RSS
 Add News     Print  
Article List
Photo shows investors at KSE trading floor. The bourse pulled higher on Tuesday
KSE index rebounds 40.41 pts; volume up KFH climbs 10 fils; Americana tumbles

KUWAIT CITY, July 8: Kuwait stocks rebounded Tuesday stemming the three-day decline. The bourse climbed 40.41 pts in a broad advance led by banking sector majors and some of the mid and low caps too shined on bargain buying. The market sentiment earlier in the week was dented by protests called by some of the opposition leaders. The KSX 15 benchmark rose 8.15 pts to 1157.98 points taking the month’s gains to almost 18 points while weighted index edged 2.83 pts higher. The volume turnover meanwhile surged past the 100 million mark helped by speculative buying. 146 million shares changed hands — a 85.64 pct jump from Monday.

The sectors closed mostly in the green zone. Technology outshone the rest with 2.32 pct upswing whereas consumer services slipped 0.49 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 54.85 pct while real estate and insurance trailed with 18.14 percent and 10.43 pct contributions respectively.

Among notable gainers, National Bank of Kuwait rose 10 fils to KD 0.980 and Kuwait Finance House was up by same measure to wind up at KD 0.780. Ahli United Bank climbed 20 fils more than recouping the loss in the previous session. Tamdeen Real Estate gained 15 fils while Ajial Real Estate and Entertainment Co added 6 fils to end at 100 fils. Ikarus Petroleum Industries Co rose 8 fils while Mashaer Holding Co swung 18 fils higher. Kuwait Company For Process Plant Construction was up 10 fils at KD 0.280. Telecom major Zain climbed 10 fils on back of over 1 million shares partly recouping the loss in the day before whereas Wataniya Telecom was not traded during the session. Agility however dropped 30 fils to KD 0.760 taking the month’s losses to 130 fils.

Firm
The market opened firm and nudged up in early trade. The price index continued to rise amid buying in select counters and peaked at 7014.84 pts almost an hour into the session. It sagged briefly before edging higher in the final minutes to close with impressive gains.
Top gainer of the day, Mashaer Holding spiked 10 percent to KD 0.198 and Hilal Cement Co climbed over 9 pct to stand next. Al Nawadi slumped 14.29 pct, the steepest decliner of the day, and Gulf Finance House topped the volume with 20 million shares changing hands.


Reflecting the day’s gain, the market spread was skewed towards the winners. 63 stocks advanced whereas 17 closed lower. Of the 125 counters active on Tuesday, 45 closed lower. 3330 deals worth over KD 13 million were transacted — a 53.27 percent surge in value from the day before.
National Industries Group took in 2 fils to settle at 222 fils and Equipment Holding Co followed suit to end at KD 0.110. Zima Holding gained 10 fils and Hayat Communication Co was up 4 fils at 79 fils.
On the downside, Shuaiba Industrial Co dropped 25 fils to KD 0.290 while Kuwait Food Co ( Americana) tumbled 80 fils. The share had been buoyant on news reports that many investors are eying a stake in the company. However, the company later denied the reports.
ACICO Industries gave up 10 fils to end at KD 0.325 and Gulf Cable was down by same measure. The company has chalked a net profit of KD 6.801 million and earnings per share of 32 fils in the January-March period, soaring from net profit of KD 2.351 million earnings per share of 11 fils in the Q1 of 2013.


Al Nawadi Holding Co shed 18 fils and Jazeera Airways fell 5 fils to KD 0.405. ALAFCO closed flat. The company has recorded a net profit of KD 8.57 million and earnings per share of 11 fils in the first quarter of 2014 as against net profit of KD 13.18 million and earnings per share of 16.91 fils in the same period last year.
National Real Estate Co inched 2 fils up whereas Mabanee Co paused at KD 1.040.
The company has chalked a net profit of KD 12.29 million and earnings per share 16.74 fils in the quarter ending March 30, 2014, down from KD 14.84 million profit and earnings per share of 20.21 fils in the same period last year.
In the banking sector, Gulf Bank was flat at KD 0.335 and Burgan Bank followed suit. Commercial Bank , Al Ahli Bank and Kuwait International Bank were not traded during the session.


Unchanged

Boubyan Bank held the ground unchanged at KD 0.500 after ending lower in the previous session. The banks got a boost last week after Moody’s said in its outlook that the sector remains stable and that it expected local banks’ profitability to recover.
International Finance House inched 1 fils up on back of over 6 million shares whereas National Investment Co and KIPCO were steady at KD 0.152 and KD 0.700 respectively. Coast Investment and Development Co was up 4 fils at 54 fils and Al Tamdeen Real Estate Co paused at KD 0.300.
Bayan Investment Co and Osoul Investment Co stagnated at 72 fils and 71 fils respectively and KAMCO followed suit to end at KD 0.110. Al Salam Group Holding Co rallied 4 fils on back of 3.3 million shares whereas Noor Financial Investment was unchanged at KD 0.114.


The bourse has been mixed so far during the week and has added 3 points in last three sessions. The market has climbed 36 points from start of the month and is trading 7.18 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, United Foodstuff Industries Group has logged a first quarter net profit of KD 435,073 and earnings per share of 13.15 fils, down from KD 140,533 and earnings per share of 4.25 fils in January-March period of 2013.


Kuwait Pipes Industries and Oil Services has chalked a net loss of KD 18.05 million and loss per share of 80.14 fils in the year ended Dec 31, 2013, widening from KD 6.93 million loss and loss per share of 30.77 fils in the same period last year.  Union Real Estate Company has posted a net profit of KD 305,694 and earnings per share of 1.64 fils in the quarter ending March 31, 2014, slightly down from KD 325,634 profit and earnings per share of 1.75 fils in the same period last year.  Amwal International Investment has posted a net profit of KD 189,561 and earnings per share of 2.66 fils in the first quarter of 2014, up from KD 42,848 profit and earnings per share of 0.237 fils in the same period last year.


Kuwait Stock Exchange meanwhile has suspended the following companies for various reasons: Al Maal Investment Co, Kuwait Pipes Industries and Oil Services Co., Al Dar National Real Estate Co, Manafae Investment Company, Taiba Kuwaiti Holding Co., Investors Holding Group Co, Kuwait Business Town Real Estate Co. and National Ranges Company.

By John Mathews
Arab Times Staff


By: John Mathews

Read By: 2509
Comments: 0
Rated:

Comments
You must login to add comments ...
About Us   |   RSS   |   Contact Us   |   Feedback   |   Advertise With Us