Kuwaiti stock market ends 26.31 pts higher–KFH gains 10 fils;KIPCO fla

10/11/2016 05:32 AST

Kuwait stocks swung higher on Tuesday extending the gains to fourth consecutive day tracking the regional peers. The key index, after a wobbly start, rallied 26.31 pts to 5,469.55 points led by strong buying in some of the heavyweights.

The KSX 15 benchmark climbed 4.87 pts to 8,46.58 pts taking the month’s gains to 20 points while weighted index edged 1.27 pts higher. The volume turnover meanwhile rose for the fourth straight session driven mostly by speculative trading. 171 million shares changed hands — a 3.43 pct rise from the day before.

The sectors closed mostly in the green turf. Healthcare outperformed the rest with 2 pct gain whereas consumer goods slipped 0.66 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 30.8 percent and financial sector stood next with 29 pct contribution.

Among the standout performers, Kuwait Finance House rallied 10 fils on back of 6.5 million shares and Boubyan Bank was up 5 fils at 400 fils. National Investment Co took in 2 fils to settle at 108 fils and International Financial Advisers inched 1 fils higher with a volume of 4.4 million shares.

Zain rose 5 fils to 410 fils after trading 5.6 million shares while Kuwait Telecommunications Co (VIVA) stood pat at KD 0.860 off early highs. Logistics major Agility gained 10 fils whereas Wataniya Telecom (Ooredoo) was not traded during the session.

National Bank of Kuwait gave up slight early gains to close unchanged at KD 0.600 and Ahli United Bank slipped 5 fils to 310 fils. The bank has registered a nine-month net profit of KD 39.13 mln and earnings per share of 25.1 fils.

The market opened weak and edged lower in early trade. The price index plumbed the day’s lowest level of 5,434.57 pts before rebounding back to green territory. It continued to climb thereafter amid brisk buying in select counters and closed with modest gains.

Top gainer of the day, KMEFIC vaulted 12.2 pct to 23 fils and First Dubai rallied 10 pct to stand next. KPPC slid 7.5 percent, the steepest decliner of the day and Al Mudon topped the volume with 11.2 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the winners. 66 stocks advanced whereas 29 closed lower. Of the 130 counters active on Tuesday, 35 closed flat. 4,174 deals worth KD 22 million were transacted — a 21 pct rise in value from the day before.

National Industries Group was unchanged at 112 fils off early highs with a volume of 3.9 million and Gulf Cable added 5 fils to settle at 385 fils. Kuwait Cement Co too rose 5 fils whereas Kuwait Portland Cement stood pat at KD 0.960 with razor thin trading.

Jazeera Airways was flat at KD 0.820 whereas Kuwait Food Co (Americana) shed 20 fils. Jazeera 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 a s against net profit of KD 14.47 million and earnings per share of year 34.45 fils in the year before period.

Stalled

Kuwait Gulf Link Transport Co stalled at 47.5 fils and KGL Logistics inched 1 fils into green. Al Kout slid 30 fils whereas Boubyan Petrochemical Co and Gulf Glass Manufacturing Co gave up 5fils each.

Mezzan Holding Co tumbled 40 fils to KD 1.000 and Zimah Holding Co dialed up 1.5 fils. Equipment Holding Co inched 0.5 fils up and Kuwait National Cinema Co scaled 10 fils.

NAPESCO and Humansoft Holding Co paused at KD 0.780 and KD 1.840 respectively whereas IFA Hotels and Resorts dropped 10 fils to 150 fils. Mowasat Hospital Co gained 10 fils and Yiaco followed suit to wind up at 226 fils.

Kuwait Foundry Co climbed 6 fils and Al Qurain Petrochemical Industries Co was up 6fils at 216 fils has registered a net profit of KD 10.48 mln and earnings per share of 10.08 fils in the January-September period as compared to net profit of KD 6.61 million

Arab Times