Kuwait bourse ends up in volatile trade–Ooredoo jumps 40 fils,KFH flat

23/11/2016 05:22 AST

Kuwait stocks swung higher on Monday recouping most of the losses in the last session. The price index climbed 10.44 points in volatile trade to 5517.75 points paced by buying in select counters. The sentiment however was largely muted in absence of fresh catalysts.

The KSX 15 gauge eased 1.97 points to 869.85 pts trimming the month’s gains to 43 pts while weighted index inched 0.14 pts into green. The volume turnover meanwhile shrank for the second consecutive day. 136 million shares changed hands – a 9.4 percent drop from Sunday.

The sectors closed mixed. Healthcare outpaced the rest 1.52 pct gain whereas banks slipped 0.59 percent, the worst performer of the day. Volume wise, financial services notched the highest market share of 32.82 pct and real estate stood close behind 32,4 pct contribution

Among the day’s movers, investment conglomerate KIPCO rose 10 fils to 510 fils whereas Mabanee Co dropped 10 fils to 840 fils taking the year’s losses to 100 fils. Burgan Bank gave up 5 fils to settle at 320 fils and Ahli United Bank followed suit.

Zain was unchanged at 410 fils with a volume of 2.8 million shares and Wataniya Telecom (Ooredoo) jumped 40 fils. Kuwait Telecommunications Co (VIVA) was unchanged at 870 fils off slight early gains and Agility slipped 10 fils to 530 fils after trading over 3 million shares.

National Bank of Kuwait paused at 640 fils with a volume of 2.3 million shares and Ahli United Bank followed suit. The bank has registered a nine-month net profit of KD 39.13 mln and earnings per share of 25.1 fils.

The market opened flat and slipped into red in early trade. The main index dipped further to bottom at 5493.02 points almost an hour into the session amid weak sentiment. It clawed back to green thereafter and drifted sideways past the mid-session before revving up in the final minutes to close with modest gains.

Top gainer of the day, Automated Systems Co jumped 8 percent to 270 fils while Yiaco rallied 7.94 pct to stand next. Safat Global slid 6.67 percent, the steepest decliner of the day and Abyaar Real Estate Co topped the volume with over 13 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 33 stocks advanced whereas 52 closed lower. Of the 127 counters active on Monday, 42 closed flat. 3061 deals worth over KD 16 million were transacted – a 2.3 pct drop in value from the day before National Industries Group, the flagship company of the Kharafi Group, was unchanged at 118 fils whereas Gulf Cable gave up 5 fils to wind up at 375 fils. Gulf Glass Manufacturing Co climbed 10 fils an NICBM was up 6 fils at 196 fils.

Kuwait Foundry Co fell 4 fils to 172 fils and RISCO closed flat. The company has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016.

ACICO Industries Co rose 5 fils to 265 fils and Alrai Media Group Co stood pat at 140 fils. The company has logged nine- month net profit of KD 2.94 million and earnings per share of 12.701 fils as compared to net profit of KD 4.72 million and EPS of 20.386 fils in the year before period.

Scaled

Kuwait Food Co (Americana) was unchanged at KD 2.620 and Humansoft Holding Co scaled 40 fils to close at KD 1.860. Jazeera Airways gained 10 fils partly recouping Sunday’s fall while ALAFCO clipped 2 fils before settling at 214 fils. AWJ Holding rose 4 fils to 63 fils.

Kuwait National Cinema Co fell 10 fils to KD 0.940 whereas EK Holding and GFH rose 10 fils each to end at 166 fils and 160 fils each. Zimah Holding Co was unchanged at 41 fils and Mezzan Holding Co was up 10 fils at KD 0.990.

Equipment Holding Co paused at 42.5 fils and Boubyan Petrochemical Co too did not budge from its earlier close of 465 fils. Kuwait and Gulf Link Transport Co eased 1 fil to 51 fils and KGL Logistics followed suit to end at 51 fils.

Arab Times