KUWAIT CITY, July 12: Kuwait stocks nudged higher on Tuesday stemming a two-day fall following rebound in crude oil prices. The price index rose 12.28 points in a lackluster trade to 5,377.75 points even as board remained mixed. The banks sagged while other heavyweights diverged.
The KSX-15 benchmark slipped 3.01 points to 798.57 points while the weighted index eased 0.14 points to 349.05 points. The volume turnover meanwhile rose for a second straight day. 64.9 million shares changed hands, a 3.33 percent gain from the last session.
The sectors diverged during the session. Real estate outshone with 1.12 percent gain while consumer services inched 0.84 percent lower to end the day as the biggest decliner. In terms of volume, financial services notched the highest market share of 29.19 percent.
Among the notable movers, National Mobile Telecommunications Co (Ooredoo) surged 40 fils erasing the losses in the last session. Kuwait Food Co (Americana) advanced 20 fils to close at KD 2.5 whereas Mezzan Holding Co was down by the same amount. Kuwait Portland Cement Co soared 20 fils with thin trading to settle at KD 0.960.
Top gainer of the day, First Dubai For Real Estate Development Co spiked 7.94 percent and Gulf Franchising Holding Co stood next with 6.67 percent gain. The heaviest-traded stock Zima Holding Co tumbled 5.26 percent, the steepest decliner of the day.
The market opened on a very strong footing and ticked higher in early trade. The price index moved sideways thereafter and headed north in the closing moments.
The banking sector sagged as heavyweight National Bank of Kuwait declined 1.75 percent on the back of 5.6 million shares whereas Gulf Bank and Kuwait International Bank inched 2 fils lower each. Ahli United Bank closed flat at 395 fils in this session
Kuwait Finance House stagnated at KD 0.460 while Burgan Bank and Boubyan Bank followed suit at KD 0.325 and KD 0.380 respectively. Warba Bank did not budge from its earlier close of 168 fils whereas shares of Commercial Bank of Kuwait and Al-Ahli Bank of Kuwait were not traded in this session.
Reflecting on the day’s upswing, 41 stocks advanced whereas 30 closed lower. Of the 119 counters active on Tuesday, 48 closed flat. 2,218 deals worth KD 9.95 million were transacted, a jump of 55.60 percent in value from the last session.
In the real estate sector, Mabanee Co added 10 fils paring the losses in the previous session to KD 0.750. Mabanee Company has posted a net profit of over KD 12 million and earnings per share of 13.54 fils in the first quarter ending March 31, 2016 as against a net profit of KD 11,94 million and earnings per share of 13.46 fils in the same period last year.
National Real Estate Co rose 6.1 percent whereas United Real Estate Co gained 5.38 percent and Salhia Real Estate Co was up 5 fils to settle at 380 fils. But Injazzat Real Estate Co eased 2 fils with thin trading and Al-Mazaya Holding Co stagnated at 118 fils.
Aayan Real Estate Co inched 3 fils up on the back of 1.3 million shares and Arkan Al-Kuwait Real Estate Co rose 4 fils. Munshaat Real Estate Projects Co ticked 2 fils and Flex Resort & Real Estate Co was up by the same amount.
Gulf Cable and Electrical Co dropped 10 fils while Heavy Engineering Ind and Shipbuilding Co eased 2 fils to 158 fils. ACICO Industries Co clocked in 5 fils whereas National Industries Group closed flat at 116 fils and Contracting and Marine Services Co followed suit.
Boubyan Petrochemicals Co advanced 10 fils and Independent Petroleum Group was up by the same amount but Qurain Petrochemicals Co stagnated at 190 fils. National Industries Co edged up 2 fils whereas Gulf Glass Manufacturing Co slipped 5 fils with thin trading. Agility closed flat at KD 0.470.
Kuwait Telecommunications Co(VIVA) gave up 10 fils partly erasing the gains on Monday whereas Mobile Telecommunications Co(Zain) stayed flat at KD 0.340. 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 down from net profit of KD 41.11 million and earnings per share of 11 fils in the same period last year.
Automated Systems Co added 5 fils whereas Kuwait & Gulf Link Transport Co shed 4.44 percent and National Cleaning Co also slipped by 1.5 fils. Sultan Centre Food Products Co inched 1 fils up while Arabi Holding Group Co was down by the same amount.
Credit Rating & Collection Co tumbled 5.05 percent whereas Al Mudon Intl Real Estate Co rose 3.51 after trading over 4 million shares. Kuwait Co for Process Plant gained 4 fils while ALAFCO Aviation Lease and Finance stood pat at 202 fils and Energy House Co followed suit.
First Takaful Insurance Co advanced 5.26 percent whereas Kuwait Insurance Co and Warba Insurance Co gave up 5 fils and 4 fils respectively. Commercial Facilities Co was up 2 fils but Kuwait Projects Co stagnated at KD 0.500.
Meanwhile Kuwait Finance Centre gained 4 fils partly erasing its losses in the last session while Bayan Investment Co edged 1.5 fils up on the back of 1.2 million shares. Kuwait Investment Co eased 1 fils to 86 fils and National International Holding Co dived 3 fils.
The market advanced during last week. It has gained 13.18 points from the start of the month and down 4.23 percent year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
By Iliasu Abubakari
Arab Times Staff