KSE Climbs 11.46 Pts As Volume Rebounds

16/09/2015 06:03 AST

Kuwait stocks pulled higher on Monday stemming the two-day downswing. The bourse climbed 11.46 pts in volatile trade helped by speculative buying in select counters, The banks and other heavyweights were mostly muted even as oil prices weakened further.

The KSX 15 benchmark dropped 9.14 pts to 925.3 points taking the month’s losses to 94 pts while weighted index edged 2.57 points. The volume turnover meanwhile rebounded after receding in last two sessions. 164.24 million shares changed hands — a 25.9 pct jump from Sunday.

The sectors closed mixed. Technology outperformed the rest with 2.67 pct gain whereas consumer goods slid 2.23 percent, the worst performer of the day. In terms of volume, financial services mustered the highest market share of 40.82 percent and real estate stood next with 35.29 pct, Oil and gas was a distant third with 7.62 percent contribution.

Among the notable movers, Kuwait Food Co (Americana) rose 20 fils to KD 2.540 and United Projects jumped 50 fils. HumanSoft Holding climbed 20 fils whereas Gulf Cable shed 25 fils to settle at KD 0.435. Safwan Trading and Contracting Co was down 25 fils at KD 0.305.

Telecom major Zain dipped 15 fils to KD 0.375 with a volume of over 1 million and Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.040. Kuwait Telecommunications Co (VIVA) paused at KD 0.850 and Agility followed suit to end at KD 0.590.

Banking sector bellwether National Bank of Kuwait slipped 10 fils to KD 0.780 and Kuwait Finance House was down by same measure to end at KD 0.570. The bank has logged a net profit of KD 62.3 million in the first half of 2015, a 14.1 percent increase from KD 54.6 million over the same period of the previous year. Earning per share stood at 13.30 fils.

The market opened weak and moved flat in early trade. The price index rose sharply to peak at 5,794.95 pts and drifted sideways past the mid-session as investors toed caution. It dipped again to plumb the day’s lowest level of 5,744.9 pts before pulling back into green turf at close.

Top gainer of the day, Real Estate Asset Management Co (REAM) spiked 10 percent to KD 0.146 and UPAC climbed 6.85 pct to stand behind. Safwan Trading dived 7.58 pct, the steepest decliner of the day and Al Imitiaz topped the volume with over 28 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 39 stocks advanced whereas 52 closed lower. Of the 139 counters active on Monday, 48 closed flat. 3,386 deals worth KD 11.53 million were transacted — a 12 pct drop in value from the day before.

National Industries Group, the flagship company of Kharafi Group, was flat at KD 0.150 and Kuwait Foundry Co too did not budge from its earlier close of 244 fils. Kuwait Cement Co and Kuwait Portland Cement were steady at KD 0.355 and KD 1.160 respectively.

ACICO Industries added 5 fils and Automated Systems Co gained 20 fils. The company has recorded a net profit of KD 503,093 and earnings per share of 10.05 fils in the first six months of 2015 as against net profit of KD 1.04 million and earnings per share of 20.82 fils in the year before period.

Steady Jazeera Airways held steady at KD 0.460 with thin trading and is up 15 fils from start of the month while ALAFCO gave up 4 fils to close at KD 0.212. NAPESCO was down 10 fils at KD 0.570.

NICBM dialed up 2 fils whereas Kuwait National Cinema Company pulled 20 fils lower. The company has clocked a net profit of KD 5.98 million and earnings per share of 62.65 fils in the six-months period ending June 30,215 as against net profit of KD 5.10 million and earnings per share of 51.48 fils in the first half of 2014.

Equipment Holding Co inched 1 fil lower after trading over 1 million shares and Ikarus Petroleum Industries Co closed 3 fils higher. Jeeran Holding took in 2 fils and Independent Petroleum Group paused at KD 0.300 off early high

Arab Times