KSE bounces 24.28 pts amid ‘renewed’ buying – Ooredoo soars 80 fils; NBK flat

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KUWAIT CITY,  May  11: Kuwait stocks  swung higher on   Wednesday stemming the four-day  fall buoyed by an uptick in oil prices. The  bourse  climbed  24.28 points    to  5376.28 points   amid  renewed buying in select counters.

The   KSX 15   benchmark   rose 1.79 points to  850.27 pts  paring  the  month’s decline  to  13 points while weighted index  edged 1.75 pts higher. The volume  turnover meanwhile   rose  further   extending the   rise in the last session.  146.77 million shares  changed  hands – a 38.02 pct  surge from Tuesday.

The  sectors closed mostly in the green turf. Telecommunications outshone the rest with  2.44 pct  gain whereas   real estate  slipped 0.29 percent, the  worst performer of the day. In terms of volume,  financial services   accounted for the highest market share of  36.3 pct while  real estate stood next with  27.8 percent.  Basic materials  was  a distant third with  9.5 pct  contribution.

Among the standout performers, Kuwait  Food Co (Americana) vaulted  40 fils to  KD 2.380 taking the year’s  gains to  380 fils while United Projects Group  soared 50 fils. Wataniya  Telecom (Ooredoo)  vaulted 100 fils   to  KD 1.220  and is  up 80 fils during the month.

Bourse  heavyweight Zain was unchanged at  345 fils  whereas Kuwait Telecommunications Co (VIVA)  rose 10 fils to KD 0.980  partly paring the   drop in previous session.  Logistics major Agility  was down 10 fils at KD 0.500  with a volume  of  1.3 million.

Investment conglomerate KIPCO  was  flat at  KD 0.530   while  National Investments Company climbed   6 fils  on back of 1.4 million shares. The company   has logged a first quarter net profit   of KD 1.11 million  and  earnings per share  of  1.3 fils  as compared to  net profit  of  over  KD 2  million  and 2.3 fils  in  2015  Q1.

The market opened very flat and then moved  sideways in early trade.

The key index  continued  to  drift listlessly  as  stocks  diverged in a tight range  and   ticked  up   half  way into the  session. It pulled back to the  opening level  in the final minutes  before closing with modest gains.

Top gainer of the day, Ooredoo   rallied  8.93 pct  to KD 1.220  while Automated Systems Co  climbed 8.2 pct to stand   next. Kuwait Cable Vision Co  slid  9.6 percent, the steepest decliner of the day and Gulf Petroleum Investment Co topped the volume with over 10 million shares.

Reflecting the day’s upswing, the market spread  was skewed towards the losers.  56 stocks advanced whereas  33 closed lower. Of the 130 counters active on Wednesday, 41  closed flat.  3414 deals worth KD  12.9 million were transacted , a 40.7 percent surge in value from the day before.

National Industries Group  was unchanged at  124 fils  and RISCO followed suit to end at  305 fils.  Gulf Cable  jumped 25  fils to  KD 0.400  while HEISC was up 10 fils on back of over 1 million shares.  Kuwait Portland Cement stood pat at  KD 1.020.

Jazeera Airways was flat at KD 0.870  whereas ALAFCO  gave up  4 fils after trading over 1 million shares.  Combined Group Contracting Co  slipped 10 fils to KD 0.780   while  Zima Holding and Jeeran Holding Co paused at  43 fils and  72 fils respectively.

Slipped

PAPCO  slipped 9 fils to 99 fils whereas Yiaco Medical Co added 8 fils. The company   has logged a net profit  of   KD 277,732   and  earnings per share   of  1.53 fils in the first quarter of 2016  as against  net profit  of  KD 611,126  and  earnings per share   of  3.36  fils in the same period last year.

Kuwait and Gulf Link Transport Co  inched 1 fils into green  and Mashaer Holding clipped 2 fils to settle at  78 fils.

Boubyan Petrochemical  Co gained 10 fils whereas Gulf Glass Manufacturing Co  was down 15 fils at  KD 0.410. Mezzan Holding stagnated at  KD 1.080.

In the banking sector, National Bank of Kuwait  was unchanged at KD 0.236 and Gulf Bank too did  not budge from the earlier close of  KD 0.236.

Commercial Bank of Kuwait and  Al Ahli  Bank were not traded during the session.

Kuwait Finance House  gained 5 fils on back of  1.6 million shares  and Burgan Bank  paused  at  KD 0.345. The bank  has  registered a net profit  of  KD 14.28 million and  earnings per share   of  4.4 fils in the  first quarter of 2016  as compared to  net profit of   KD 17,53 million and  earnings per share  of  6.0 fils in Q1 of 2015.

Kuwait International Bank  took in 2 fils whereas Boubyan Bank  held steady at KD 0.405.  Warba Bank  rose 2 fils to  176 fils on back of  1.6 million shares. Warba  Insurance Co  gave up 2 fils to end  at 104 fils.

Kuwait Investment Co  and Al Mal Investment Co  inched 1 fils up   each   while    Al  Deera Holding Co dialed up 2  fils.   Bayan Investment Co  and Securities  House Co were flat at  35 fils  and 45 fils respectively  whereas Sokouk  Holding Co  closed 1 fils up.

Salhia Real Estate Co    gained 10 fils   and  Mabanee Company  pulled 10 fils lower.

The company has posted a  net profit   of   over KD 12 million   and earnings per share   of 13.54 fils  as against a  net profit  of  KD 11.94 million  and  earnings per share  of  13.46  fils in the  same period last year.

The  market   has been  mixed   so far during  the week and is up  2   points in last four sessions. It   has  dropped 16   points so far during the month    and  is  down   4.25  pct   year-to-date.  KSE, with 190  listed companies, is the second largest bourse in the  region.

In the bourse related news , Hilal Cement Company  has registered a  net profit  of   KD 415,000   and  earnings per share  of  5.4  fils in  the  first quarter of 2016   rebounding from  a  net loss  of   KD 78,685  and  losses per share of  1.0 fils in  2015  Q1.

Advanced Technology Company   has registered  a  net profit  of  KD 1.53 million and  earnings per share  of  10.25  fils  in the three-month period ending March 31, 2016  as against a  net profit  of   KD 1.15 million  and earnings per share  of  7.69 fils in the same period last year.

Shuaiba Industrial Co.  has posted a net profit  of   KD 629,557  and  earnings per share  of 7.93 f ils in the first quarter of 2016  as compared tonet profit of  KD 444,921 and  Earnings per share 5.65  fils  in the same period last year.

Aqar Real Estate Investments Co  as   penciled a net profit  of  KD 278,860   and  earnings per share 1.30 fils  in the  first three months of 2016   as against a  net profit  of  KD 506,241  and earnings per share  of 2.22 fils in the  same period last year.

Mezzan Holding Co has reported a  net profit  of   KD 5.19 million  and earnings per share  of  16.68 fils in the quarter  ending  March 31, 2016  as against  net profit  of   KD 5.45 million  and  earnings per share  of  17.52 fils in the  same period last year.

By John Mathews – Arab Times Staff

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