Kuwaiti market winds up month with uptick
(11/1/2018 7:10:00 AM)
Kuwait stocks edged higher on Wednesday to wind up the month on a positive note. The All Shares Index closed 4.25 pts higher in lackluster trade to 5,042.22 points even as the overall sentiment remained soggy.
The Prime Market climbed 9.49 points to 5,234.18 pts while Main Market was down 5.38 pts at 4,693.72 points. The volume turnover meanwhile, rose for second straight session to hit a two-week high. Over 79 million shares changed hands – a 14.9 pct jump from the day before. The sectors closed mostly in green turf.
Consumer goods outshone the rest with 0.53 pct gain and consumer goods slipped 0.96 pct, the steepest decliner of the day. Volume wise, banks garnered the highest market share of 31.5 pct and real estate followed with 25.6 pct contribution. In the individual shares, Kuwait Finance House added 2 fils on back of 2.3 million shares and Boubyan Bank followed suit to wind up at 526 fils. Humansoft Holding dived 48 fils to KD 3.050 and taking the month’s losses to 150 fils and Kuwait National Cinema Co skidded 44 fils. Zain was unchanged at 446 fils after trading 3.5 million shares Ooredoo climbed 10 fils to 745 fils.
Kuwait Telecommunications Co (VIVA) fell 5 fils to 735 fils and Agility rose 4 fils on back of over 1 million shares. The market opened firm and headed north in early trade. The main index scaled the day’s highest level of 5,058 points amid buying in select counters and drifted lower. It bottomed at 5,042 pts in the final minutes before closing with small gains. Top gainer of the day, Sanam Real Estate rallied 9.8 pct to 42.4 percent and First Takaful climbed 8.7 percent to stand next.
KFIC skidded 10.5 percent, the steepest decliner of the day and Ahli United Bank topped the volume with 12.2 million shares. Reflecting the day’s gains, the winners outnumbered the losers. 53 stocks advanced whereas 45 closed lower. Of the 116 counters active on Wednesday, 18 closed flat. 3,738 deals worth KD 15.7 million were transacted – a 22 pct jump in value from the day before. National Industries Group ticked 1 fil higher on back of 1.2 million shares and Mezzan Holding was up 4 fils at 630 fils. Boubyan Petrochemical Co slipped 5 fils to KD 1.019 and Al Qurain Petrochemical dialed up 2 fils. Jazeera Airways extended last session’s losses with a downtick of 1 fil and ALAFCO climbed 4 fils to 366 fils. Heavy Engineering Industries and Shipbuilding Co extended Tuesday’s gains with 7 fils rise to 482 fils.
Gulf Cable and NICBM fell 2 fils each to end at 370 fils and 168 fils respectively whereas ACICO Industries inched 1 fils into red. KCPC dialed up 2 fils and KPPC stood pat at 51 fils. Independent Petroleum Group was down 9 fils at 410 fils. Combined Group Contracting Co climbed 6 fils to 359 fils while OSOS and IFA Hotels and Resorts clipped 2.3 fils each to close at 95 fils and 87 fils respectively. NICBM gave up 2 fils to end at 168 fils and Al Rai Media Group added 3.8 fils.
Kuwait and Gulf Links Transport Co rose 2.6 fils to 97.6 fils and KGL Logistics trimmed 0.4 fils. Inovest dialed up 1.5 fils and Al Rai Media Group gained 3.8 fils. Equipment Holding Co tripped 0.9 fils to close at 26.1 fils. In the banking sector, National Bank of Kuwait and Gulf Bank took in 1 fil each with brisk trading to close at 822 fils and 20 fils respectively whereas Kuwait International Bank stood pat at 238 fils. Al Ahli Bank dropped 7 fils to 289 fils and Commercial Bank fell 5 fils.
The bank has incurred a loss of 26.2 pct in the third quarter to KD 9.19 million from KD 12.45 million in the same period last year. Warba Bank was unchanged at 227 fils and Ahli United Bank ticked 1 fil up. Al Mutahed added 2 fils and Burgan Bank slipped 3 fils to 275 fils with a volume of 1.2 million. KIPCO was flat at 207 fils and GFH dialed up 1.1 fil before closing at 97 fils.
National Investment Co tripped 0.9 fils while Kuwait Investment Co and KMEFIC held ground at 121 fils and 29.6 fils respectively. KAMCO eased 1 fil to 65.3 fils while Ektittab Holding and Al Imtiaz paused at 22 fils and 126 fils respectively. Coast Investment Co tripped 0.6 fil and Securities House Co added 0.9 fil. GIH edged 0.5 fil into red. Bayan Investment Co ticked 0.1 fil up and Noor Financial Investment edged 0.2 fil lower to 52.6 fils. Al Mal Investment eased 1.1 fil and KFIC gave up 4 fils before closing at 34 fils. Al Deera Holding fell 0.9 fil to Madar Finance inched 1 fil into green. First Takaful climbed 4 fils to 49.5 fils and Wethaq Takaful ticked 0.5 fils into green. International Financial Advisors clipped 0.3 fils.
Mabanee Co dialed up 1 fil while Kuwait Real Estate and Mazaya Holding added 0.1 fil each. National Real Estate Co fell 1.9 fils and Salhiya Real Estate ticked 1 fil higher. The bourse has been mixed so far during the week, adding 2 pts in last four sessions and has shed 86 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.