Kuwaiti shares climb by 25.9 pts, close 9,469.3
Kuwait City - Kuwait Stock Exchange (KSE) gained for the third session, edging up 0.3 per cent Monday. The index, which during early trading shot past 9,465 points, u-turned and went on a sharp drop before bottoming mid-way through. It rallied back up in the second half, and a last minute up-tick helped lift the index to 9,469.3, 25.9 points higher than the prior session. Weighted index, meanwhile, rose 0.6 per cent higher to 483.01 points. Oil price were retreating after Ecuador declared an end to six days of civil unrest that had slashed its oil exports. New York's main contract, light sweet crude for delivery in September, fell 19 cents to $ 65.16 per barrel in electronic trade. The price of Brent North Sea crude oil for delivery in October had declined one cent to $64.35 per barrel.
Mixed
Six sectors advanced Monday, led by food stocks and a recovering banking index. Services, however, slipped, as the sector was again affected by mixed showings of its heavyweights.Winners trumped losers 52 to 38, while 35 counters closed unchanged Monday. The sentiment on the KSE remained bullish, as the index continued to break new records in August. Since the latest rally started on July 18, the index had grown over one tenth in value in just slightly over a month. Daily turnover fell 7.0 per cent to 211.2 million shares Monday. 7,572 deals were transacted, valued at KD 104.7 million. Intense trading on Gulfinvest International made it the most active stocks this session, as it moved 21.9 million units. United Industries Co rebound to be the day's biggest advancer, taking in 6.2 per cent in value, while Gulf Rocks fell the hardest, losing 7.8 per cent. A 60 fils jump in Kuwait Finance House headlined the recovery in banking stocks.
The counter, which shed 20 fils Sunday, rose 3.6 per cent during trading to close at KD 1.740. 1.8 million shares were traded. National Bank of Kuwait too turned in a favorable performance. It took in 40 fils Monday to cease trading at KD 1.760. 1.6 million shares were traded. On the whole, the banking index moved up 0.7 per cent to 6,876 points. Food index too scored hefty gains this session, buoyed by the 80 fils jump in Kuwait Food Co (Americana). The stock moved up 3.8 per cent after just 7,500 units changed hands, ending at KD 2.200. The index, meanwhile, advanced 1.3 per cent to 4,637.7 points. Real estate corrected its falter Sunday to rise 0.6 per cent to 5,570.1 points, as sector headliner National Real Estate halted its decline. The stock reclaimed 20 fils Monday. It closed at KD 1.180 after 1.7 million shares changing hands.
Mabanee Holding Co meanwhile rose 30 fils to KD 0.780, after it traded 2.8 million shares. Al Themar Real Estate edged up a healthy 5.1 per cent up to KD 0.415. International Resort Co rose back up Monday, which falling for the first time in nine session the day before. It made 4 fils after volume traded picked back up to 6.6 million units. Likewise IIPC, the previous day biggest loser, reclaimed back 15 fils, rising back to KD 0.295. Aayan Real Estate moved up 15 fils on the back of a 2.2 million shares turnover, while Al-Enma'a Real Estate Co inched up 4 fils, lifted by swelling interest. Aayan Real Estate ended at KD 0.340, while Al-Enma'a closed at KD 0.250, after 4.0 million shares changing hands. Pearl of Kuwait Real Estate Co's turnover recovered to 5.7 million, but its share price continued to shrink. It slipped 4 fils to KD 0.204 mid-week. Al Dar National Real Estate Projects Co, which had gained some 46 per cent month-to-date, faltered during trading. The stock slipped 5 fils, despite heavy trading of KD 10.2 million shares.
Despite
Industrial sector moved up 0.5 per cent Monday, despite Gulf Rocks Co shouldering a hefty 100 fils drop. The index ended at 5,762.9 points, propped by the recovery posted by Metal & Recycling Co (MRC) and National Industries Holding Group. MRC rose 20 fils to KD 1.560, while National Industries made 10 fils after closing unchanged the day before. It closed at KD 0.950. United Industries extended its rebound Monday to grow another 20 fils. The stock continued to maintain interest, with some 4.8 million units traded, before it ended at KD 0.345. Also benefiting from heavy trading was Equipment Holding Co, which moved up 15 fils on the back of 4.9 million shares bought and sold. It ceased trading at KD 0.335. The stock has seen heavy trading in the past two weeks, its share price gaining one fifth in value over the period. Gulf Rocks, meanwhile, dropped to KD 1.180, after only 8 transaction taking place. Investment sector grew 0.3 per cent to 11,997.7, as sharp gains in Financial Advisor (IFA) was erased by losses made by Bayan Investment Company and Global Investment House.
IFA continued its streak after taking several days for a breather. The stock rose a sharp 80 fils, although volume traded fell 40 per cent to 10 million units. The stock stopped trading at KD 1.640, the highest it reached this year. Al Deera Investment Holding, which had a strong second week of listing, reversed Sunday's losses when it made 40 fils during trading. The stock moved up to KD 1.480, 5.7 per cent higher than its listing price. Housing Finance Co (Iskan) posted a pick-up in volume. 7.1 million shares were changing hands Monday, buoying its share price 10 fils up to KD 0.234. GulfInvest, whose trading was intense at 21.9 million shares, likewise moved up 10 fils to KD 0.244.
Kuwait Investment Project Co rose 5 fils on the back of heavy trading. It closed up to KD 0.350, after 13.2 million shares traded. Bayan Investment Company, however, tumbled back to KD 0.730, matching the five month low it hit last Wednesday. The stock has not been able to ride on the recent market surge, and had been on a steady decline. Month-to-date it has lost close to 15 per cent. Global too lost 20 fils, to stop trading at KD 1.820. Services sector failed to record any gain, slipped marginally to 17,184.2 points. National Mobile Telephone Co (Wataniya) recovered, gaining for the first time in six days. It rose 20 fils up to close at KD 2.260. Competitor Mobile Telecommunications Co (MTC) closed unchanged at KD 5.350.
Increase
The company's chairman Asaad Al Banwan said Monday that the capital increase exercise it plans to undertake will be to fund its expansion in the MENA region. The company hopes to double its capital to KD 110 million. Sultan Center Food Co lost 20 fils for the second day, down to KD 1.480. Public Warehousing Co, which traded unchanged Sunday, tumbled 40 fils to KD at KD 2.940. Sector losses were offset by gains made by counters like Kuwait Privatisation Project Holding Co. The stock rose 10 fils to KD 0.216, after its volume picked back up to 8.5 million. Kuwait Company for Process Plant Cons rose 15 fils to KD 0.415, after only four trades made.
By Maisara Ismail
© Arab Times 2005
