Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- KSE index rebounds 42.2 pts in volatile trade  Join our daily free Newsletter

MENAFN - Arab Times - 07/03/2011

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab Times) Kuwait stocks rebounded on Sunday stemming the three-day decline. The index climbed 42.2 points in volatile trade led by select blue chips and some of the mid-caps.

Most of the lenders closed higher after being battered during last week. The market mood appeared cautiously upbeat even as investors await solid cues.

The bourse wound up at 6,189.90 points surrendering strong gains earlier in the session while weighted index climbed 3.9 points to settle at 431.49 points. The volume turnover was up for the fourth consecutive day. 207.67 million shares changed hands - a 30.8 percent surge from the previous session. It had been anemic during last month slipping twice below the 100 million mark.

Kuwait Finance House rallied 60 fils after stagnating in the previous session. It wound up at KD 1.120 and saw 5.16 million shares change hands. The lender had shed 60 fils during last month and is trading 40 fils lower since start of the year. Ahli United Bank gained 40 fils to end at KD 0.780 and Gulf Bank was up 15 fils on back of 3.63 million shares.

Market heavyweight Zain held the ground unchanged at KD 1.340 paring strong early gains. The counter saw 4.18 million shares change hands. The telecom firm in the last week of February had rejected offers from Kingdom Holding, Bahrain Telecommunications Co and Al Riyadh Group for its 25 percent stake in Saudi unit.

Agility was up 10 fils at KD 0.335 with a volume turnover of 1.2 million and Wataniya Telecom soared 40 fils adding to the gains on Thursday. The company has posted a net profit of KD 78,020,000 and earnings per share 155.68 fils in 2010 and the Board of Directors has recommended a cash dividend of 50 fils.

Among other notable gainers, KIPCO climbed 20 fils on back of 0.92 million shares to settle at KD 0.390. The scrip had dropped 60 fils during last month and is down 45 fils since start of the year. International Finance Co rose 25 fils after volatile trade and closed at KD 0.280.

International Financial Advisers inched 0.5 fils higher after trading 9.4 million shares and Kuwait Financial Centre (Markaz) was stagnant at KD 0.146. The company has posted a 222 percent rise in net profit to KD 8.17 million, while earnings per share chalked 18 fils. The Board of Directors has proposed cash dividend of 10 percent and 5 percent bonus share.

Trading
Global Investment House was flat at 43.5 fils after trading 1.84 million shares while Al Safat Investment Co rose 4 fils on back of 3.72 million shares. Tamdeen Investment Co climbed 4 fils to end at KD 0.174. The company has chalked a net profit KD 3,440,249 and earnings per share of 11.36 fils in the full year 2010. The Board of Directors recommended a cash dividend of cash 6 percent.

National Industries Group edged 2 fils higher with a volume turnover of 6.08 million shares while Gulf Cables jumped 40 fils adding to an identical rise in the previous session. Contracting and Marine Services Co gained 15 fils while United Industries Co and Boubyan Petrochemical Co rose 4 fils and 5 fils respectively.

On the downside, National Bank of Kuwait retreated 20 fils after posting strong gains in the previous session after Moody's said that the lender's asset quality will be under pressure because of its regional operations. Combined Group Contracting Co dived 100 fils, the biggest permitted single day fall, and wound up at KD 1.880.

The market opened weak but gained ground in early trade as investors chased some of the stocks on bargain buying after last week's sharp decline. The index peaked at 6,228.8 points but failed to hold on to the gains. It retreated till mid-session and moved sideways thereafter to end with impressive gains.

"We are looking at a rebound across the board today - Dubai and Oman should do well and Kuwait will also get support from Saudi's rally yesterday," Reuters quoted Shahid Hameed, Global Investment House head of asset management for the Gulf region.

"Near term volatility should continue. Last week's sell-off was over-done. There was a combination of factors coming together, including the herd mentality of retail investors, margin calls and forced selling by funds due to redemptions", he added.

The top gainer of the day, National Ranges Co (Mayadeen) climbed 13.51 percent to KD 0.021 while Dar Al Thuraya Real Estate Co climbed 9.8 percent to stand next. Coast Investment and Development Co dropped 5.2 percent, the biggest loser of the day, while Investors Holding Group topped the volume with 28.08 million shares changing hands.

The market spread was skewed towards the gainers. 65 stocks advanced while 21 closed lower. Of the 113 counters active on Sunday, 2 closed flat. 4,021 deals worth KD 41.44 million were transacted - down 0.7 percent in value over previous session.

The bourse had been markedly negative during last week. It closed lower in all 3 sessions and dived 334 points week-on-week. It has plunged 292 points since start of the month and is trading 10 percent lower year-to-date. KSE, with 215 listed companies, is the second largest bourse in the region.

In the banking sector, Burgan Bank and Kuwait International Bank rose 5 fil each and wound at KD 0.440 and KD 0.285 respectively while Commercial Bank held the ground steady at KD 0.930. Al Ahli Bank too did not budge from its earlier close and Boubyan Bank added 10 fils.

Kuwait Gulf Links edged 2 fils higher and Jazeera Airways followed suit. ALAFCO gained 5 fils while Future Communications Co was not traded during the session. FCC has posted a net profit of KD 3,215,611 and earnings per share of 39.68 fils in full year 2010. The Board of Directors recommended a cash dividend of 25

Meanwhile, Kuwait Stock Exchange has suspended the following companies from trading for failing to publish the financial results within the stipulated time period: Al Safat Global Holding Company, Al Dar Investment Company, International Leasing and Investment Company, Villa Moda Lifestyle Company, International Investment Group, Network Holding Company, Securities House Company, Gulf International Investment Company, International Investor Company, Aayan Leasing and Investment Company, Al Dar National Real Estate Company and Educational Group Holding Company.

In the bourse related news, Abyaar Real Estate Development Co incurred a net loss of KD 4,996,913. Loss per share 4.77 fils in full year 2010 as against net loss of KD 29,247,558 and loss per share last of 37.26 in the year before. The Board of Directors recommended no dividend payout for the Fiscal Year.

MENA Real Estate Co has logged a net loss of KD 634,612 and loss per share of 3.26 fils in the nine-month period ended Dec 31, 2010 as compared to net profit of KD 628,154 and earnings per share of 3.21 fils.

Al-Safat Investment Co. has incurred a net loss of KD 5,003,611 and loss per share of 6.48 fils for the nine months ended on Sept 30 as against a net loss of KD 6,747,994 and loss per share of 8.74 fils.

By: John Mathews

 






  MENA News Headlines


 






Google

 
 

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
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help