KSE price index bounces 18.91 pts; volume swells

Commercial Bank climbs 15 fils; Ooredoo flat

08/09/2016 05:11 AST

Kuwait stocks swung higher on Tuesday stemming the four-day decline. The price index, after a tame start, climbed 18.91 pts to 5,399.71 points helped by bargain buying in select counters. Most of the banks and telecom service providers shone while rest of the board closed mixed.

The KSX 15 measure rose 2.17 pts to 805.07 points taking the month’s gains to 4 points while weighted index was up 1.17 pts. The volume turnover meanwhile rebounded from the multi-month lows plumbed earlier in the week. 57.4 million shares changed hands — a 62.9 pct surge from the day before

Among the notable gainers, Commercial Bank of Kuwait climbed 15 fils to KD 0.310 and Gulf Bank added 4 fils to settle at 228 fils after edging lower in the previous session. Kuwait Food Co (Americana) held the ground at KD 2.440.

The sectors closed mostly in the green territory. Telecommunications outpaced the rest with 1.41 percent gain whereas oil and gas dropped 0.29 pct, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 53 pct while real estate and oil and gas trailed far behind with 13.5 pct and 8.4 percent contributions respectively Zain rose 5 fils to KD 0.325 and Wataniya Telecom (Ooredoo) stood pat at KD 1.060 after posting strong gains on Monday. Kuwait Telecommunications (VIVA) climbed 20 fils to KD 0.910 and logistic major Agility gave up 10 fils to end at KD 0.450.

National Investment Co gained 4 fils and Kuwait Projects Company swung 10 fils into red. The company has registered a net profit of KD 28 million and earnings per share of 18.30 fils in the January-June period.

The market opened on tame note and moved sideways in early trade. The key index continued to drift listlessly along the rim as investors toed caution and picked up pace in the final minutes to close with modest gains.

Top gainer of the day, Amwal Investment Co jumped 7.8 pct to 20.5 fils and Sanam Real Estate Co stood close behind with 7 pct rise. AWJ Holding slid 7.94 percent, the steepest decliner of the day and Al Mal topped the volume with 6.8 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the winners. 49 stocks advanced whereas 17 closed lower. Of the 109 counters active on Tuesday, 43 closed flat. 1923 deals worth KD 5.7 million were transacted — a 71.6 pct jump in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, took in 2 fils and Gulf Cable climbed 10 fils to 375 fils. NICBM rose 10 fils to 220 fils an National Ranges Co (Mayadeen) stood pat at 28.5 fils after trading over 1 million shares.

Kuwait Foundry Co paused at 164 fils and Refrigeration Ind. and Storage Company followed suit. The company has registered a net profit of KD 2.99 million and earnings per share of 30.50 fils in the first half of 2016 up from net profit of KD 2.12 million and earnings per share of 22.38 fils in the same period last year.

Steady

Equipment Holding Co dialed up 1 fil and Kuwait National Cinema Company held steady at KD 0.940. The company has posted a net profit of KD 4.93 million and earnings per share of 52.35 fils as against a net profit of KD 5,98 million and earning per share of 62.65 fils in the same period last year.

ACICO Industries Co slipped 5 fils to 280 fils and IFA Hotels and Resorts closed 4 fils in red. Zimah Holding was unchanged at 40 fils and Mezzan Holding too did not budge from its earlier close of KD 1.020. KGL Logistics Co stood pat at 70 fils.

UPAC shed 10 fils whereas Jazeera Airways Co was up 10 fils at KD 0.840. The airline has clocked a net profit of KD 5.99 million and earnings per share of 29.96 fils as compared to net profit of KD 6.21million and earnings per share of 14.80 fils in HI of 2015.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.590 and Al A

Arab Times