Mubasher: Boubyan International Industries Holding’s (BIIHC) stock led gainers on Boursa Kuwait, surging by 30.4% to 33 fils per share, its highest level in eight months.
By 10:50 am Kuwait time, Boubyan Holding’s stock registered the highest trading activity in two years, with a volume of 5.5 million shares exchanged through 82 transactions, generating KWD 170,800 in turnover.
BIIHC’s gain coincides with Boubyan Petrochemical’s continued purchases in the firm, having raised its stake to 22% by the end of Thursday’s trading session.
Last week, Boubyan Petrochemical announced purchasing 610,000 shares in BIIHC at 100 fils per share, bringing the total value of the transaction to KWD 15 million.
Purchase orders on the stock were 1.15 million shares, whereas those offered totalled 1.11 million. The financial services sector edged 0.01% higher on the back of BIIHC’s sharp rise on Boursa Kuwait on Sunday.
Commenting on BIIHC’s rise, market analyst Mostafa Al-Garhi told Mubasher that Boubyan Holding’s stock was seeing resistance at 30 fils but has now passed this level, making it hard to determine the stock’s direction. However, the analyst projected that the stock would rise in the coming to sessions ahead of Boursa Kuwait’s upgrade on the FTSE Russell index towards the end of December.
The analyst also ascribed the rise to Boubyan Petrochemical’s purchases, noting that the petrochemical firm was working on reaching a specific level of shareholding in the firm.
Earlier this month, Boubyan Holding reported widening its losses by 21.5% in the first quarter ended 31 October 2018 to KWD 132,160 from KWD 108,770 in the same period of the previous year.
