KSE swings 19.84 pts up on renewed buying – Americana gains 20 fils,

19/05/2016 05:15 AST

Kuwait stocks swung higher on Tuesday stemming the two-day fall. The price index climbed 19.14 points in a lackluster trade to 5,367.28 pts helped by value buying in select counters. The sentiment was largely fickle even as the investors kept a wary eye on the oil prices The KSX 15 benchmark slipped 2.92 points to 8,39.77 pts taking the year’s losses to 44 points while weighted index eased 0.46 pts. The volume turnover meanwhile saw modest rebound after hitting a multi-month low in the previous session. 89.55 million shares changed hands — a 13.4 pct increase from Monday.

The sectors closed mostly in the green turf. Healthcare outshone the rest with 2.31 pct gain whereas basic materials shed 0.68 percent, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 27.7 pct while real estate and banks followed with 22.6 pct and 20 percent contributions respectively.

In the individual shares, Kuwait Food Co (Americana) climbed 20 fils to KD 2.280 but is down 140 fils from start of the month while Humansoft Holding soared 80 fils recouping the Monday’s slide. Gulf Bank took in 2 fils to settle at KD 0.234.

Zain slipped 5 fils to KD 0.345 while Kuwait Telecommunications Co (VIVA) dropped 20 fils to KD 0.930. Agility vacillated in a tight range before closing flat at KD 0.495 whereas Wataniya Telecommunication (Ooredoo) was not traded during the session.

Investment conglomerate KIPCO dropped 20 fils to KD 0.530 and National Investments Company gave up 2 fils to end at 114 fils. The company has logged a first quarter net profit of KD 1.11 million and earnings per share of 1.3 fils as compared to net profit of over KD 2 million and 2.3 fils in 2015 Q1.

The market opened on tame note and moved sideways in early trade. The bourse continued to trade flat and ticked up past the mid-session amid moderate buying in select counters. It peaked at 5370.79 pts in the final minutes before paring back slightly at close.

Top gainer of the day, Safwan Trading Co vaulted 11.57 pct to 270 fils while Ajwan Gulf Real Estate Co climbed 9.6 pct to stand next. Kuwait Cable Vision Co slumped 8 percent, the steepest decliner of the day and National Bank of Kuwait topped the volume with 9.3 million shares.

Reflecting the day’s upswing, the winners outnumbered the losers. 49 stocks advanced whereas 32 closed lower. Of the 129 counters active on Tuesday, 48 closed flat. 2217 deals worth KD 14.64 million were transacted — a 23.4 pct surge in value from the day before.

National Industries Group fell 2 fils to 114 fils after trading 1.4 million shares and Gulf Cable was down 5 fils at KD 0.425. NICBM and RISCO were unchanged at 218 fils and 305 fils respectively while Boubyan Petrochemicals Co shed 10 fils.

Jazeera Airways climbed 10 fils to KD 0.890 after trading in red earlier in the session while ALAFCO slipped 6 fils. City Group dropped 10 fils to KD 0.510 whereas Mezzan Holding shed 20 fils.

Logged

Kuwait and Gulf Link Transport Co took in 1 fils and KGL Logistics Co followed suit. The company has logged a net profit of KD 1.83 million and earnings per share of 3.11 fils in the 3-month period ending March 31, 2016 up from net profit of KD 1.74 and earnings per share of 2.91 fils in the same period last year.

Automated Systems Co paused at KD 0.350 whereas ACICO Industries Co fell 5 fils to 395 fils. The company has clocked a net profit of KD 3.85 million and earnings per share of 14.11 fils in the first quarter of 2016 as compared to net profit of KD 3.94 million and earnings per share of 14.46 fils in same period of 2015.

Combined Group Contracting Co was unchanged at KD 0.780 and Gulf Petroleum Investment Co too did not budge from its earlier close of 46 fils. The Energy House clipped 2 fils whereas Equipment Holding Co dialed up 2 fils to close at 53 fils.

Arab Times