KSE index rebounds amid bargain buying – Mabanee Co soars 40 fils; Zain flat

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KUWAIT CITY, Jan 19: Kuwait stocks staged a modest rebound on Tuesday, stemming the sharp losing streak which knocked over 500 points off the main index amid heavy sell-offs. The bourse climbed 29.57 pts to 5084.21 points helped by bargain buying across the sectors even as oil prices saw a slight recovery.

The KSX 15 benchmark rose 6.6 pts to 797.09 pts trimming the month’s losses to 87 points while weighted index nudged 2.31 pts higher. The volume turnover meanwhile  bounced after slipping below the 200 million mark in the last session. 180.9 million shares changed hands — a 49.9 pct surge from Monday.

The sectors closed mostly in the green turf. Parallel market outshone the rest with 2.90 pct gain whereas healthcare shed 0.48 pct, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 38.2 pct and real estate stood next with 27.47 percent contribution.

Among the standout performers, Al Ahli Bank jumped 25 fils to KD 0.345 and Mabanee Co soared 40 fils to KD 0.830 recouping the losses in last session and is down 110 fils from start of the month. Kuwait National Cinema Co vaulted 50 fils to KD 0.940.

Zain was unchanged at KD 0.325 after trading 3.2 million shares off early lows and trading 25 fils lower from start of the month while Wataniya Telecom (Ooredoo) was unchanged at KD 1.060. Kuwait Telecommunications Co (VIVA) too stagnated at KD 0.990 off early lows.

Agility rose 5 fils to KD 0.405 after trading 1.4 million shares. The company has won Capital Markets Authority’s approval for its request to buy back or sell up to 10% of own shares over a period of 6 months.

The market opened flat but swung higher in early trade amid spurt in bargain buying. It drifted listlessly as investors toed caution and rose slightly in second half to peak at 5090.98 pts . It however pared back some of the gains in the final minutes before closing with modest uptick.

Top gainer of the day, Manazel Holding Co rallied 12.12 pct to 18.5 million on back of 11.9 million shares and Ajwan Gulf Real Estate Co climbed 11.9 pct to stand close behind. Marakez slid 12.2 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 18.33 million shares.

Reflecting the day’s upswing the winners vastly outnumbered the losers. 73 stocks advanced whereas 28 closed lower. Of the 128 counters active on Tuesday, 27 closed flat. 4,438 deals worth KD 16.7 million were transacted – a 39 pct increase in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, rose 5 fils on back of 1.17 million shares whereas Kuwait Cement Co shed 20 fils to settle at KD 0.350. Gulf Cable gained 15 fils and Kuwait Portland Cement swung 20 fils higher to KD 1.000.

Jazeera Airways tumbled 40 fils to KD 0.780 and whereas Gulf Cement Co and Kuwait Resorts Co rose 5 fils each. Kuwait and Gulf Link Transport Co nudged 1.5 fils higher and KGL Logistics Co eased 1.5 fils to end at 47 fils.

Clipped

Zima Holding clipped 2 fils and Soor Fuel Marketing Co closed 4 fils higher. Jeeran Holding Co closed flat. The company has logged a net profit of KD 477,353 and earnings per share of 3.5 fils in the nine-month period ending Nov 30, 2015 rebounding from a net loss of KD 5.72 million and loss per share of 42.06 fils in the same period of 2014.

Boubyan Petrochemicals Co added 5 fils and Qurain Petrochemical Industries and Co closed 2 fils higher. Equipment Holding Co was flat at 53 fils . Combined Group Contracting Co dipped 10 fils to KD 0.770 whereas Nafais Holding Co gained 10 fils.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.700 after trading over 4 million shares and Kuwait Finance House too did not budge from its earlier close of KD 0.455 with a volume of over 6 million. Commercial Bank of Kuwait was not traded during the session.

Ahli United Bank shed 15 fils whereas Kuwait International Bank added 8 fils to settle at KD 0.450. Burgan Bank rose 5 fils on back of over 1 million shares and Commercial Bank of Kuwait was not traded during the day. Boubyan Bank paused at KD 0.405.

National Investment Co gained 3 fils and Kuwait Investment Co was up by same measure. Commercial Facilities Co climbed 10 fils to KD 0.160 and KIPCO held steady at KD 0.520 after trading 1.7 million shares. Osoul Investment closed 2.5 fils in green.

Al Aman Investment Co and Securities House Co added 2.5 fils each whereas KMEFIC closed flat. Ektittab Holding and Sokouk Holding rose 2.5 fils each whereas KFIC clipped 2.5 fils.

Noor Financial Investment gained 4 fils . The company has logged a net profit of KD 59,909 and earnings per share of 0.15 fils in the nine-month period ending 30 Sept 2015 as against net profit of KD 3.97 million and earnings per share of 9.8 fils in the same period last year.

The market has been largely downbeat so far during the week and has slid 180 points in last three sessions. It has tumbled 562 points so far during the month and is down 9.46 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Al-Mowasat Health Care Co has posted a net profit of KD 3.34 million and earnings per share of 32.89 fils in the year ending Dec 31, 2015 as against net profit of KD 2.005 million and earnings per share of 19.73 fils in the same period last year. The Board of Directors has recommended 15% cash dividend.

Gulf Insurance Group has been granted the approval by Capital Markets Authority on Jan 7, 2016 to buy back or sell a maximum of 10% of its shares for 6 months from date of the approval.

Al-Enmaa Real Estate Co has posted a net profit of KD 4.38 million and earnings per share of 9.73 fils for the year ending Dec 31, 2015 as compared to net profit of KD 3.36 million earnings per share of 7.47 fils in the year before .

Al Safat Real Estate Co has incurred a net loss of KD 53,673 and loss per share of 0.22l fils in the period ending Oct 31, 2015 as compared to net profit of KD 96,933 and earnings per share of 0.40 fils in the same period of 2014.

Strategia Investment Co has won the Capital Markets Authority’s approval for the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.

By John Mathews

Arab Times Staff

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