Kuwait bourse edges higher; volume jumps – Americana soars 200 fils;

10/02/2016 06:09 AST

Kuwait stocks ticked up on Monday extending the gains to third consecutive day. The bourse rose 2.45 pts in dull trading to 5,209.28 points even as board remained mixed in absence of fresh catalysts.

The KSX 15 benchmark inched 0.56 pts higher to 842.19 points and is down 42 points from start of the year while weighted index closed 0.57 pts down in red. The volume turnover meanwhile swelled past the 200 million mark as it continues to seesaw in a broad range. 214.87 million shares changed hands — a 19 pct rise from Sunday.

The sectors closed narrowly mixed. Consumer goods outpaced the rest with 1.61 pct gain whereas technology shed 1.50 percent, the worst performer of the day. In terms of volume, financial services dominated with over 39 percent market share and real estate stood next with 33.8 pct. Industrials was a distant third with 11.5 percent contribution. In the individual shares, National Bank of Kuwait climbed 10 fils to KD 0.740 on back of 4.6 million shares whereas Kuwait Finance House retreated 15 fils to KD 0.480 taking the year’s losses to 60 fils. Kuwait Food Co (Americana) vaulted 200 fils on reports of stake purchase by a group of Gulf investors.

Bourse heavyweight Zain slipped 5 fils after extending an identical fall in the last session while Wataniya Telecommunication Co (Ooredoo) swung 40 fils lower to KD 1.080. Kuwait Telecommunications Co (VIVA) fell 10 fils to KD 0.910 whereas telecom major Agility held the ground unchanged at KD 0.435.

Humansoft Holding jumped 50 fils and Gulf Glass Manufacturing Co pulled 20 fils lower to KD 0.475. Salhia Real Estate Co dropped 20 fils to KD 0.335 and Mabanee Co stood pat at KD 0.930 off early highs.

The market opened on a tame note and moved sideways in early trade. The key index continued to drift listlessly and slipped into red past the mid-session. It plumbed the day’s lowest level of 5189.53 points before clawing back into the green at close.

Top gainer of the day, Eyas For Higher and Technical Education spiked 14.9 pct to 385 fils and Kuwait Food Co (Americana) rallied 10 pct to stand next. Amwal International Investment Group slid 11.11 pct, the steepest decoiner of the day and Al Dar National Real Estate Co topped the volume with 52.5 million shares.

Despite the day’s uptick, the market spread was skewed towards the losers. 42 stocks advanced whereas 65 closed lower. Of the 136 counters active on Monday, 29 closed flat. 4543 deals worth KD 16.77 million were transacted — a 6.6 pct rise in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, eased 2 fils to KD 0.116 and RISCO gained 10 fils to settle at KD 0.345. Gulf Cable shed 20 fils to end at KD 0.345 and Kuwait Portland Cement held the ground unchanged at KD 1.020.

Clipped
Kuwait Foundry Co fell 2 fils to KD 0.216 and Qurain Petrochemical Industries Co clipped 2 fils. The company has posted a nine-month net profit of KD 11,34 million and earnings per share of 10.84 fils as compared to net profit of KD 14.91 million and earnings per share of 14.17 fils in the year before period.

Educational Holding Group was unchanged at KD 0.210 and Mezzan Holding Co was up 20 fils at KD 1.100. Zima Holding Co fell 3 fils to 99 fils and ALAFCO gave up 2 fils to wind up at KD 0.178. Kuwait and Gulf Link Transport Co inched 0.5 fils up and KGL Logistic held steady at 57 fils. Yiaco Medical Co slipped 8 fils to KD 0.140 and Egypt Kuwait Holding Co closed 10 fils in red. Jeeran Holding was flat at 64 fils.

In the banking sector, Gulf Bank was unchanged at KD 0.210 and Ahli United Bank followed suit. Al Ahli bank of Kuwait fell 5 fils to KD 0.360 whereas Commercial Bank of Kuwait was not traded during the session.

Burgan Bank fell 5 fils to 350 fils and Kuwait International Bank clipped 2 fils to close at KD 0.196. Boubyan Bank gave up 5 fil

Arab Times