KSE Gains 34.69 Pts Amid Bargain Buying

13/07/2015 09:00 AST

KUWAIT CITY, July 12: Kuwait stocks pulled higher on Sunday after heading south during last week. The price index, after a tame start, climbed 34.69 pts to 6,173.91 points helped by bargain buying in select counters. Some of the banks and financial shares shone whereas most the telecom service providers sagged. The KSX 15 benchmark rose 2.79 pts to 1,019.25 points taking the month’s gains to 3 points while weighted index edged 1.44 pts higher. The volume turnover meanwhile receded below the 100 million mark after rebounding on Thursday. 81.60 million shares changed hands – a 34.60 pct drop from the last session.

The sectors closed mostly in the green turf. Insurance and parallel market outshone the rest with 1.31 pct gain each whereas telecommunications shed 0.59 percent, the biggest loser of the day. In terms of volume, real estate garnered the highest market share of 36.66 pct while industrials and financial services followed with 25.13 pct and 25.05 percent contributions respectively.

Among notable movers, KIPCO rallied 20 fils to KD 0.650 while Securities Group climbed 8 fils to KD 0.128. Kuwait Finance House gained 10 fils trimming the year’s losses to 80 fils and Ahli United Bank followed suit to settle at KD 0.580.

Bourse heavyweight Zain fell 5 fils to KD 0.415 while Wataniya Telecom did not n budge from its earlier close of KD 1.160. Kuwait Telecommunication Co slipped 10 fils to KD 0.940 and Agility was down by same measure to wind up at KD 0.640.

Dropped
City Group dropped 25 fils whereas Kuwait Food Co (Americana) held steady at KD 2.800 off early lows. The company has posted a 4.3 percent fall in Q1 net profit which stood at KD 17.3 million in the first three months of 2015.

The market opened on tame note and moved sideways in early trade. The key gauge slipped briefly below the red to trough at 6,137.43 pts before clawing back to head north amid buying in select counters. It consolidated the gains past the mid-session and pulled further up in the last minutes to close with modest gains.

Top gainer of the day, First Dubai For Real Estate Co spiked 9.09 pct to 60 fils while Energy House climbed 8.62 pct to stand next. The company has logged a net loss of KD 1.024 million and loss per share of 1.366 fils in the three months of the year ending March 31.

Qurain Holding Co slid 8.33 percent, to 11 fils, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 22.25 million shares.

Mirroring the day’s gains, the market spread was heavily skewed towards the winners. 57 stocks advanced whereas 20 closed lower. Of the 118 counters active on Sunday, 41 closed flat. 1,736 deals worth KD 11.9 million were transacted – a 31.9 pct drop in value from the last session.

National Industries Group rose 4 fils to KD 0.166 while Kuwait Foundry Co and ACICO Industries Co gave up 5 fils each to close at KD 0.255 and KD 0.300 respectively. Equipment Holding Co ticked 2 fils higher to 69 fils whereas Shuaiba Industrial Co shed 20 fils.

Gulf Cable closed flat at KD 0.540 off early lows and Educational Holding Group dialed up 2 fils. The company has posted net profit of KD 4.62 million and earnings per share of 18.9 fils in nine months ended May 31, 2015 as compared to net profit of KD 3.26 million and earnings per share of 13.4 fils in the same period last year.

ALAFCO took in 2 fils to end at KD 0.222 whereas Yiaco Medical Co gained 8 fils Zima Holding added 5fils while Kuwait and Gulf Links Transport Co and held steady at 53 fils. KGL Logistics Co was up 2 fils at 66 fils. Humansoft Holding rose 10 fils and Kuwait Cable Vision Co inched 1 fils up. Automated Systems Co was unchanged at KD 0.470.

National Real Estate Co gained 3 fils and Sanam Real Estate closed 4 fils higher. The company has clocked a net profit of KD 24,649 and earnings per share of 0.20 fils in the J

Arab Times