Kuwait stocks climb 11.79 pts;volume up–NBK gains 10 fils;American dip

13/06/2016 02:08 AST

Kuwait stocks headed north on Sunday after posting modest gains in the previous week. The price index climbed 11.79 points in lackluster trade to 5,422.39 pts helped by speculative buying in select counters even as the board remained mixed.

The KSX 15 gauge rose 1.2 pts to 815.85 points trimming the month’s losses to 11 points while weighted index edged 0.75 pts lower. The volume turnover meanwhile rebounded after receding in the last two sessions. 82.8 million shares changed hands – a 21.5 pct rise from Thursday.

The sectors closed mostly in the green turf. Basic materials outshone the rest with 3.38 pct gain whereas real estate shed 0.17 pct, the weakest performer of the day. In terms of volume, financial services mustered the highest market share of 48.28 pct while real estate and consumer services trailed far behind with 13.3 percent and 8.78 pct contributions respectively.

In the individual shares , sector bellwether National Bank of Kuwait rose 10 fils to KD 0.620 recouping the drop in the last session whereas Mabanee Co was down 10 fils at KD 0.790. Kuwait Food Co (Americana) slid 40 fils to KD 2.020 taking the month’s losses to 120 fils.

Zain was unchanged at KD 0.345 off early lows and Kuwait Telecommunications Co (VIVA) followed suit to wind up at KD 0.940. Agility rose 5 fils to KD 0.490 whereas Wataniya Telecom (Ooredoo) was not traded during the day.

KIPCO stood pat at KD 0.520 and KAMCO too did not budge from its earlier close of 80 fils. The company has clocked a net profit of KD 135,150 and earnings per share of 0.57 fils in the three-month period ending March 31, 2016.

The market opened on subdued note and moved sideways in early trade. The main index drifted along the opening mark in absence of catalysts and closed with an uptick.

Top gainer of the day, Energy House Co jumped 9.8 percent to 56 fils while Al Danah Foodstuff Co climbed 9.6 pct to stand close behind. KSHC shed 5.9 percent, the steepest decliner of the day and Al Salam topped the volume with 14.2 million shares.

Mirroring the day’s uptick, the winners outled the losers. 35 stocks advanced whereas 29 closed lower. Of the 118 counters active on Sunday, 54 closed flat. 1991 deals worth KD 6.8 million were transacted — a 0.74 pct rise in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, was unchanged at KD 0.112 and Gulf Cable too held steady at KD 0.400 off early lows. Kuwait Portland Cement Co pulled up from early losses to end flat at KD 1.000 whereas ACICO Industries Co dropped 15 fils.

Jazeera Airways paused at KD 0.920 whereas Mezzan Holding Co gained 20 fils to settle at KD 1.060. Al Kout Industrial Projects Co climbed 30 fils to KD 0.630 whereas NICBM was unchanged at KD 0. 210. Gulf Glass Manufacturing Co stood pat at KD 0.250.

Independent Petroleum Group Co scaled 15 fils with thin trading and Automated Systems Co was up 5 fils at KD 0.395. Qurain Petroleum Industries Co vacillated in a tight range before closing unchanged at 208 fils and Boubyan Petrochemical Co gained 20 fils.

Humansoft Holding stood pat at KD 1.380 whereas City Group Company jumped 50 fils. The company has registered a net profit of KD 1.84 million and earnings per share of 16.35 fils in the January- March period of 2016.

Kuwait and Gulf Link Transport Co inched 0.5 fils lower while KGL Logistics Company clipped 2 fils. The company has logged a net profit of KD 1.83 million and earnings per share of 3.11 fils in the 3-month period ending March 31, 2016.

PAPCO paused at 106 fils off early lows and Zima Holding took in 0.5 fils on back of 5.6 million shares. Gulf Petroleum Investment was up 0.5 fils at 44 fils whereas Burgan Well Drilling Co stagnated at 86 fils.

In the banking sector, Gulf Bank was flat at 218 fils whereas Commercial Bank of Kuwait shed 15 fils.

Arab Times