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Zain’s stock extends rise, hits 7M high after Omantel news

Zain’s stock extends rise, hits 7M high after Omantel news
By 11:39 am Kuwait time, Zain’s stock added 0.4% to reach 498 fils.
ZAIN
ZAIN
-0.81% 491.00 -4.00

Kuwait – Mubasher: Mobile Telecommunications Company’s (Zain) stock continued its rise during Wednesday’s trades on Boursa Kuwait, registering its highest level in almost seven months.

By 11:39 am Kuwait time, Zain’s stock added 0.4% to reach 498 fils.

On Thursday, Zain announced selling 425.71 million treasury shares to Oman Telecommunications (Omantel) for KWD 255 million ($845 million) or 600 fils per share, adding that the stake represents 9.84% of Zain’s issued and paid-up capital.

In terms of volume, 7.48 million Zain shares changed hands, registering 11.3% of the market’s total volume of 66.25 million shares. A total of 314 transactions were carried out on the stock.

Zain was the most actively traded stock on the bourse, logging a turnover of KWD 3.74 million, representing 27.4% of Boursa Kuwait’s total liquidity of KWD 13.66 million.

Earlier on Wednesday, Moody’s Investors Service said that Omantel’s acquisition of a minority stake in Kuwaiti Zain was credit positive, adding that the investment would help the Omani telecom operator lower operating costs through synergies.

The stock contributed to the telecom sector’s rise of 0.28%, leading Boursa Kuwait’s gainers.

In the meantime, Boursa Kuwait’s three main indices were down, with the price index falling 0.23%, and the weighted and Kuwait-15 indices shedding 0.42% and 0.45%, respectively.

Despite the rise, Zain’s stock saw more sales than purchases. Selling on the stock reached 11.2 million shares versus 6.5 million purchased shares.