KSE swings 44.57 pts higher; volume drops – Americana jumps 40 fils; NBK flat

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KUWAIT CITY, April 26: Kuwait stocks rebounded on Tuesday after slipping into red in the previous session. The price index climbed 44.57 points to 5,403.29 points helped by strong speculative buying in select counters. The heavyweights however were mostly subdued.

The KSX 15 measure rose 3.3 points to 859.5 points taking the month’s gains to 9 points while weighted index edged 1.28 points higher. The volume turnover meanwhile shrank after the two-day rise. 150.2 million shares changed hands — a 14 pct drop from Monday.

The sectors closed mostly in the positive zone. Technology outshone the rest with 3 percent gain whereas basic materials shed 0.39 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 43.3 percent and real estate followed with 31.3 percent contribution.

Among the prime movers, Kuwait Food Co ( Americana) bounced 40 fils to KD 2.500 partly recouping Monday’s decline while Gulf Cable climbed 25 fils to KD 0.375. United Projects Group rose 20 fils.

Zain held the ground unchanged at KD .0355 off slightly early highs while Wataniya Telecom (Ooredoo) shed 20 fils. Zain has posted a net profit of KD 37.25 million and earnings per share of 10 fils in the quarter ending March 31, 2016.

Kuwait Telecommunications Co (VIVA) stood pat at KD 1.000 whereas logistics major Agility added 10 fils on back of 1.87 million shares to settle at KD 0.500.

Sector bellwether National Bank of Kuwait was unchanged at KD 0.660 and Commercial Bank of Kuwait gave up 5 fils. The bank has logged a net profit of KD 7.76 million and earnings per share of 5.2 fils in the first quarter of 2016 as against a net profit of KD 6.32 million and earnings per share of 4.5 fils in the same period last year.

The market opened on tame note and moved sideways in early trade. The price index swung higher thereafter as buying picked up in select counters and peaked at 5,404.29 points before closing with hefty gains.

Top gainer of the day MENA Holding Co rallied 9.3 pct to 23.5 fils while United Food Industries Group climbed 7.6 percent to stand next. Ras Al Khaimah White Cement Co slid 6 percent, the steepest decliner of the day and Sokouk Holding Co topped the volume with over 11 million shares.

Mirroring the day’s upswing, the market spread was skewed towards the losers. 59 stocks advanced whereas 59 closed lower. Of the 130 counters active on Tuesday, 50 closed flat. 3852 deals worth KD 11.6 million were transacted — a 10.8 pct increase in value from the day before.

National Industries Group was flat at 144 fils and Kuwait Cement Co followed suit to end at KD 0.380. Kuwait Foundry Co was unchanged at 188 fils and ACICO Industries added 5 fils to close at KD 0.280. Equipment Holding Co inched 1 fils into green.

Jazeera Airways rebounded from early lows to close 10 fils higher at KD 0.890 and IFA Hotels and Resorts Co was up by same measure. PAPCO stood pat at 110 fils and Mashaer Holding gained 4 fils. Automated Systems gained 15 fils.

Jumped

Independent Petroleum Group rose 5 fils and Humansoft Holding Co jumped 50 fils to KD 0.880. The company has posted a net profit of KD 6.19 million and earnings per share of 51 fils in the quarter ending March 31, 2016, soaring from net profit of KD 3.07 million and earnings per share of year 25 fils in the same period last year.

Kuwait and Gulf Links Transport Co was flat at 48 fils and Al Nawadi Holding Co too stagnated at 75 fils. Gulf Petroleum Investment Co was unchanged at 43 fils and Mezzan Holding followed suit.

Qurain Petrochemical Industries Co clipped 2 fils to settle at 206 fils and Boubyan Petrochemical Co stagnated at KD 0.520. Zima Holding inched 0.5 fils into red.

In the banking sector, Gulf Bank rallied 6 fils on back of 2.3 million shares whereas Ahli United Bank and Al Ahli Bank were steady at KD 0.425 and KD 0.335 respectively. Kuwait International Bank eased 2 fils to 198 fils.

Burgan Bank and Boubyan Bank slipped 5 fils each to KD 0.330 and KD 0.405 respectively whereas Kuwait Finance House added 5 fils. Warba Bank took in 2 fils to close at 178 fils.

Investment conglomerate KIPCO paused at KD 0.550 whereas KAMCO rose 5 fils to 91 fils. The company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015.

Securities House Co and Securities Group Co were unchanged at 48 fils and 82 fils respectively and KMEFIC too did not budge from its earlier close of 26 fils. First Investment Co took in 2 fils and Gulf Investment House was up by same measure.

Bayan Investment Co and Al Deera Holding Co were up 1.5 fils each while KFIC stood pat at 36 fils. Noor Financial Investment Co inched 0.5 fils higher each whereas Warba Insurance Co closed flat.

Mabanee Co and Al Mazaya Holding Co paused at KD 0.850 and 124 fils respectively while National Real Estate Co took in 1 fils.

The market has been buoyant so far during the week and has rallied 59 points in last three sessions. It has soared 173 points from start of the month but is down 3.77 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news , Investors Holding Group Co has incurred a first quarter net loss of KD 28,553 and loss per share of 0.05 fils as compared to net loss same of KD 73,809 loss per share of 0.12 fils in 2015 Q1.

Gulf Investment House has clocked a net loss KD 6.085 and losses per share of 37.07 fils in the year ending Dec 31, 2015 as compared to net loss of KD 1.62 million and losses per share of 10.42 fils in 2014.

Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.

Salhia Real Estate Company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 fils as compared to net profit of KD 11.42 million and earnings per share of 23.07 fils. The Board of Directors has recommended 20 pct cash dividends.

Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends.

By John Mathews

Arab Times Staff

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