KUWAIT CITY, June 28: Kuwait stocks ticked higher on Tuesday as markets stabilize post-Brexit vote. The price index climbed 9.07 pts to close at 5,375.21 pts as investors piled on stocks amid rebound in oil prices.
The KSX-15 index soared 11.75 pts to 817.78 pts. The weighted index rose 3.37 pts to 354.56 pts. The volume turnover meanwhile continued to rise in the last two sessions as 123.9 million shares changed hands, a 12.30 pct surge from Monday.
The sectors closed mixed. Basic materials outshoxzsssssa e the rest with 2.08 pct gain, banks edged up 1.13 pct to stand next. Parallel market dropped 0.80 pct to end the day as the biggest decliner. In terms of financial services topped with 48.78 pct market share while telecommunications and banks trailed far behind with 14.84 pct and 12.29 pts contributions respectively.
Among the notable movers, National Bank of Kuwait jumped 20 fils to KD 0.620 on the back of 3.2 million shares. Americana gave up 20 fils to close at KD 2.460 whereas Kuwait Portland Cement Co gained same amount to settle at KD 0.960, partly erasing the losses in the previous session.
Burgan Bank was up 15 fils after trading over 8 million shares whereas Kuwait Finance House rose 5 fils and Boubyan Bank was down by the same amount. Gulf Bank gained 4 fils to KD 0.236 while Al-Ahli Bank of Kuwait, Ahli Bank Bank, Warba Bank and Kuwait International Bank were unchanged. Commercial Bank of Kuwait shares were not traded.
The market opened firm and ticked higher in early trading. The price index moved sideways and headed north in the final moments to close with slight gains.
Top gainer of the day, Al-Kout Industrial Projects Co soared 50 fils to KD 0.700 whereas Ekttitab Holding Co rose 6.85 pct to settle at 39 fils after over trading 11 million shares. Zima Holding Co rose 5.75 pct while Hayat Communications Co and Hits Telecom Holding Co jumped 5.49 pct and 5.13 pct respectively. In terms of volume, Al-Salam Group Holding Co topped with 23.3 million shares.
Commercial Facilities Co gained 4 fils while Kuwait Projects Co climbed 10 fils to 510 fils. Kuwait Projects Company has recorded a first quarter net profit of KD 13.5 million and earnings per share of 7.45 fils as compared to net profit of KD 11,99 million and earnings per share of year 6.31 fils in the same period last year.
Tamdeen Real Estate Co tumbled 10 fils whereas Mabanee Co jumped by the same amount to settle at KD KD 0.770. National Real Estate Co and Salhia Real Estate Co closed flat. Kuwait Real Estate was down 1 fils to 94 fils whereas United Real Estate closed 1 fils up.
Reflecting on the day’s uptick, the winners outshone the losers as 36 stocks gained whereas 27 closed down. Of the 101 counters active on Tuesday, 38 closed flat. 2,515 deals worth KD 11.7 million were transacted, a rise of 16.82 pct from the previous session.
Top loser of the day, Ajwan Gulf Real Estate Co plunged 7.69 pct to stand at 30 fils whereas Gulf Franchising Holding Co shed 6.85 pct and Al-Deera Holding Co was down 5.26 pct to 36 fils. Mena Real Estate Co slipped 4.76 pct and Mushrif Trading & Contracting Co tumbled 4.69 pct to close at 61 fils.
Kuwait Insurance Co slipped 5 fils whereas Gulf Cable and Electrical Co dived 5 fils to settle at 390 fils. National Industries Group shed 2 fils. The Group has recorded a first quarter profit of KD 386,000 and earnings per share of 0.3 fils as against net profit of KD 5.91 million and earnings per share of 4.5 fils in the same period last year.
In the telecommunication sector, Zain gained 5 fils recouping the losses in the previous session while VIVA closed flat KD 0.930 and Wataniya(Ooredoo) shares were not traded in this session.
Hayat Communications Co gained 2.5 fils whereas ALAFCO Aviation Lease And Finance and Energy House Co inched up 2 fils each. Jazeera Airways Co did not budge from its earlier close of 910 fils. GFH Financial Group was down 2 fils while INOVEST rose 2 fils in thin trading.
Qurain Petrochemical Co shed 2 fils whereas Boubyan Petrochemical Industries Co and Ikarus Petroleum Industries Co held steady at 490 fils and 40 fils respectively. Oula Fuel dropped 2 fils and Soor Fuel was unchanged from its previous close of 108 fils.
Agility stood pat KD 0.475 whereas Salbookh Trading Co climbed 3 fils to stand at 70 fils. ACICO Industries Co and Automated Systems Co were unchanged. Osos Holding Group Co and Sultan Centre Food Products Co slipped 2 fils each.
Kuwait & Gulf Link Transport Co rose 2 fils in thin trading. Kuwait & Gulf Link Transport Co has recorded a net profit of KD 494,405 and earnings per share of 1.87 fils in the quarter ending March 31, 2016 rebounding from net loss of KD 721,250 and losses per share of 2.73 fils in the same period last year
By Iliasu Abubakari
Arab Times Staff