GulfBase Live Support
09/09/2015 05:38 AST
Kuwait stocks rebounded on Monday stemming the 5-day decline. The bourse swung 43.61 pts higher in volatile trade to 5,709.81 points led by banks and other blue chips. Some of the mid and small caps too were lifted by bargain buying even as oil prices continue to hover at multi-year lows.
The KSX 15 gauge climbed over 15 pts to 925.1 points taking the month’s gains to 5 points while weighted index rose over 5 points. The volume turnover meanwhile surged past the 200 million mark for the first time during the month. 229.35 million shares changed hands — a 36.36 pct rise from Sunday.
The sectors closed mostly in the green turf. Basic materials outshone the rest with over 4 percent spike whereas technology slumped 2.13 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 45.4 percent while real estate came next with 34.5 pct. Industrial sector trailed far behind with 6.16 percent contribution.
Among the notable gainers, Kuwait Food Co (Americana) soared 100 fils to KD 2.240 after reports of possible takeover bid while KIPCO climbed 10 fils. Commercial Bank of Kuwait rose 20 fils to KD 0.570 and Kuwait Finance House was up 10 fils on back of 1.38 million shares.
Telecom heavyweight Zain gained 10 fils with a volume of 1.3 million shares and Wataniya Telecom (Ooredoo) climbed 20 fils extending the gains from the day before. Kuwait Telecommunication (VIVA) too advanced 20 fils and Agility jumped 30 fils to KD 0.590.
National Investment Co added 9 fils whereas Kuwait Investment Company clipped 2 fils. The company has registered a net profit of KD 2.53 million and earnings per share of 4.619 fils in the six-month period ending June 30, 2015 down from KD 5.22 million profit and earnings per share of 9.541 fils in the first six-months of 2014.
The market opened flat and slipped briefly into red in early trade. The price index plumbed the day’s lowest level of 5661.4 points and bounced back amid brisk buying across the sectors. It peaked at 5714.71 points almost half way into the session before retreating sharply on profit taking and moved sideways for over an hour before closing with strong gains.
Top gainer of the day, KSHC vaulted 10.2 pct to 27 fils and NIC lunged over 9 percent to stand next, Nafais Holding slid 9.09 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 53.8 million shares.
Reflecting the day’s upswing, the winners vastly outnumbered the losers. 75 stocks advanced whereas 32 closed lower. Of the 146 counters active on Monday, 39 closed flat. 5024 deals worth KD 13.33 million were transacted – a 36.36 pct surge in value from the day before. National Industries Group took in 2 fils to end at KD 0.150 and Gulf Cable climbed 25 fils. Kuwait Cement Co was unchanged at KD 0.355 and Kuwait Portland Cement too held the ground unchanged at KD 1.120 with thin trading.
Kuwait Foundry Co rose 10 fils to KD 0.232 and Boubyan Petrochemicals Co gained 20 fils. Independent Petroleum Group was flat at KD 0.310 and Mezzan Holding followed suit. Kuwait Gulf Link Transport Co inched 1 fils higher and KGL Logistics Co dialed up 3 fils to wind up at 54 fils.
Qurain Petrochemical Industries Co rose 6 fils and City Group closed 5 fils higher. The company has posted a net profit of KD 3.56 million and earnings per share of 31.51 fils in the January-June period of 2015.
Al Mazaya Holding rose 4 fils and Mabanee Company advanced 10 fils to settle at KD 0.850. The company has recorded a net profit of KD 24.31 million and earnings per share of 28.77 fils as against net profit of KD 24.49 million and earnings per share of 28.99 fils in H1, 2014.
On the downside, HumanSoft Holding, Future Communications Co and Global dropped 10 fils each and NICBM gave up 4 fils. KBMMF shed 10 fils and Al Mowasat Health Care
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