Kuwait soars 206.03 pts in broad rally; volume up – Biggest single day

24/01/2017 07:21 AST

Kuwait’s bourse soared in a broad rally on Sunday led by financial shares. The price index surged 206.03 pts — to 6,641.78 points — the biggest single day gain in 23 months. The market mood was markedly bullish even as liquidity breached fresh multi-year highs.

The KSX 15 gauge vaulted 25 pts to 969.8 points taking the month’s gains to 84 points while weighted index jumped 10.7 pts. The volume turnover meanwhile surged closer to 900 million mark. 891 million shares changed hands — a 8.5 pct rise from the day before.

All sectors barring one closed in green zone. Financial sector outshone the rest with 4.99 pct surge whereas parallel market slipped 0.10 percent, the only loser of the day. In terms of volume, financial services garnered the highest market share of 38.2 percent while real estate stood next with 31 pct contribution.

Among the prime movers, Kuwait Finance House rallied 30 fils to 610 fils on back of 11.6 million shares while Burgan Bank gained 20 fils. Investment major KIPCO surged 20 fils with a volume of 4.8 million while UPAC zoomed 50 fils.

Zain climbed 20 fils on back of 26.3 million shares while Wataniya Telecom (Ooredoo) stood pat at KD 1.180. Kuwait Telecommunications Co (VIVA) rose 10 fils to 910 fils and Agility vacillated in a narrow range before ending flat at 690 fils.

Kuwait Food Co (Americana) shed 20 fils and Jazeera Airways paused at 680 fils. The airline 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.

The market opened firm and headed north in early trade. The main index continued to rally amid brisk trading across the sectors to peak at 6,644.77 pts before closing with whopping gains.

Top gainers of the day, Gulf Bank and GIH surged 9.8 pct each to close at 280 fils and 56 fils respectively whereas Hilal Cement Co slid 8.33 pct, the steepest decliner of the day. Investors Holding Group topped the volume with 78 million shares.

Mirroring the day’s strong performance, the winners led the losers 14 to 1. 133 shares advanced whereas 9 closed lower. Of the 156 counters active on Sunday, 14 closed flat. 14,265 deals worth KD 94.26 million were transacted — 49.68 pct increase in value from the day before.

National Industries Group rallied 10 fils to 150 fils in brisk trading and Gulf Cable gained 25 fils. Contracting and Marine Services Co fell 4 fils while Heavy Industries and Shipbuilding Co added 10 fils. Boubyan Petrochemical Co was up 20 fils.

Kuwait Foundry Co rose 8 fils to 238 fils and Kuwait National Cinema Co gained 20 fils. NICBM and Equipment Holding Co added 4 fils each whereas Humansoft Holding Co shed 20 fils.

KCPC and Yiaco climbed 10 fils each to close at 188 fils and 270 fils respectively while OSOS gained 10 fils. Kuwait and Gulf Transport Co rose 3 fils on back of 12.4 million shares and KGL Logistics Co added 5 fils with a volume of over 12 million shares.

Climbed

Mezzan Holding climbed 20 fils to 960 fils recouping last session’s losses and Zimah Holding Co was up 5 fils at 63 fils. Independent Group Co was up 5 fils and PAPCO followed suit.

Al Rai Media Group rose 6 fils to 140 fils and Shuaiba Industrial Co gained 10 fils The company has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M.

Kuwait Cement Co was flat at 980 fils and RISCO followed suit. The company has posted a net profit of KD 4.64m and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016.

In the banking sector, National Bank of Kuwait was unchanged at 680 fils off slight early highs while Commercial Bank of Kuwait and Al Ahli Bank climbed 5 fils each to close at 425 fils and 330 fils. Ahli United Bank paused at 330 fils. Boubyan Bank added 5 fils before settling at 415 fils and Kuwait International Bank dialed u

Arab Times