Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- KSE Resumes Rally With 88.87 Pts Gain  Join our daily free Newsletter

MENAFN - Arab Times - 19/09/2013
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab Times) Kuwait stocks resumed the uptrend Wednesday after slipping into a trough in the day before. The index climbed 88.87 points in a slightly volatile trade helped by renewed buying in some of the mid and lows caps. The market sentiment was cautiously positive even as the blue chips remained mostly muted. The KSX 15 benchmark rose 1.69 pts to 1,084.66 points and has 75 pts from start of the year while weighted index edged 1.33 pts higher. The volume turnover meanwhile receded below the 700 million mark from the multi-month high reached in the previous session. 631.83 million shares changed hands - a 16.47 percent drop from Tuesday.

The sectors closed mostly higher. Healthcare outled the rest with 2.89 percent rally whereas basic materials slipped 0.57 pct- the worst performer of the day. Volume wise, real estate accounted for the highest market share of 40.28 pct while financial services and industrials followed with 31.65 percent and 17.84 percent respectively. IFA Hotels and Resorts spiked 50 fils with thin trading while Kuwait National Cinema Co climbed 20 fils to KD 1.020 extending the gains from the previous session. Automated Systems rose 10 fils and National Industries Co followed suit to wind up at KD 0.270. National Industries Group rallied 10 fils on back of over 2 million shares and RISCO was up by same measure to end at KD 0.310. Kuwait Cement Co added 5 fils and Equipment Holding Co notched an identical gain. ALAFCO too rose 5 fils and the counter saw 0.74 million shares change hands.

Bourse bellwether Zain was unchanged at KD 0.700 after gyrating in a tight range and the stock has added 20 fils from start of the month. Wataniya Telecom stagnated at KD 1.920 off early highs and Agility too gave up slight early gains to close flat at KD 0.700. The stock is trading 190 fils higher year-to-date.
The market opened flat and edged higher in early trading. The index retreated and moved sideways past the mid-session as investors toed caution. It however revved up in the final minutes amid brisk buying in select counters and closed with hefty gains. Top gainer of the day, Al Deera Holding spiked 9.26 pct to 59 fils while IFA Hotels and Resorts soared 8.77 percent to stand next. Al Deera has posted a first half net profit of KD 2.83 million and earnings per share of 3.81 fils. Al Alaqaria slid 8.47 pct, the steepest decliner of the day and Mayadeen topped the volume with over 96 million shares.

Mirroring the day's upswing, the winners widely outnumbered the losers. 77 stocks advanced whereas 25 closed lower. Of the 149 counters active on Wednesday, 47 closed flat. 11645 deals worth KD 48.15 million were transacted - down 16.14 percent in value from the day before. Among other movers, Kuwait Cables Vision Co rose 3 fils while Gulf Petroleum Investment Co gained 10 fils with razor thin trading. The company is planning to increase its capital through issuing 100 million cash shares at 100 fils/ share with no premium fees. Metal and Recycling Co took in 2 fils and Combined Group Contracting Co rallied 20 fils to KD 1.240. The company has made a net profit of KD 3.88 million and earnings per share of 36.56 fils, falling from KD 4.08 million profit and 38.45 EPS in the year earlier period.

Jazeera Airways held the ground steady at KD 0.530 and Gulf Cabls too did not budge from its earlier close of KD 1.020. The firm has earned KD 8.46 million and chalked earnings per share of 40 fils in 2013 H1 as compared with KD 9.83 million profit and earnings per share of 47 fils in the year earlier period. Kuwait Foundry Co was unchanged at KD 0.365 and Kuwait Portland Cement followed suit. The company has registered a net profit of KD 4.89 million and earnings per share of 53.82 fils in the first half of 2013, rising slightly from KD 4.74 million and 52.18 fils in the year before period.

In the banking sector, National Bank of Kuwait was flat at KD 0.910 after trading 1.67 million shares and Gulf Bank followed suit. The lender has won Central Bank of Kuwait's approval to buy back or sell up to 10 percent of own issued shares over an additional period of 6 months. Al Ahli Bank stagnated at KD 0.490 and Ahli United Bank pulled up from early lows to end steady at KD 0.720. Kuwait International Bank took in 5 fils. Burgan Bank paused at KD 0.800 and Kuwait Finance House too clawed back from shallow trough to end flat at KD 0.800. The stock has rallied 90 fils from start of the month while year-to-date, it has added a meager 10 fils. Boubyan Bank was down 10 fils. Kuwait Investment Co eased 2 fils to KD 0.126 whereas International Financial Advisers rallied 5 fils on back of 21.69 million shares. National Investment Co took in 2 fils whereas KIPCO gave up early gains to stagnate at KD 0.550.

Securities Group climbed 5 fils to KD 0.122 and KMEFIC too was up by same measure. Bayan Investment Co rose 3 fils with a volume of 4.8 million whereas KAMCO retreated 4 fils. Kuwait Financial Centre (Markaz) was unchanged at KD 0.152. The bourse has been buoyant so far during the week and has rallied 222 pts in last four sessions. The index has gained 177 points so far during the month and is trading over 21.8 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Al Safat Real Estate has earned KD 153,821 while earning per share stood at 0.64 fils. This compares with KD 796,533 net loss and loss per share of 3.32 fils in the year ago period.

Al-Enmaa Real Estate has posted a net profit of KD 1.21 million and chalked earnings per share of 2.7 fils in the 9 month period ending July 31, 2013. This compares with KD 740,814 earnings and 1.6 fils EPS in the year before period. Boubyan Petrochemicals has earned KD 385,295 in the quarter ending 31 July 2013 and chalked earning per share of 0.81 fils, as compared to KD 101,000 profit and 0.21 fils EPS in the year ago period. Securities Group has earned KD 155,245 in the quarter ending June 30, 2013 and earnings per share of 0.61 fils rebounding from KD 1.88 million net loss and loss per share of 7.39 fils in 2012 Q2.

Kuwait Stock Exchange earlier in August has suspended the trading of the following companies earlier last month for failing to submit the financial results in the stipulated time. Al Iskan Finance Co, Kuwait Commercial Markets Complex Co, Al Safwa Holding Group , Alimtiaz Investment Group Co, Industrial & Financial Investments Co., Flex Resorts & Real Estate Co, Securities Group Co, Wethaq Takaful Insurance Co, Kuwait Pipes Industries & Oil Services Co, Al Shamel International Holding Co and Jeeran Holding Co.


Arab Times

  MENA News Headlines
 Nov 25 2015 - Saudi Smart Boat innovation honored in Copenhagen 2 RiyadhSaudi Press Agency
(MENAFN - Saudi Press Agency) Al-Shamakhi went on to say that he also provided his smart boat with special submerging telecommunication means attached to the boat's draft using sound waves to ...

 Nov 25 2015 - Saudi- Custodian of Two Holy Mosques receives Speakers of GCC Shura Representatives and National CouncilsSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh Safar 13 1437 November 25 2015 SPA -- The Custodian of Two Holy Mosques King Salman bin Abdulaziz Al Saud received at Al-Yamamah palace in Riyadh today the ...

 Nov 25 2015 - Kuwaiti Crown Prince receives GCC Ministers of Commerce and IndustrySaudi Press Agency
(MENAFN - Saudi Press Agency) Kuwait 13 Safar 1437 AH November 25 2015 SPA -- Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah the Crown Prince of Kuwait received here today the Ministers of Commerce and ...

 Nov 25 2015 - Saudi- Custodian of the Two Holy Mosques receives Executive President and Founder of World Economic ForumSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh 13 Safar 1437 AH November 25 2015 SPA -- The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received at Al-Yamamah Palace here today the ...

 Nov 25 2015 - Crown Prince heads Saudi delegation to GCC Interior Ministers meetingSaudi Press Agency
(MENAFN - Saudi Press Agency) Doha afar 13 1437November 25 2015SPA -- Crown Prince Mohammed bin Naif bin Abdulaziz Al Saud Deputy Premier and Minister of Interior arrived here today to head the ...

 Nov 25 2015 - Speakers of GCC Shura Representatives and National Councils meet in Riyadh 2 RiyadhSaudi Press Agency
(MENAFN - Saudi Press Agency) Addressing the meeting the Speaker of Shura Council Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Sheikh welcomed the Speakers of Shura Representatives National and ...

 Nov 25 2015 - Saudi- Dr. Abdullah Al Rabiah receives Swiss ambassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh Safar 13 1437 November 25 2015 SPA -- Dr. Abdullah bin Abdulaziz Al-Rabi'ah Advisor at the Royal Court and General Supervisor for Riyadh-based King Salman ...

 Nov 25 2015 - Saudi- National Guard Minister receives French AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh Safar 13 1437 November 25 2015 SPA -- Prince Miteb bin Abdullah bin Abdulaziz Minister of National Guard received here today the ambassador of France to the ...

 Nov 25 2015 - Germany plans to send 650 troops to MaliSaudi Press Agency
(MENAFN - Saudi Press Agency) Berlin Safar 13 1437 November 25 2015 SPA -- The German government plans to send up to 650 troops to Mali to help with the peacekeeping mission in the West African ...

 Nov 25 2015 - Turkey- G20 Communiqu: " The fight against terrorism is a major priority "The Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Following the two-day summit in Antalya Turkey G-20 leaders released a communiqué calling for greater coordination and information to counter terrorist ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help