Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait stocks 'lurch' higher volume surges  Join our daily free Newsletter

MENAFN - Arab Times - 26/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Kuwait stocks lurched higher on Tuesday extending the gains to second straight session. The price index climbed 27.32 pts in volatile trading to wind up at 7,581.41 points. Some of the banks shone on renewed buying while telecoms remained subdued. The mid and low caps were mixed in absence of any market driving news. The KSX 15 measure rose 10.13 points to 1,150 pts taking the year's gain to 98 points and weighted index closed 4.12 pts higher. The volume turnover meanwhile surged past the 200 million mark as sentiment sweetened. 251.59 million shares changed hands - a 35.31 percent jump from Monday.



The sectors closed mixed. Banks outperformed the peers with 1.46 percent upswing whereas consumer services and insurance both dropped 0.40 percent - the biggest losers of the day. In terms of volume, financial services dominated with 37.46 pct market share whereas real estate and industrials followed with 27.17 percent and 15.92 pct respectively. Among the notable movers, Commercial Bank rallied 40 fils to KD 0.780 while Kuwait Finance House soared 30 fils on back of 2.38 million shares. Al Ahli Bank and Ahli United Bank gained 10 fils each. United Projects Group rallied 40 fils to KD 0.810 and Kuwait Food Co (Americana) too was up by same measure to wind up at KD 2.500. Humansoft Holding rose 20 fils while National Industries Group extended the previous session gain with an uptick of 4 fils and the counter saw over 5 million shares change hands.



Budg

Telecom major Zain was unchanged at KD 0.670 and has given up 30 fils so far during the month and Wataniya Telecom too did not budge from its earlier close of KD 1.880. Agility climbed 20 fils to KD 0.750 with a whopping volume of over 11 million. The market opened firm and ticked briefly higher in early trade. The index slipped into red as selling dominated the trading floor and clawed back to peak at 7,582.57 pts past the mid-session. It swung lower again to trough at 7,532.93 pts before bouncing back to close with modest gains. Top gainer of the day, National Consumer Holding Company spiked 9.62 percent to KD 0.114 whereas Flex Resorts and Real Estate Co climbed 8.2 percent to stand next. Contracting and Marine Services Co retreated 5.81 percent, the steepest decliner of the day, and Investors Holding Group topped the volume with 33.33 million shares.



Mirroring the day's gain, the market spread was heavily skewed towards the losers. 70 stock advanced whereas 38 closed lower. Of the 165 counters active on Tuesday, 57 closed flat. 5,043 deals worth KD 43.38 million were transacted - a 48.89 pct surge in value from the day before. ACICO Industries Co climbed 5 fils and Gulf Cable was up 10 fils at KD 0.790. The company has posted a net profit of KD 9.96 million and earnings per share of 47 fils in 2013 and the Board of Directors has recommended a cash dividend of 30 fils. United Industries Co closed 6 fils higher at KD 0.178 while Kuwait Cement Co closed 10 fils higher. The company has registered a net profit of KD 17.16 million and earnings per share of 26.14 fils in the year ending Dec 31, 2013. The Board of Directors has recommended a cash dividend of 18 %. Kuwait Cables Vision Co took in 2 fils and Automated Systems Co gained 10 fils. The company has posted a net profit of KD 1.48 million and earnings per share of 37.17 fils in the year ending 2013 as against net profit of KD 4.04 million and earnings per share of 101.08 fils in the year before period. The Board of Directors has recommended a cash dividend of 50 %



Stead

Independent Group rose 5 fils to KD 0.410 while Kuwait Gulf Links added 3 fils. Kuwait Foundry Co was steady at KD 0.350 and Equipment Holding Co followed suit to end at KD 0.160. On the downside, Combined Group Contracting Co shed 20 fils and Jazeera Airways was down 10 fils at KD 0.440 taking the month's losses to 55 fils. ALAFCO eased 5 fils and Egypt Kuwait Holding Co followed suit. Contracting and Marine Services Co shed 20 fils while Metal and Recycling Co eased 2 fils. In the banking sector, National Bank of Kuwait was flat at KD 1.000 after trading 3.4 million shares whereas Gulf Bank fell 5 fils. The bank has won Central Bank of Kuwait's approval to buy back or sell up to a maximum of 10% of its issued shares over a period of 6 months. Kuwait International Bank was steady at KD 0.300 and Burgan Bank followed suit off slight early highs after clocking a volume of 3.34 million shares. Boubyan Bank rose 10 fils to KD 0.520.



Kuwait Investment Co climbed 8 fils to KD 0.164 and Commercial Facilities Co was up 5 fils at KD 0.290. National Investment Co paused at KD 0.152 whereas KIPCO gained 10 fils on back of 2.4 million shares. Kuwait Financial Centre took in 2 fils while KFIC was up 4 fils at 97 fils. Noor Financial and Al Tamdeen Investment Co rose 2 fils each whereas Bayan Investment Co edged 2 fils lower. Ekttitab Holding closed 3 fils higher. The bourse has been mixed so far during the week and has gained 24 points during last three sessions. The main index has shed 111 pts from start of the month and is up 0.42 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.



In the bourse related news, Kuwait and Middle East Finance Investment Company edged 2 fils lower. The company has logged a net profit of KD 1.160 million and earnings per share of 4.4 fils in 2013, as compared to KD 1.164 million loss and loss per share of 4.5 fils in the previous year. Al Madar Finance and Investment has recorded a net profit of KD 3.58 million and earnings per share of 17.34 fils in 2013, rebounding from KD 7.60 million loss and loss per share of 36.73 fils in the previous year.



Strategia Investment has posted a net profit KD 3.36 million and earnings per share of 13.75 fils in 2013, rebounding sharply from KD 10,514 profit and earnings per share of 0.07 fils in the year before. Kuwait Pipes Industries and Oil Services has incurred a net loss of KD 10.16 million and loss per share of 45.10 fils in the nine-month period ending 30 Sept 2013, widening from KD 3.21 million loss and loss per share of 14.25 fils in the same period last year. Mashaer Holding has posted a net profit of KD 3.64 million and earnings per share of 20 fils during 2013 as against KD 4.31 million profit and earnings per share of 25 fils in the year before. The Board of Directors has recommended a cash dividend of 15 %

 


Arab Times




  MENA News Headlines
 Sep 1 2015 - Saudi- Short circuit caused Aramco fire 3 Canadians among deadArab News
(MENAFN - Arab News) ALKHOBAR: A short circuit involving a transformer in the basement of the residential complex of Saudi Aramco resulted in the fire on Sunday according to a preliminary probe. The ...

 Sep 1 2015 - Saudi- Why top women won't contest civic electionsArab News
(MENAFN - Arab News) JEDDAH: A number of prominent Saudi women have cited several reasons for not running as candidates in the upcoming municipal elections. Some of them are an alleged lack of ...

 Sep 1 2015 - Car Bomb Hits Libya's TripoliQatar News Agency
(MENAFN - Qatar News Agency) A car bomb exploded in the Thahra area of central Libyan capital Tripoli on Monday.One person was injured in the blast and a number of cars parked nearby were damaged. ...

 Sep 1 2015 - The Syrian conundrumArab News
(MENAFN - Arab News) This is with reference to the article 'Ousting Assad must to defeat Daesh' (Aug. 31) by Hassan Barari. Saudi Arabia has been calling for the removal of Bashar Assad since the ...

 Sep 1 2015 - Israeli Naval Forces Fire on Gaza FishermenQatar News Agency
(MENAFN - Qatar News Agency) Israeli naval forces opened fire on Palestinian fishing boat off the coast of Gaza City on Tuesday morning. The fishermen came under fire as they were sailing off the ...

 Sep 1 2015 - Saudi- Power politicsArab News
(MENAFN - Arab News) I read with interest the article 'Justice done to death' (Aug. 31) by Neil Berry. I have started to believe that laws are meant only to rein in the masses worldwide. People like ...

 Sep 1 2015 - Qatar- QTA Awarded Best Arab Government Tourism AuthorityQatar News Agency
(MENAFN - Qatar News Agency) Qatar Tourism Authority (QTA) Monday announced receiving the award of "Best Arab tourist governmental body" for 2015, and granted by the Arab Center for Media tourism, ...

 Sep 1 2015 - Tortured alive or poisoned to death: The suffering of stray dogs in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) They were born believing the streets are their home. No matter how unsafe home is, they don't have anywhere else to go to, it's where they belong. Even if that means ...

 Sep 1 2015 - Egypt- The witches and wizards of the Patient Support Team: A new approach for charity eventsDaily News Egypt
(MENAFN - Daily News Egypt) If you are a Harry Potter fan living in Egypt, you will almost certainly have heard about the Harry Potter Experience organised by the Patient Support Team (PST). Last ...

 Sep 1 2015 - The industrialisation of reconciliation: Iran, Saudi Arabia and ISDaily News Egypt
(MENAFN - Daily News Egypt) came across a curious news item the other day on Reuters about an industrial development project in Saudi Arabia, and it rang a few bells. The plan is to build a "new ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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