fils. The bank has posted a 296.3% jump in its profits to KD 1..3 million for the first quarter of 2017 as compared to the same period last year.
The market opened weak and slipped into red in early trade. The main index rode a series of crests and troughs before plumbing the day’s lowest level of 6,801.64 pts past the mid-session. It rebounded thereafter amid brisk buying and wound up with strong gains.
Top gainer of the day, Al Aqaria rallied 11.4 pct to 39 fils while OSOS climbed 11.38 pct to stand close behind. Effect Real Estate Co sank 20 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with 4.9 million shares.
Mirroring the day’s upswing, the market spread was skewed towards the winners. 60 stocks advanced whereas 48 closed lower. Of the 114 counters active on Sunday, 6 closed flat. 1986 deals worth KD 12.2 million were transacted — a 28.6 pct surge in value from the day before.
National Industries Group took in 2 fils while Gulf Cable gave up 5 fils before closing at 415 fils. Heavy Engineering Industries and Shipbuilding Co was flat at 216 fils and Metal and Recycling Co too did not budge from its earlier close of 90 fils.
Kuwait Cement Co dipped 30 fils and Shuaiba Industrial paused at 270 fils. The company has logged a Q1 profit of KD 632,050 up 0.4% from KWD 629,560 in the same period a year ago.
Jazeera Airways eased 1 fil to 469 fils while ALAFCO gave up 7 fils to settle at 315 fils. Educational Holding Co was unchanged at 350 fils whereas Automated Systems Co clipped 2 fils. NICBM held ground unchanged at 190 fils.
Humansoft Holding climbed 40 fils to KD4.040 , the bourse’s highest priced stock while Gulf Finance Co and Combined Group Co added 4 fils each to close at 64 fils and 604 fils respectively. KPPC dialed up 1.5 fils.
PAPCO was unchanged at 100 fils while OSOS climbed 14 fils to 137 fils. Yiaco gained 16 fils and Al Rai Media Group gave up 3 fils to close at 116 fils.
NAPESCO took in 2 fils and Al Qurain Petrochemical Co inched 1 fil lower. Mezzan Holding gained 20 fils whereas Zimah Holding inched 0.2 fils into green.
In the banking sector, Commercial Bank fell 5 fils to 310 fils taking the month’s losses to 35 fils whereas Al Ahli Bank stood pat at 340 fils. Kuwait International Bank dialed up 2 fils to end at 252 fils.
Burgan Bank rose 5 fils to 329 fils and Al Mutahed rallied 12 fils to close at 442 fils. Boubyan Bank was up 4 fils at 410 fils and Warba Bank was up 5 fils at 251 fils.
KIPCO was flat at 336 fils after