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Kuwait index rallies on Americana stake deal – Ooredoo vaults 40 fils; Zain stagnates

KUWAIT CITY, June 19: Kuwait stocks saw solid rebound on Sunday after see sawing in the previous session. The price index rallied 62.67 pts to 5,457.51 pts in a broad buying spurred by Kharafi Group owned Americana’s stake deal.

The KSX 15 gauge jumped 15.75 pts to 8,22.75 points paring the month’s losses to 4 points while weighted index climbed 6.2 pts. The volume turnover meanwhile swelled past the 100 million mark after rising modestly in the last two sessions. 131.69 million shares changed hands — a 39.5 pct surge from Thursday.

The sectors closed mostly in the positive turf. Basic materials outshone the rest with 2.35 percent gain whereas insurance shed 0.19 pct, the biggest loser of the week. In terms of volume, financial services mustered the highest market share of 41.7 pct while real estate and banks trailed behind with 18.5 pct and 14.4 percent contributions respectively.

Among the standout performers, National Bank of Kuwait rallied 20 fils on back of over 8 million shares and Gulf Bank was up 10 fils to 236 fils with a volume of 4.9 million. Mabanee Co gained 20 fils and Tamdeen Real Estate Co jumped 50 fils.

Telecom service provider Zain stood pat at KD 0.345 after trading 2.8 million shares whereas Wataniya Telecom (Ooredoo) vaulted 40 fils to KD 1.180. Kuwait Telecommunications Co (VIVA) gained 20 fils and Agility was up 15 fils at KD 0.490 with a volume of 1.9 million.

KIPCO rose 10 fils to KD 0.510 and Bayan Investment Co inched 1 fil up. The company has incurred a first quarter net loss of KD 199,725 and loss per share of 0.55 fils as compared to net loss of KD 190,494 and loss per share of 0.53 fils in Q1 of 2015.

The market opened on very strong footing as investors piled on stocks amid positive sentiment . The price index moved sideways thereafter and headed further north in the final moments to close with slid gains.

Top gainer of the month, Real Estate Asset Management Co spiked 13.7 pct to 166 fils and Marakez vaulted 13.5 percent to stand close behind. Kuwait Cable Vision Co slid 8 pct, the steepest decliner of the day and Kharafi Group’s flagship company National Industries Group topped the volume with 13.3 million shares.

Reflecting the day’s robust gains, the market spread was heavily skewed towards the losers. 79 stocks advanced whereas 16 closed lower. Of the 119 counters active on Sunday, 24 closed flat. 2,862 deals worth KD 17.2 million were transacted — a 63 percent surge in value from the last session.

National Industries Group rose 10 fils in brisk trading to 122 fils and Kuwait Cement Co climbed 15 fils. Gulf Cable gained 20 fils while Shuaiba Industrial Co and Boubyan Petrochemical Co added 10 fils each.

Jazeera Airways rose 10 fils to KD 0.910 and ALAFCO took in 2 fils to settle at 208 fils. Mezzan Holding Co jumped 40 fils to KD 1.080 and Al Kout Industrial Projects scaled 20 fils. Kuwait Portland however bucked the trend to close 10 fils in red.


 Mezzan Holding Co climbed 40 fils and Burgan Well Drilling Co took in 2 fils. The company has posted a net profit of KD 2,36 million and earnings per share of 11.32 fils in the year ending March 31, 2016 and the BOD also recommended distributing 5% bonus shares.

Combined Group Contracting Co was unchanged at KD 0.780 and United Projects Group followed suit. Kuwait and Gulf Link Transport Co was flat at 48 fils and Automated Systems Co closed 5 fils lower. Qurain Petrochemical Industries Co was unchanged at 206 fils.

Zima Holding inched 0.5 fils up on back of 1.3 million shares and Kuwait Foundry Company added 10 fils. The company has penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January- March period.

In the banking sector, Kuwait Finance House was up 5 fils at KD 0.465 and Ahli United Bank was up by same measure to end at KD 0.405. Commercial Bank of Kuwait climbed 10 fils to KD 0.430. 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.

Burgan Bank rose 10 fil to KD 0.315 and Al Ahli Bank added 5 fils. Boubyan Bank stagnated at KD 0.395 and Warba Bank followed suit. Kuwait International Bank dialed up 2 fils to close at 196 fils.

Kuwait Investment Co eased 1 fil to 84 fils and International Financial Advisers inched 0.5 fil higher on back of 3.2 million shares. National Investment Co dropped 5 fil whereas Alsalam Group Holding Co and Sokouk Holding Co closed flat.

Kuwait Financial Centre ( Markaz) took in 1 fil and KFIC closed 2 fils in green. Al Mal Investment Co dialed up 2.5 fils on back of 1.9 million shares and Tamdeen Investment Co gained 5 fils.

Noor Financial Investment Co took in 1.5 fils to settle at 43 fils. National Real Estate Co was up 1 fil at 89 fils and Al Mazaya Holding Co nudged 2 fils into green.

The market was mixed during last week. The key index closed lower in three of the five sessions and shed 16 points week-on-week. It has gained 56 points from the start of the month and is down 2.81 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Sanam Real Estate Company has announced a net profit of KD 9,856 and earnings per share of 0.08 fil in the first quarter of 2016 rebounding from net loss of KD 111,398 and losses per share of 0.92 fil in the same period last year.

The Energy House Co haa recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co. has posted a net profit of KD 629,557 and earnings per share of 7.93 fils in the first quarter of 2016 as compared to net profit of KD 444,921 and earnings per share 5.65 fils in the same period last year.

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews

Arab Times Staff

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