KSE bounces 55.42 pts amid late buying spurt – UFIG jumps 40 fils; Ooredoo flat

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KUWAIT CITY, Oct 11; Kuwait stocks staged an impressive rebound on Tuesday stemming the three-day decline. The bourse, after a tame start, jumped 55.42 pts to 5,350.37 points helped by last minute buying spurt in select counters. The sentiment was buoyed by firming oil prices and positive regional cues even as the trading level turned anemic.

The KSX 15 gauge climbed 4 pts to 808.28 points while weighted index edged 1.64 pts up. The volume turnover however saw a pullback to hit the second lowest level in over a month. 36.84 million shares changed hands — a 36.84 pct drop from Monday.

The sectors closed mostly in the green turf. Industrials outshone the rest with 2.77 pct gain whereas insurance shed 0.40 percent, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 37.78 pct while real estate followed with 23.6 percent contribution.

Among the notable movers, National Bank of Kuwait rose 10 fils to KD 0.590 trimming the year’s losses to 210 fils while Al Ahli Bank was up 5 fils erasing the day before losses. United Food Industries Group jumped 40 fils to 170 fils with razor thin volume.

Zain rose 5 fils to 340 fils recouping the fall in the last session while Wataniya Telecom (Ooredoo) stood pat at KD 1.100. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.870 and logistics major Agility too did not budge from its earlier close of 470 fils.

Jazeera Airways gained 10 fils whereas ALAFCO held steady at KD 0.830 with thin volume. The company has posted a net profit of KD 9,940,121 and earnings per share 10.95 Fils in the nine-month period ending June 30, 2016.

The market opened on tame note and slipped briefly into red in early trade. The main index hit the day’s lowest level of 5,289.81 pts before clawing back and hovered around the rim thereafter. It rose sharply in the final minutes amid buying spurt in select counters and closed with strong gains.

Top gainer of the day, UFIG vaulted a whopping 30.7 pct to 170 fils while NCCI soared 25 pct to stand next. FTI slid 6.3 percent, the steepest decliner of the day and Al Madina For Finance and Investment Co topped the volume with 4.6 million shares.

Reflecting the day’s upswing, the winners vastly outnumbered the losers. 44 stocks advanced whereas 17 closed lower. Of the 119 counters active on Tuesday, 58 closed flat. 1,416 deals worth KD 3.2 million were transacted — a 66.2 pct drop in value from the day before.

National Industries Group was unchanged at 108 fils off slight early lows and Gulf Cable followed suit to wind up at 370 fils. Heavy Engineering Industries and Shipbuilding Co paused at 150 fils whereas Shuaiba Paper Industries Co dipped 16 fils to 244 fils.

Kuwait Foundry Co and ACICO Industries were flat at 166 fila and 280 fils respectively while Al Qurain Petrochemical Industries Co took in 2 fils before settling at 196 fils. AWJ Holding Co eased 1 fils to 51 fils extending the losses in the day before.

Equipment Holding Co dialed up 1 fils and Independent Petroleum Group Co leapt 25 fils to 345 fils. The company has clocked a net profit of KD 2.53 million and earnings per share of 17.53 fils in the first half of 2016 as compared to net profit of KD 1,45 million and earnings per share of 10.03 fils in 2015 HI.

Mezzan Holding Co added 10 fis and Zima Holding Co inched 0.5 fils higher. The company has posted a net profit of KD 33,489 and earnings per share of 0.33 fils in the first half of 2016.

Kuwait and Gulf Link Transport Co took in 0.5 fils whereas KGL Logistics Co closed 0.5 fils in green. Kuwait Food Co (Americana) was unchanged at KD 2.560 after pulling lower in the previous session.

In the banking sector, Kuwait Finance House was unchanged at 465 fils while Burgan Bank have up 5 fils before settling at 320 fils. Gulf Bank stood pat at 226 fils and Ahli United Bank followed suit.

Warba Bank stagnated at 164 fils and Boubyan Bank followed suit to wind up at 380 fils. Kuwait International Bank stalled at 184 fils with thin volume.

National Investment Co took in 1 fils and KIPCO too did not budge from its earlier close of 520 fils. Commercial Facilities Co dipped 6 fils while International Financial Advisors inched 1 fils higher to 30 fils. Coast Investment and Finance Co was up 0.5 fils at 42 fils.

KMEFIC and Al Mal Investment Co added 0.5 fils each whereas Osoul Investment Co eased 0.5 fils to 42 fils. Sokouk Holding edged 1 fils up to 30 fils while Securities House Co and Securities Group Co stood pat at 40 fils and 85 fils respectively.

Al Salam and Ektittab Holding were up 2.5 fils each and Amwal closed 0.5 fils in green. Kuwait Insurance Co clipped 2 fils while Warba Insurance Co dialed up 2 fils.

Kuwait Real Estate Co stood pat at 49.5 fils and Mabanee Co followed suit to settle at KD 0.800. United Real Estate Co added 2 fils with thin trading whereas National Real Estate Co eased 1 fils. Mazaya Holding Co paused at 108 fils.

The market has been mixed so far during the week and has gained 30 points in the last three sessions. It has slid 52 pts so far during the month and has shed 4.7 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has posted a net profit of KD 20.659 mln and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year.

Metal and Recycling Co clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.

Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.

Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.

Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.

By John Mathews – Arab Times Staff

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