Kuwait index rebounds 16.73 pts in ‘dull’ trade – NBK gains 10 fils;

KIPCO flat

01/09/2016 05:07 AST

Kuwait stocks headed north on Tuesday stemming the four day decline. The bourse climbed 16.73 points in lackluster trade to 5,421.43 pts helped by bargain buying at select counters. The banks and most of the heavyweights remained mostly muted.

The KSX 15 benchmark rose 4.64 pts to 806.57 points trimming the year’s losses to 78 pts while weighted index edged 1.82 pts higher. The volume turnover meanwhile rebounded after Monday’s drop. 64.2 million shares changed hands — a 33.78 pct jump in the day before.

The sectors closed mostly in the green turf. Banks outperformed the rest with 0.96 pct gain whereas consumer goods was down 1.56 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 38.04 pct while real estate and banks trailed far behind with 18 pct and 19 percent contributions respectively.

Among the prime movers sector bellwether National Bank of Kuwait rose 10 fils to KD 0.580 and is down 220 fils year-to-date and Mabanee Co too recouped Monday’s losses with a 10 fils gain. Kuwait Financial Centre (Markaz) added 4 fils with thin trading to settle at 85 fils.

Zain was unchanged at KD 0.325 after trading 1.6 million shares and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.020. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.910 and Agility was up 5 fils at KD 0.470 recouping the losses in the last session.

KIPCO was unchanged at KD 0.540 and National Investments Company followed suit.NIC has logged a net profit of KD 1.76 million and earnings per share of 2.10 fils in the six-month period ending June 30, 2016.

The market opened on a tame note and moved sideways in early trade. The main index continued to drift along the rim as shares traded mixed and ticked up in the final minutes before closing with modest gains.

Top gainer of the day, Aqar Real Estate Co spiked 16 pct to 65 fils and Kuwait Cable Vision Co climbed 10.8 pct to stand next. Al Danah Foodstuff Co sank 8 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with over 7 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the winners. 47 stocks advanced whereas 19 closed lower. Of the 112 counters active on Tuesday, 46 closed flat. 1463 deals worth KD 6.3 mln were transacted — a 28.4 percent increase in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, was flat at 114 fils and Kuwait Foundry Co took in 2 fils after posting an identical loss in the last session. Gulf Cable rose 5 fils with thin trading and ACICO stood pat at 290 fils.

Kuwait Food Co (Americana) paused at KD 2.440 off early lows and Kuwait Cement Company followed suit. The company has posted a net profit of KD 12.16 million and earnings per share of 17.06 fils in the six-month period ending June 30, 2016.

Eased

Kuwait and Gulf Link Transport Co inched 0.5 fil up and KGL Logistics Company eased 1 fil. The company has posted a net profit of KD 3.76 million and earnings per share of 6.36 fils in the first half of 2016 up from net profit of KD 3.49 million and earnings per share of 5.82 fils in the same period last year.

Equipment Holding Co stagnated at 45 fils and Independent Petroleum Group Co followed suit. The company has clocked a net profit of KD 2.53 million and earnings per share of 17.53 fils in the first half of 2016 as compared to net profit of KD 1.45 mln and EPS of 10.03 fils in 2015 HI.

Boubyan Petrochemical Co gained 5 fils whereas AWJ Holding Co clipped 2 fils. PAPCO gave up 6 fils and Al Qurain Petrochemical Co took in 2 fils. Zimah Holding Co inched 0.5 fil into green and Mezzan Holding Co swung 20 fils higher to KD 1.040.

In the banking sector, Gulf Bank was unchanged at 226 fils and Burgan Bank followed suit. Kuwait Finance Hous

Arab Times