KSE 'swings' 37.99 pts higher; volume ticks up - Americana rallies 80

01/03/2016 06:07 AST

Kuwait stocks headed north on Sunday after eking modest gains during previous week. The price index climbed 37.99 points to 5,212.68 pts helped by moderate buying in select counters. The heavy weights were largely subdued even as investors look for fresh catalysts.

The KSX 15 gauge rose 1.48 points to 839.67 pts taking the month's gains to 12 points while weighted index inched 0.81 pts higher. The volume turnover meanwhile ticked up after receding in the last session. 137.49 million shares changed hands - a 8.93 percent rise from Thursday.

The sectors closed mostly in the green turf. Technology outshone the rest with 2.27 percent gain whereas healthcare shed 0.71 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 38.4 percent whereas real estate stood next with 31.9 percent contribution.

Among the notable movers, Kuwait Food Co (Americana) rallied 80 fils to KD 2.220 extending the gains from previous session and United Projects Group climbed 50 fils. Sector bellwether, National Bank of Kuwait gave up slight early gains to close flat at KD 0.730.

Telecom services provider Zain rose 5 fils on back of 1.8 million shares whereas Wataniya Telecom (Ooredoo) held the ground steady at KD 1.180. Kuwait Telecommunications Co (VIVA) climbed 10 fils to KD 0.960 and Agility stood pat at KD 0.425.

Jazeera Airways was unchanged at KD 0.830 after vacillating earlier in the session whereas ALAFCO slipped 4 fils. The company has posted net profit of KD 3.014 million and earnings per share of 3.68 fils in the first quarter ended on Dec 31, 2015 as compared to net profit of KD 4.32 mln and earnings per share of 5.28 fils in the same period last year.

The market opened firm and edged higher in early trade. The main index continued to rise gradually amid moderate buying in select counters and peaked at 5,216.45 points in the final minutes. It pared back slightly before closing with impressive gains.

Top gainer of the day, Gulf Investment House rallied 11.9 pct to 23.5 fils and Future Communications Co Global climbed 10 percent to stand close behind. Massaleh Real Estate Co slumped 8.47 percent, the steepest decliner of the day and BIIHC topped the volume with 12.7 million shares.

Reflecting the day's upswing, the market spread was skewed towards the winners. 70 stocks advanced whereas 27 closed lower. Of the 134 counters active on Sunday, 37 closed flat. 3,213 deals worth over KD 8 million were transacted - a 37 pct dip in value from the day before.

National Industries Group, the flagship company of Kharafi Group, rose 2 fils to 116 fils whereas Gulf Cable closed flat at KD 0.340. ACICO Industries Co dropped 15 fils to KD 0.265 and Kuwait Packaging Materials Manufacturing Co followed suit to end at KD 0.325. Boubyan Petrochemical Co eased 5 fils to KD 0.445.

Steady
Kuwait and Gulf Link Transport Co inched 0.5 fils higher to 42 fils and KGL Logistics Co added 3 fils. Humansoft Holding Co was steady at KD 0.750 and Combined Group closed flat. Yiaco Medical Co gave up 10 fils while Zima Holding and Jeeran Holding gained 3 fils each.

Equipment Holding Co took in 1 fils whereas Kuwait Portland Cement Co closed flat. The company has posted a net profit of KD 4.82 million and earnings per share of 50.50 fils during the full year of 2015 as compared to net profit of KD 8.26 million and earnings per share of 86.56 fils. The Board of Directors has recommended 50 percent cash dividends in addition to 5 pct bonus shares.

Mezzan Holding Co climbed 20 fils to KD 1.040 while Salbookh Trading Co added 3 fils. Educational Holding Group gained 10 fils and IFA Hotels and Resorts Co followed suit. Ikarus Petrochemical Industries Co took in 2 fils to settle at 82 fils.

In the banking sector, Gulf Bank was flat at KD 0.204 off slight early lows and Commerci