KSE price index bounces 47.49 pts; volume soars -Zain rallies 25 fils;

KIPCO flat

27/10/2016 05:35 AST

Kuwait stocks swung sharply higher on Tuesday extending the gains to fifth straight session. The price index jumped 47.49 pts in a broad rally to 5,389.01 pts led by banks and other blue chips even as the sentiment got a fillip from firming oil prices.

The KSX 15 gauge soared by a whopping 19.75 pts to 831.38 points taking the month’s gains to 17 points while weighted index climbed 6.53 pts. The volume turnover meanwhile more than doubled to hit a fresh multi-month high. 178 million shares changed hands- a 118 pct surge from Monday.

The sectors closed mostly higher. Telecommunications outshone the rest with 2.33 pct gain whereas consumer services shed 0.58 percent, the worst performer of the week. In terms of volume, financial services accounted for the highest market share of 30.5 pct while banks trailed with 27.7 percent contribution.

Among the notable gainers National Bank of Kuwait rallied 20 fils on back of 9.4 million shares while Kuwait Finance House was up 10 fils at KD 0.480 with a volume of 7.3 million shares. Kuwait Portland Cement recouped Monday’s fall with a 30 fils jump to KD 0.930.

Wataniya Telecom (Ooredoo) was unchanged at KD 1.060 off early highs and Kuwait Telecommunications Co (VIVA) too did not budge from its earlier close of KD 0.830. Agility was up 10 fils at 480 fils.

Sector heavyweight Zain soared 25 fils to 410 fils on back of 14.86 million shares. The company has recorded a net profit of KD 124.47 mln and earnings per share of 32 fils in 9M, 2016.

The market opened on a tame note and slipped briefly into red. The main index plumbed the day’s lowest level of 5,338.78 pts and rebounded strongly amid brisk buying across the board. It drifted sideways in the second half before rising further in final minutes to close with solid gains.

Top gainer of the day, GNAHC vaulted 8.62 pct to 31.5 fils while Hits Telecom rallied 7.14 pct to stand next. Al Rai Media Co slid 6.76 percent, the steepest decliner of the day and Warba Bank topped the volume with 22.8 million shares.

Mirroring the day’s upswing, the market spread was heavily skewed towards the winners. 75 stocks advanced whereas 12 closed lower. Of the 123 counters active on Tuesday, 36 closed flat. 4280 deals worth KD 31 million were transacted — a 189 pct surge in value from the day before

National Industries Group, the flagship company of the Kharafi Group, rose 4 fils on back of 2.8 million shares while Gulf Cable climbed 20 fils to KD 0.405. Boubyan Petrochemical Co gained 15 fils whereas Heavy Engineering Industries and Shipbuilding Co stood pat at 156 fils.

Jazeera Airways added 10 fils recouping the losses in the last session while ALAFCO dialed up 2 fils before settling at 218 fils. Humansoft Holding Co climbed 20 fils to KD 1.620 with thin trading and Independent Petroleum Group gained 25 fils. Kuwait Food Co (Americana) was unchanged at KD 2.620 and IFA Hotels and Resorts gained 10 fils. Mezzan Holding Co rose 20 fils to KD 1.020 and Zimah Holding Co took in 1.5 fils. Kuwait National Cinema Co slipped 10 fils to KD 0.950.

Clipped

Kuwait and Gulf Link Transport Co was flat at 47 fils while KGL Logistics Co clipped 2 fils. Future Kid slipped 6 fils to 98 fils and ACICO Industries Co paused at 285 fils. Kuwait Foundry Co was up 4 fils at 172 fils.

Equipment Holding Co inched 1 fil up and Al Qurain Petrochemical Co climbed 6 fils to 206 fils. Salbookh Trading Co dialed up 2 fils and Energy Holding Co ticked 1 fil lower to 43 fils.

In the banking sector, Gulf Bank rose 4 fils to 232 fils and Commercial Bank climbed 10 fils. Al Ahli Bank added 5 fils whereas Ahli United Bank stood pat at KD 0.380. Kuwait International Bank gained 6 fils on back of 2.7 million shares and Burgan Bank was up 5 fils at 325 fils.

Warba Bank rose 6 fils with brisk trading and Boubyan Bank climbed 10 fils. Th

Arab Times