By Mahmoud Gamal
Kuwait – Mubasher: Kuwait Stock Exchange indices rallied on Tuesday, amid active trading on leading stocks.
The weighted index rose 0.34% or 1.43 points to close at 420.79 points.
A number of blue chips showed a strong performance, topped by KFH, which pushed KSX15 higher by 0.45% or 4.54 points to 1,015.22 points.
The active trading seen by leading stocks was spurred by restoring confidence in the market, especially after the strong financial results announced by listed companies, said GCC market analyst Abdulaziz Alhubail.
Moreover, trader sentiment was buoyed up by the recovery in global oil prices to above $50 per barrel, in addition to positive news about Greek debt talks.
Agility gained 1.54%, while Zain and Viva rallied by 1.2% and 1.09% respectively.
The analyst noted that small-cap stocks were pressured by speculative activity carried out by minor speculators and not huge portfolios or funds.
Tuesday’s turnover rose by 21.6% to KWD 12.65 million ($41.67 million), up from KWD 10.4 million on Monday. Meanwhile, traded volume declined by 6% to 117.01 million shares, from 124.45 million shares.
The consumer services sector was the top gainer, with a rise of 1.3%. Telecoms also added 0.95% backed by Hits Telecom and Zain which advanced by 1.54% and 1.2%, respectively.
The real estate sector rose 0.41%, after Alargan, Mashaer and ADNC gained 5.75%, 5.08% and 2.7%, respectively.
The banks sector ended 0.18% higher supported by AUB and KFH, while oil and gas led decliners with a fall of 3.16%.
Kuwait Bahrain International Exchange was the best performing stock, with a surge of 9.26%, while NAPESCO was the biggest drag, with a fall of 7.81%.
ADNC was the top active with a traded volume of 21.52 million shares, while KFH topped actives with turnover reaching KWD 2.47 million.
Translated by Sayed Abdel Rahman
