KSE price index bounces 47.49 pts; volume soars -Zain rallies 25 fils; KIPCO flat

This news has been read 4462 times!

KUWAIT CITY, Oct 25: Kuwait stocks swung sharply higher on Tuesday extending the gains to fifth straight session. The price index jumped 47.49 pts in a broad rally to 5,389.01 pts led by banks and other blue chips even as the sentiment got a fillip from firming oil prices.

The KSX 15 gauge soared by a whopping 19.75 pts to 831.38 points taking the month’s gains to 17 points while weighted index climbed 6.53 pts. The volume turnover meanwhile more than doubled to hit a fresh multi-month high. 178 million shares changed hands- a 118 pct surge from Monday.

The sectors closed mostly higher. Telecommunications outshone the rest with 2.33 pct gain whereas consumer services shed 0.58 percent, the worst performer of the week. In terms of volume, financial services accounted for the highest market share of 30.5 pct while banks trailed with 27.7 percent contribution.

Among the notable gainers National Bank of Kuwait rallied 20 fils on back of 9.4 million shares while Kuwait Finance House was up 10 fils at KD 0.480 with a volume of 7.3 million shares. Kuwait Portland Cement recouped Monday’s fall with a 30 fils jump to KD 0.930.

Wataniya Telecom (Ooredoo) was unchanged at KD 1.060 off early highs and Kuwait Telecommunications Co (VIVA) too did not budge from its earlier close of KD 0.830. Agility was up 10 fils at 480 fils.

Sector heavyweight Zain soared 25 fils to 410 fils on back of 14.86 million shares. The company has recorded a net profit of KD 124.47 mln and earnings per share of 32 fils in 9M, 2016.

The market opened on a tame note and slipped briefly into red. The main index plumbed the day’s lowest level of 5,338.78 pts and rebounded strongly amid brisk buying across the board. It drifted sideways in the second half before rising further in final minutes to close with solid gains.

Top gainer of the day, GNAHC vaulted 8.62 pct to 31.5 fils while Hits Telecom rallied 7.14 pct to stand next. Al Rai Media Co slid 6.76 percent, the steepest decliner of the day and Warba Bank topped the volume with 22.8 million shares.

Mirroring the day’s upswing, the market spread was heavily skewed towards the winners. 75 stocks advanced whereas 12 closed lower. Of the 123 counters active on Tuesday, 36 closed flat. 4280 deals worth KD 31 million were transacted — a 189 pct surge in value from the day before

National Industries Group, the flagship company of the Kharafi Group, rose 4 fils on back of 2.8 million shares while Gulf Cable climbed 20 fils to KD 0.405. Boubyan Petrochemical Co gained 15 fils whereas Heavy Engineering Industries and Shipbuilding Co stood pat at 156 fils.

Jazeera Airways added 10 fils recouping the losses in the last session while ALAFCO dialed up 2 fils before settling at 218 fils. Humansoft Holding Co climbed 20 fils to KD 1.620 with thin trading and Independent Petroleum Group gained 25 fils. Kuwait Food Co (Americana) was unchanged at KD 2.620 and IFA Hotels and Resorts gained 10 fils. Mezzan Holding Co rose 20 fils to KD 1.020 and Zimah Holding Co took in 1.5 fils. Kuwait National Cinema Co slipped 10 fils to KD 0.950.

Clipped

Kuwait and Gulf Link Transport Co was flat at 47 fils while KGL Logistics Co clipped 2 fils. Future Kid slipped 6 fils to 98 fils and ACICO Industries Co paused at 285 fils. Kuwait Foundry Co was up 4 fils at 172 fils.

Equipment Holding Co inched 1 fil up and Al Qurain Petrochemical Co climbed 6 fils to 206 fils. Salbookh Trading Co dialed up 2 fils and Energy Holding Co ticked 1 fil lower to 43 fils.

In the banking sector, Gulf Bank rose 4 fils to 232 fils and Commercial Bank climbed 10 fils. Al Ahli Bank added 5 fils whereas Ahli United Bank stood pat at KD 0.380. Kuwait International Bank gained 6 fils on back of 2.7 million shares and Burgan Bank was up 5 fils at 325 fils.

Warba Bank rose 6 fils with brisk trading and Boubyan Bank climbed 10 fils. The bank has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending Sept 30, 2016.

Kuwait Investment Co was unchanged at 83 fils and Commercial Facilities Co added 4 fils. International Financial Advisors inched 0.5 fils up and National Investment Co took in 2 fils. KIPCO paused at 500 fils.

KFIC and Al Mal Investment were up 0.5 fil each and Coast Investment Co dialed up 2 fils. Securirties House Co took in 1 fil and Al Deera Holding followed suit to wind up at 34.5 fils.

Bayan Investment Co rose 1.5 fils whereas KAMCO gave up 2 fils to settle at 116 fils. Sokouk Holding and Noor Financial Investment Co added 2 fils each and Al Madina closed 1.5 fils in green. Kuwait Insurance Co gained 10 fils.

Mabanee Co and Al Mazaya Holding were unchanged at KD 0.800 and 108 fils respectively whereas Kuwait Real Estate Co held steady at 50 fils. National Real Estate was up 4 fils at 82 fils and United Real Estate Co closed flat.

The market has been buoyant so far during the week and has rallied 67 points in last three sessions. It has slipped 10 pts so far during the month and has retreated 4 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, RISCO has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016 as against a net profit of KD 3.22 million and earnings per share of 32.39 fils in the same period of 2015.

Jeeran Holding Co has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Ajwan Gulf Real Estate Co has incurred a net loss of KD 71,423 and loss per share of 0.97 fil in the first nine months of 2016 as compared to net profit of KD 44,278 and earnings per share of 0.60 fil in the 2015, 9M.

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.

By John Mathews – Arab Times Staff

This news has been read 4462 times!