KSE climbs 21.45 pts amid renewed buying – Ooredoo soars 80 fils;

02/06/2016 05:57 AST

Kuwait stocks rebounded Tuesday, stemming the two-retreat helped by renewed buying in select counters. The bourse climbed 21.45 pts to 5,400.33 points as sentiment buoyed on rise in oil prices. Most of the banking shares and other blue chips were muted.

The KSX 15 benchmark eased 0.49 points to 826.18 pts taking the month’s losses to 37 points while weighted index nudged 1.21 points higher. The volume turnover meanwhile surged after receding in the last two sessions. Over 171 million shares changed hands — a 33.4 pct jump from Monday.

The sectors closed mostly in the green turf. Consumer services outshone the rest with 1.75 pct gain whereas technology shed 4.24 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 29.3 pct while real estate stood next with over 27 pct contribution.

In the individual shares, sector bellwether National Bank of Kuwait and Kuwait Finance House were flat at KD 0.630 and KD 0.465 respectively while Mabanee Co gave up 10 fils to close at KD 0.790. Kuwait National Cinema Co soared 100 fils to KD 1.400.

Zain was unchanged at KD 0.345 whereas Wataniya Telecom (Ooredoo) leapt 80 fils with thin trading. Kuwait Telecommunications Co (VIVA) gave up slight early gains to close flat at KD 0.930 and logistics major Agility too held the ground steady at KD 0.930.

KIPCO stood at at KD 0.510 and Bayan Investment Co inched 0.5 fils into red. The company has incurred a first quarter net loss of KD 199,72 and loss per share of 0.55 fil.

The market opened firm and rose sharply in early trade. The price index moved sideways briefly before revving up again amid fresh buying in select counters. It peaked at 5401.8 points in the final minutes before closing with modest gains.

Top gainer of the day, Kuwait National Cinema Co vaulted 7.6 percent to KD 1.400 and First Dubai rallied 7.58 pct to stand next. Automated Systems Co slid 7.14 percent, the steepest decliner of the day and Hits Telecom topped the volume with 15.47 million shares.

Reflecting the day’s upswing, the winners market spread was skewed towards the winners. 54 stocks advanced whereas 27 closed lower. Of the 126 counters active on Tuesday, 45 closed flat. 3,958 deals worth KD 15.6 million were transacted — a 66.3 pct surge in value from the day before.

National Industries Group was flat at 112 fils and Kuwait Cement Co followed suit to end at KD 0.390. NIG has recorded a fiest quarter profit of KD 386,000 and earnings per share of 0.3 fil. Gulf Cables climbed 15 fils to 415 fils

Jazeera Airways was unchanged at KD 0.900 whereas ALAFCO was down 6 fils at 198 fils after trading 1.29 million shares. Automated Systems Co slid 25 fils and NAPESCO was down 20 fils at KD 0.700. Qurain Petrochemical Industries Co rose 10 fils to 212 fils.

Paused

Gulf Glass Manufacturing Co dropped 20 fils whereas ACICO Industries Co and Kuwait Foundry Co paused at 295 fils and 178 fils respectively. Nafais Holding Co added 8 fils and Burgan Well Drilling Co slipped 5 fils to 93 fils.

United Projects Group stagnated at KDD 0.680 and Mezzan Holding Co followed suit. The company has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016.

Shuaiba Industrial Co was unchanged at KD 0.275 and NICBM climbed 6 fils to 210 fils. Equipment Holding Co rose 3 fils on back of 9.9 million shares and Zima Holding paused at 43 fils.

Kuwait and Gulf Links Transport Co took in 1 fil with a volume of over 1 million and KGL Logistics Co was up 4 fils at 89 fils. Osos Holding Group Co gave up 8 fils to settle at 106 fils.

In the banking sector, Al Ahli Bank was flat at KD 0.330 and Gulf Bank of Kuwait followed suit. The bank has registered a net profit of KD 8.76 million and earnings per share of 3 fils in the first

Arab Times