KSE index rebounds as volume picks up – NBK rises 10 fils; Humansoft slips 40 fils

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KUWAIT CITY, June 27: Kuwait stocks saw a solid rebound on Monday after suffering big losses in the previous session on the backdrop of Britain’s vote to leave the European Union. The price index rose 18.22 pts to close at 5,366.14 pts helped by speculative buying in select counters.

The KSX-15 index climbed 4.77 pts to 806.03 pts. The weighted index gained 1.46 pts to 351.19 pts. The volume turnover meanwhile edged up by 0.2 pct for a second day in a row with 110.3 million shares changing hands.

The sectors closed mostly in the positive turf. Parallel market outshone the rest with 1.19 pct gain after trading 2.3 million shares up 690.58 pct whereas real estate was up 1.04 pct to stand next. Consumer goods shed 0.10 pct the weakest performer of the day.

In the individual shares, Tamdeen Real Estate Co gained 30 fils to KD 0.540 erasing the lose it suffered on Sunday whereas Kuwait Portland Cement Co plummeted 50 fils to 940 fils. Humansoft Holding Co slipped further by 40 fils to stand at KD 1.420 and Combined Group Co dived 60 fil in thin trading.

Top gainer of the day, International Financial Advisers rose 9.62 pct to 28.5 fils on the back of 3.57 million shares and Ajwan Gulf Real Estate Co surged 8.33 pct. Ekttitab Holding Co gained 7.35 pct to 36.5 fils while Specialities Group Holding was up 7.25 pct recouping the losses in the previous session. In terms of volume, Hits Telecom Holding Co climbed 6.85 pct to top the volume with 12.7 million shares.

Americana gained 20 fils to stand at KD 2.480 partly erasing the losses on the previous day. Mezzan Holding Co was also up 20 fils and Agility ended flat at KD 0.475. Salhia Real Estate Co climbed 10 fils to KD 0.370

ACICO Industries Co rose 15 fils to settle at 295 fils. ACICO Industries Co has clocked a net profit of KD 3.85 million and earnings per share of 14.11 fils in the first quarter of 2016 as compared to net profit of KD 3.94 million and earnings per share of 14.46 fils in same period of 2015.

The market opened with a sharp rise and moved sideways in early trade. The price index continued to search for direction as investors remained cautious. It hit the day’s lowest level of 5,346.23 pts before clawing back into the green zone at close.

In the banking sector, National Bank of Kuwait rose 10 fils erasing the drop in the previous session to KD 0.590 whereas Burgan Bank lost 5 fils to erase Sunday gains. Kuwait Finance House and Boubyan Bank each climbed 5 fils. Gulf Bank rose 2 fils to 232 fils whereas Kuwait International Bank, Commercial Bank of Kuwait and Ahli United Bank closed flat. Warba Bank was unchanged at 168 fils and Al-Ahli Bank of Kuwait shed 5 fils while Ithmaar Bank edged up 0.5 fils to 36 fils.

The top loser of the day, Kuwait Cable Vision slipped 11.11 pct to settle at 20 fils while Gulf Franchising Holding Co dropped 6.41 pct to 36.5 fils. Mushrif Trading & Contracting Co was down 4 fils in thin trading whereas National International Co shed 3 fils and A’ayan Leasing & Investment Co edged down 4.48 pct to close at 32 fils on the back of 12.2 million shares.

Reflecting on the day’s uptick, the winners outshone the losers as 54 stocks advanced whereas 26 closed lower. Of the 113 counters active on Monday, 33 closed flat. 2,573 deals worth KD 10.0 million were transacted, down 18.80 pct from Sunday.

Kuwait Projects Co stayed flat at KD 0.500 whereas United Real Estate Co was up 3 fils and Kuwait Cement Co shed 10 fils to settle at 375 fils. Meanwhile, Munshaat Real Estate Co and First Dubai for Real Estate Development rose 2 fils each. MENA Real Estate Co inched up 1 fils.

Gulf Cable and Electricals Co gained 15 fils to close at KD 0.395 erasing the loses in the previous session whereas Kuwait & Gulf Link Transport Co slipped 2 fils in thin trading. Kuwait Co for Process Plant rose 6 fils while Energy House Co was up 2.5 fils.

Zain shed 5 fils after trading 3.2 million shares and Wataniya (Ooredoo) and VIVA held steady at KD 1.160 and KD 0.930 respectively. Hayat Communications Co was up 2.5 fils and Jazeera Airways Co gained 10 fils to stand at 910 fils in thin trading.

Boubyan Petrochemicals Industries Co was up 5 fils to settle at KD 0.490 partly erasing the loses in the previous day and Qurain Petrochemical Industries Co was down 2 fils to 196 fils while Oula Fuel and Soor Fuel too did not budge from their earlier close of 100 fils and 108 fils respectively.

By Iliasu Abubakari

Arab Times Staff

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