Kuwait index bounces amid volatile trading – KFH rallies 20 fils;

Americana flat

17/11/2016 05:38 AST

Kuwait stocks pulled higher on Tuesday as it rebounded from the previous day’s fall. The price index climbed 21.95 pts in volatile trade to 5,491.3 points helped by renewed buying in banking and financial shares.

The KSX 15 benchmark jumped 18.36 pts to 878.35 points while weighted index gained 6 pts. The volume turnover meanwhile saw a modest upswing after Monday’s retreat. 127.2 million shares changed hands — a 6.5 pct rise from the day before.

Among the prime movers, Kuwait Finance House rallied 20 fils to 530 fils on back of 4.5 million shares and Commercial Bank of Kuwait too was up by same measure to close at 420 fils. National Bank of Kuwait rose 10 fils with a volume of 6.4 million shares.

Zain rallied 15 fils on back of 7.3 million shares to KD 0.420 and Wataniya Telecom (Ooredoo) gained 20 fils extending an identical rise in the last session. Kuwait Telecommunications Co (VIVA) rose 10 fils and Agility climbed 20 fils with brisk trading.

Investment conglomerate KIPCO rose 10 fils and Sokouk Holding Co stood pat at 32 fils. The company has incurred a net loss of KD 2.26 million and loss per share of 3.96 fils in the first nine months of 2016.

The market opened firm and swung higher in early trade. The main index notched impressive gains before pulling back as selling kicked in. It slipped below the red to bottom at 5,460.48 pts ahead of the half way mark and rebounded back to positive zone. It moved sideways in the second half and closed at the day’s peak.

Top gainer of the day, Al Safat Energy Co rallied 8.4 percent to 32 fils and Aayan Real Estate Co climbed 8 pct to stand next. IFA Hotels and Resorts slid 6.6 percent, the steepest decliner of the day and Securities House Co topped the volume with 8.7 million shares.

National Industries Group, the flagship company of the Kharafi Group, took in 2 fils while Gulf Cable rose 5 fils to 385 fils. Heavy Engineering Industries and Shipbuilding Co fell 2 fils to 154 fils while Contracting and Marine Services Co added 4 fils before settling at 84 fils.

ALAFCO was unchanged at 214 fils and Jazeera Airways Co shed 20 fils. The company has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016 as against net profit of KD 14.47 million and earnings per share of year 34.45 fils in the year before period.

Kuwait Food Co (Americana) was unchanged at KD 2.620 and has rallied 620 fils year-to-date while Humansoft Holding followed suit to end at KD 1.800. Tahsillat and AWJ Holding took in 2.5 fils each and Equipment Holding Co stood pat at 45 fils.

Kuwait and Gulf Link Transport Co inched 0.5 fil up to 48.5 fils and KGL Logistics paused at 75 fils. Burgan Well Drilling Co gained 5 fils Al Qurain Petrochemical Co dialed up 2 fils to close at 212 fils. Boubyan Petrochemical Co dipped 10 fils to 465 fils.

Logged

Kuwait Foundry Co gave up 2 fils and Yiaco Medical Co gained 10 fils to 246 fils. The company has logged a nine-month net loss of KD 2.40 million and loss per share of 13.24 fils as compared to net profit of KD 751,920 and earnings per of 4.13 fils in 9M of 2015.

Mezzan Holding Co rose 10 fils to KD 0.980 while Zimah Holding Co stood pat at 41.5 fils. UPAC dropped 20 fils and Al Rai Media Group Co clipped 2 fils. Salbookh Trading Co eased 2 fils and Ikarus was up 2 fils at 36.5 fils.

In the banking sector, Burgan Bank rose 5 fils to 325 fils on back of over 2 million shares and Kuwait International Bank was up 4 fils at. Ahli United Bank gained 10 fils and Gulf Bank dialed up 2 fils to settle at 236 fils. Boubyan Bank added rose 5 fils to 400 fils and Warba Bank gained 6 fils recouping most of the losses in the day before.

National Investment Co was unchanged at 104 fils while International Financial Advisors inched 0.5 fil into red. Coast Investment Co paused at

Arab Times