KSE price index bounces 18.91 pts; volume swells – Commercial Bank climbs 15 fils; Ooredoo flat
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KUWAIT CITY, Sept 6: Kuwait stocks swung higher on Tuesday stemming the four-day decline. The price index, after a tame start, climbed 18.91 pts to 5,399.71 points helped by bargain buying in select counters. Most of the banks and telecom service providers shone while rest of the board closed mixed.
The KSX 15 measure rose 2.17 pts to 805.07 points taking the month’s gains to 4 points while weighted index was up 1.17 pts. The volume turnover meanwhile rebounded from the multi-month lows plumbed earlier in the week. 57.4 million shares changed hands — a 62.9 pct surge from the day before
Among the notable gainers, Commercial Bank of Kuwait climbed 15 fils to KD 0.310 and Gulf Bank added 4 fils to settle at 228 fils after edging lower in the previous session. Kuwait Food Co (Americana) held the ground at KD 2.440.
The sectors closed mostly in the green territory. Telecommunications outpaced the rest with 1.41 percent gain whereas oil and gas dropped 0.29 pct, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 53 pct while real estate and oil and gas trailed far behind with 13.5 pct and 8.4 percent contributions respectively
Zain rose 5 fils to KD 0.325 and Wataniya Telecom (Ooredoo) stood pat at KD 1.060 after posting strong gains on Monday. Kuwait Telecommunications (VIVA) climbed 20 fils to KD 0.910 and logistic major Agility gave up 10 fils to end at KD 0.450.
National Investment Co gained 4 fils and Kuwait Projects Company swung 10 fils into red. The company has registered a net profit of KD 28 million and earnings per share of 18.30 fils in the January-June period.
The market opened on tame note and moved sideways in early trade. The key index continued to drift listlessly along the rim as investors toed caution and picked up pace in the final minutes to close with modest gains.
Top gainer of the day, Amwal Investment Co jumped 7.8 pct to 20.5 fils and Sanam Real Estate Co stood close behind with 7 pct rise. AWJ Holding slid 7.94 percent, the steepest decliner of the day and Al Mal topped the volume with 6.8 million shares.
Reflecting the day’s upswing, the market spread was skewed towards the winners. 49 stocks advanced whereas 17 closed lower. Of the 109 counters active on Tuesday, 43 closed flat. 1923 deals worth KD 5.7 million were transacted — a 71.6 pct jump in value from the day before.
National Industries Group, the flagship company of the Kharafi Group, took in 2 fils and Gulf Cable climbed 10 fils to 375 fils. NICBM rose 10 fils to 220 fils an National Ranges Co (Mayadeen) stood pat at 28.5 fils after trading over 1 million shares.
Kuwait Foundry Co paused at 164 fils and Refrigeration Ind. and Storage Company followed suit. The company has registered a net profit of KD 2.99 million and earnings per share of 30.50 fils in the first half of 2016 up from net profit of KD 2.12 million and earnings per share of 22.38 fils in the same period last year.
Steady
Equipment Holding Co dialed up 1 fil and Kuwait National Cinema Company held steady at KD 0.940. The company has posted a net profit of KD 4.93 million and earnings per share of 52.35 fils as against a net profit of KD 5,98 million and earning per share of 62.65 fils in the same period last year.
ACICO Industries Co slipped 5 fils to 280 fils and IFA Hotels and Resorts closed 4 fils in red. Zimah Holding was unchanged at 40 fils and Mezzan Holding too did not budge from its earlier close of KD 1.020. KGL Logistics Co stood pat at 70 fils.
UPAC shed 10 fils whereas Jazeera Airways Co was up 10 fils at KD 0.840. The airline has clocked a net profit of KD 5.99 million and earnings per share of 29.96 fils as compared to net profit of KD 6.21million and earnings per share of 14.80 fils in HI of 2015.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.590 and Al Ahli Bank gave up 5 fils to close at 310 fils. Ahli United Bank was up 5 fils at KD 0.390 while Burgan Bank stood pat at KD 0.325 off slight early lows.
Kuwait Finance House held steady at KD 0.460 and KIB dialed up 2 fils. Boubyan Bank rose 5 fils to 385 fils and Warba Bank closed 4 fils higher.
Kuwait Investment Co eased 1 fil and Commercial Facilities Co took in 2 fils to wind up at 172 fils. Securities House Co and Securities Group Co were flat at 46 fils and 85 fils respectively while KMEFIC inched 1 fil down to 38 fils.
Aayan Investment and Bayan Investment Co took in 0.5 fil each whereas Noor Financial Investment Co stagnated at 40 fils. Amwal Investment Co rose 1.5 fils while Sokouk Holding Co and Warba Insurance Co paused at 32 fils and 108 fils respectively.
Stood
Kuwait Real Estate Co and United Real Estate Co were unchanged at 50 fils and 102 fils respectively and Mazaya Holding too did not budge from its earlier close of 110 fils. Mabanee Co stood pat at KD 0.790.
The market has been mixed so far during the week and has slipped 10 points in last three sessions. It had dipped 31 pts during whole of August and is down 3.84 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 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 fil 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.
Arab Times Staff
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