MENAFN - Arab Times
Kuwait stocks close 27.88 points higher in muted trade
(MENAFN - Arab Times) Kuwait stocks took a leap to the green, halting a three-day decline in the first trading session of the holy month of Ramadan. The bourse finished 27.88 points ahead at 5,841.5 points in muted trade. The approval of the new Cabinet on Thursday seems to have provided a temporary respite but a stronger boost will be needed to allay investor fears and recoup losses brought on in recent months amid political instability.
The weighted index inched 1.04 points higher to wind up at 402.17 points and the KSE 15 benchmark pulled 4.17 points higher to reach 974.59 points at the close of the day. 2001 trades, the lowest number of transactions in the year were conducted during the session while exchanging the lowest volume of 103.9 million in the last two months worth KD 12.1 million. Of the 106 counters active today, 47 closed in the green, 27 in the red while 32 remained flat.
Wethaq Takaful Insurance Co surged ahead with a 10 percent jump to 55 fils to become the top gainers of the day. Following in step, Securities Group Co with its 8.47 shoot up to 128 fils, traded a volume of 7601 shares. Kuwait Cable Vision closing behind with a 7.94 per cent increase exchanged a volume of 410 to close at 68 fils. Al Deera Holding Co spurted a 7.69 per cent rise to 35 fils while 4,56 million of its shares changed hands while Al-Madina for Finance And Investment Co leaned forward by 7.22 percent to climb up to 52 fils at closing, having traded a volume of 5,65 million shares during the day.
Jazeera Airways Co scaled 25 points higher to 405 fils trading a volume of 613,161 for a total value of KD 243,389. Mabanee Company spiked by 20 points to finish at KD 1.160 with a 1.75 per cent change from the previous session and 36 per cent higher year to date; a quantity of 314,482 shares were exchanged for KD 364,565. Kuwait Remal Real Estate Co closed at 345 with a 10 point boost highlighting a 2.99 per cent increase from the previous session and a 25 per cent rise on a year to date basis; 4.54 million of its shares were traded to equal a sum of KD 1.54 million.
On the other hand, Mena Real Estate Company closed at 31.5 fils, after trading 221,476 of its shares at a 5.97 per cent drop. Ikarus Petroleum Industries Co came second in the list of losers with its index falling 5.81 per cent to 162 fils after trading of 21,000. First Dubai For Real Estate Development Co finished at 34 fils at a 5.56 percent loss from its previous closing at 36 fils while trading 150,000 shares in the day's session.
National International Holding Co eased 1 point down to 29 fils and incurred a 4.92 per cent reduction; 4,388 of its shares being traded today. The Kuwait Company for Process Plant Construction & Contracting moved a volume of 112,800 and closed at 315 fils, down 4.55 per cent from 330 fils.
Gulf Cable & Electrical Industries Co skid down 10 points to close at KD 1.160 and traded a volume of 30,100 shares for KD 34,916. Kuwait Food Company (Americana) shed 20 points close at KD 1.300, down 1.52 per cent from the last trading session and 11 per cent year to date. Yiaco Medical Co slumped 10 points down to 380 fils marking a 2.56 per cent reduction in price.
Financial Services dominated in terms of volume, comprising 58.33 percent of the market even as its volume reduced significantly by 37.09 per cent from the previous session. International Financial Advisors closed 2.5 points higher at 42 fiuls trading 16.15 million shares in 126 transactions for KD 664,363. Gulf Finance House at a steady 36 fils traded over 8.5 million shares, 11 per cent lower in price on a year to date basis. INOVEST eased 1 point lower to 39 fils and traded 6.9 million shares. Al-Salam group holding co climbed 7 points to 255 fils while trading 7.9 million for over KD 1.9 million.
Kuwait Projects Company Holding (KIPCO) held its ground at 365 fils while 2.16 million shares were traded today. International Finance Co edged 5 points higher to close at 92 fils while Al Aman Investment Co trailed 2 points lower to 53 fils with a negative 3.64 percent change from the previous session but 104 per cent higher year to date.
The Banking Sector finished 0.08 per cent lower at 965.7 points and closed with red indices noting a 46.57 percent drop in volume traded and a 85.17 per reduction in value from the previous session. National Bank of Kuwait remained stagnant at KD 1.000 after its 60 point plummet on Thursday and Gulf Bank closed with 410 fils with a 5 point rise while Burgan Bank, Kuwait Finance House and Boubyan Bank closed flat at 480 fils, 710 fils and 620 fils respectively. Ithmaar bank shares slid 1.39 per cent lower as 7.37 million were traded on an 82 percent year to date high.
Meanwhile in the Real Estate sector, Sokouk Holding Co closed 17.5 points, 0.5 point higher; Tamdeen Real Estate Company tumbled 4 points down to close at 226 fils. The Commercial Real Estate Co eased 1 point lower to 73 fils and International Resorts Co moved up to 42 fils.
Mobile Telecommunications Co (Zain) moved up by 10 points to close at 700 fils and traded 1.89 million shares worth KD 1.3 million while Hits Telecom Holding Co managed a 3 point rise to 72 fils, trading a volume of 1.3 million in shares.
Agility Public Warehousing Company's shares closed at a steady 410 fils while trading 1.4 million of its stock for KD 574,540.
Oil and Gas sector closed with a 0.04 per cent increase at 886 points and a 3.78 per cent rise in trade volume. Contracting & Marine Services Co ascended 8 points to close at 160 fils while Gulf Petroleum Investment Co (PetroGulf) stayed flat at 50 fils.
Qurain Petrochemical Industries Company edged 6 points higher to finish at 194 fils and traded a volume of 1.18million for KD 222,589 and Boubyan Petrochemical Company steered a 10 point increase to 620 fils.
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