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MENAFN - Arab Times - 24/12/2013
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(MENAFN - Arab Times) Kuwait stocks edged higher Monday, extending the rebound to the third straight session. The index rose 9.05 pts in choppy trade to settle at 7635.22 pts. Some of the mid and low caps shined whereas the heavyweights closed mostly lower. The investors were weighed by the uncertainty over the looming court verdict over the validity of the 2013 Parliament. The KSX 15 benchmark rose 5.56 pts to 1075 pts whereas the weighted index edged 1.59 pts higher. The volume turnover meanwhile slipped slightly after swelling past the 200 million mark in the day before. 218.68 million shares changed hands - a 3.58 percent fall from Monday. The sectors closed mixed. Telecommunications outshone the peers with 1.15 percent gain whereas consumer good slid 1.35 pct, the worst performer of the day. In terms of volume, financial services dominated with 47.85 percent market share and real estate came in next with 34.68 percent contribution.


Among notable gainers, Kuwait Food Co (Americana) soared 60 fils to KD 2.420 and Gulf Cable jumped 30 fils extending the gains from the previous session. Boubyan Petrochemical rose 10 fils and Kuwait Hotels was up by same measure. Hilal Cement gained 8 fils to settle at KD 0.218 with thin trading level.
United Projects Group rose 10 fils while National Cleaning Co and United Industries Co added 4 fils each. The company has won the the approval of Capital Markets Authority to buy back or sell up to a maximum of 10 percent of its shares over a period of 6 months.
Telecom major Zain, rose 10 fils recouping the loss in the day before and Wataniya Telecom was down 20 fils at KD 1.720. The stock has retreated 80 fils so far during the month and has slid 620 fils year-to-date. Agility gave up 10 fils to settle at KD 0.690 and the counter saw 3.2 million shares change hands.

 


Arab Times




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