KSE Climbs 19.18 Pts Amid Volatile Trading

27/08/2015 05:30 AST

Kuwait stocks staged a modest rebound on Tuesday, stemming the 7-day plunge which wiped 466 pts off the main index triggered by massive sell-off in global markets and falling crude oil prices. The bourse climbed 19.18 pts in volatile trade to 5834.78 pts even as the banks remained mostly muted.

The KSX 15 benchmark edged 1.06 pts up to 930.45 pts after suffering heavy losses in last three sessions while weighted index inched 0.29 pts higher. The volume turnover meanwhile swelled past the 200 million mark helped by spurt in bargain buying. 239.45 million shares changed hands — down 27 percent from Monday.

The sectors closed mixed. Real estate outshone the rest with 1.32 pct gain whereas oil and gas shed over 1 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 37.97 pct while real estate came next with 29.62 percent. Industrials trailed behind with 13.36 pct contribution.

Among the notable movers, Kuwait Finance House rose 10 fils on back of 4.9 million shares recouping the drop on Monday while Burgan Bank was up 5 fils at KD 0.400. Kuwait Food Co (Americana) extended its downward spiral with 100 fils tumble and ended at KD 2.260.

Bourse heavyweight Zain rose 5 fils to KD 0.380 on back of 2.54 million shares whereas Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.160. Kuwait Telecommunications Co (VIVA) dropped 10 fils to KD 0.820 whereas telecom major climbed 10 fils to KD 0.590.

Investment conglomerate KIPCO slid 30 fils to KD 0.610 while Kuwait Financial Centre clipped 2 fils. The company has posted a first half net profit of KD 3.73 million and earnings per share 87 fils as against a net profit of KD 3.025 million and earnings per share of 6 fils in the same period of 2014.

The market opened weak but rose sharply in early trade. The key gauge peaked at 5838.7 points amid bargain buying in select counters but failed to hold on to the gains. It retreated thereafter to plumb the day’s lowest level of 5765.61 pts before bouncing back in the second half and closed with modest gains.

Top gainer of the day, Investors Holding Group vaulted 10.64 percent to 26 fils while Zimah Holding Co climbed over 9 percent to stand next. Ikarus Holding slid 6.56 pct, the steepest decliner of the day and Gulf Finance House topped the volume with 25.8 million shares.

Reflecting the day’s upswing, the winners outnumbered the losers. 54 stocks advanced whereas 34 closed lower. Of the 127 counters active on Tuesday, 39 closed flat. 5392 deals worth KD 20.97 million were transacted – a 10.49 pct fall in value from the day before.

Gulf Cable was flat at KD 0.480 whereas National Industries Group dialed up 2 fils. The company has logged a first half net profit of KD 9.37 million and earnings per share of 7.1 fils as compared to net profit of over KD 8 million and earnings per share of 6 fils in the same period last year.

Eased Jazeera Airways fell 5 fils to KD 0.450 and ALAFCO eased 2 fils to KD 0.220 . Zima Holding and Al Rai Media Group added 10 fils each while Mezzan Holding shed 20 fils to settle at KD 1.000.

Kuwait Gulf Link Transport Co inched 0.5 fils higher and KGL Logistics Company took in 1 fils. The company has posted a net profit of KD 3.49 million and earnings per share of 5.82 fils in the first half of 2015.

Kuwait Portland Cement shed 20 fils while Kuwait Foundry Co and Shuaiba Industrial Co were down 6 fils and 5 fils respectively. Boubyan Petrochemicals Co climbed 10 fils whereas ACICO Industries Co closed flat.

Equipment Holding Co inched 1 fils up on back of over 1 million shares whereas Qurain Petrochemical Industries Co gave up 2 fils to settle at KD 0.180. Salbookh Trading Co nudged 2 fils up and Ikarus Petroleum Industries pulled 8 fils lower.

Independent Petroleum Group Co retreated 10 fils while Huma

Arab Times