Kuwait Bourse Rebounds 42.05 Pts; Volume Soars

United Projects Group Spikes 50 Fils; Zain Flat

16/01/2014 11:48 AST

Kuwait stocks rebounded on Wednesday, stemming the three-day decline. The price index jumped 42.05 points to 7665.14 points helped by last minute spurt in buying. The market sentiment was markedly positive even as investors rejiged their positions ahead of the quarterly earnings. The KSX 15 benchmark eased 1.43 pts to 1062.97 points while weighted index edged 0.26 pts lower. The volume turnover meanwhile surged to cross the 700 million mark for the first time in almost 4 months. 704.67 million shares changed hands — a 73.87 percent rise from the day before. The sectors closed mostly in the positive side. Oil and gas outperformed the rest with 1.49 percent gain whereas telecommunication slid 1.68 pct, the biggest loser of the day. In terms of volume, industrials accounted for the highest market share of 31.11 percent while real estate was close behind with 31 percent. Financial services came in third with 27.70 percent contribution.

Among the notable movers, United Projects Group spiked 50 fils to KD 0.760 while Kuwait Food Co (Americana) climbed 20 fils recouping the loss in the previous session. Gulf Petroleum Investment Co added 4 fils on back of 22.37 million shares while Gulf Franchising Holding Co was up 5 fils. Kuwait Cement Co rose 5 fils and NAPESCO vaulted 30 fils to KD 0.360. The company has posted a net profit of KD 2.64 million and earnings per share of 47.50 fils in the nine-months period ending September 30, 2013. NICBM climbed 5 fils and Equipment Holding Co ticked 2 fils higher with a volume of 1.82 million shares. Telecom major Zain was unchanged at KD 0.680 off early lows whereas Wataniya Telecom gave up 20 fils to settle at KD 1.780. Agility shed 20 fils after clocking 3.71 million shares and the stock has eased 10 fils from start of the month.

Drifted
The market opened flat and moved sideways in early trade. The price index drifted lower briefly to hit the day’s lowest level of 7622.25 pts and clawed back again to the opening level. It continued to trade in tight range before revving up in the in final minutes to close with strong gains. Top gainer of the day, Investors Holding Group vaulted 9.43 percent to 29 fils and Iskan Holding (Housing Finance Co) climbed 7.58 pct to stand next. KAMCO slid 7.58 percent, the steepest decliner of the day while Mayadeen topped the volume with 179.87 million shares. Mirroring the day’s rebound, the market spread was skewed towards the gainers. 65 stocks advanced whereas 40 closed lower. Of the 153 counters active on Wednesday, 48 closed flat. 9424 deals worth KD 49.95 million were traded — a 45.96 pct jump in value from the day before.

KGL Logistics Co was unchanged at KD 0.255 after trading over 1 million shares whereas Kuwait & Gulf Link fell 2 fils to KD 0.104. The company has incurred a net loss of KD 815,921 and loss per share of 3.09 fils in the first nine-months of 2013, narrowing from KD 5.79 million loss and 21.92 fils LPS in the year before period. On the downside, Burgan Well Drilling Co fel1 10 fils and IFA Hotels and Resorts followed suit to end at KD 0.260. PAPCO slipped 6 fils to KD 0.120 whereas ALAFCO closed flat at KD 0.270 and Safwan Trading and Contracting Co was down 25 fils at KD 0.460.

Gulf Glass Manufacturing Co dived 50 fils to KD 0.670 ACICO Industries Co shed 10 fils. Kuwait Cable Vision Co inched 1 fils lower. The company has incurred a net loss of KD 284,136 and loss per share of 9.47 fils in the January-September period of 2013. ALAFCO too held steady at KD 0.275 off early lows.

Kuwait Portland Cement closed flat and Gulf Cables followed suit. The company has earned KD 9.06 million and clocked an earnings per share of 43 fils in the first nine-months of 2013 as compared with net profit of KD 10.54 million and earnings per share of 50 fils in the same period last year.

Arab Times