KSE climbs 12.96 pts amid lacklustre trade –Commercial Bank gains 20F

24/02/2016 07:13 AST

The KSX 15 benchmark slipped 2.78 pts to 826.16 points and is almost unchanged from start of the month while weighted index edged 0.31 pts down. The volume turnover meanwhile rebounded following Sunday’s drop. 146.2 million shares changed hands – a 36.3 pct surge from the last session.

The sectors closed mixed. Technology out led the rest with 3.99 pct gain while industrials shed 0.54 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 36 percent while real estate stood next with 31.7 percent. Telecommunications trailed far behind with 19.2 pct contribution.

Among the day’s movers, Commercial Bank of Kuwait climbed 20 fils to KD 0.530 and Automated Systems Co gained 25 fils to wind up at KD 0.295. Kuwait Food Co (Americana) slumped 100 fils to KD 2.080 and is trading 340 fils higher from start of the month.

Zain rose 10 fils to KD 0.360 and is up 10 fils year-to-date while Kuwait Telecommunications Co (VIVA) climbed 30 fils to KD 0.940. Logistics major Agility gave up 5 fils to settle at KD 0.420.

Wataniya Telecom (Ooredoo) rallied 20 fils to close at KD 1.180. The company has posted a net profit of KD 26.671 mln and earnings per share of 53 fils during 2015 as against net profit of KD 45.718 m and earnings per share of 91 fils. The BOD has recommended 100 pct cash dividends.

The market opened flat and edged lower in early trade. The main index hit the day’s lowest level of 5,120.80 pts and clawed back into green turf amid buying in select counters. It peaked at 5,146.35 pts and moved sideways till the end.

Top gainer of the day, Automated Systems Co climbed 9.26 pct to 295 fils and NAPESCO rose 8.47 percent to stand next. SPEC slid 11.36 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 28 million shares.

NAPESCO has logged a net profit of KD 5.68 million and earnings per share of 101.60 fils in the year ending Dec 31, 2015 up from net profit of KD 3.39 million and earnings per share of 60.66 fils in the same period last year. The BOD has recommended distributing 60% cash dividends.

Reflecting the day’s upswing, the winners outnumbered the losers. 47 stocks advanced whereas 36 closed lower. Of the 120 counters active on Monday, 37 closed flat. 2,410 deals worth KD 7.8 million were transacted — a 8.2 percent rise in value from the day before.

National Industries Group were flat at 114 while Gulf Cable was up 5 fils at KD 0.340. Shuaiba Industrial Co and ACICO Industries were unchanged at KD 0.420 and KD 0.270 respectively while Qurain Petrochemical Industries Co stood pat at 174 fils.

Arab Times