By: Mohamad Farouk
Mubasher: The stock of Kuwait and Gulf Link Transport (KGL) increased by 3% in line with Sunday’s announcement of signing a contract with the US army.
By 11:11 am Kuwait time, the stock gained 3 fils to reach 103 fils, the highest level in a month.
About one million shares of KGL were exchanged through 114 transactions at a value of KWD 199,000.
Selling offers totalled 2.1 million shares compared with 1.2 million shares representing purchasing offers.
Earlier on Sunday, KGL Car Rental Co, a 99%-owned subsidiary of KGL, has signed a contract valued at $230 million (KWD 70 million) with the US army.
The impact of signing this contract with the US army was witnessed in KGL’s subsidiaries in general and the mother company in specific, capital market analyst Yaqoub Al Mashaan told Mubasher.
He added that the stock of KGL Logistics went up 1.4%, while HEISCO rose by 1.8%.
