• Home
• News Article

Banking sector lifts KSE to one-week high

By Valiya S. Sajjad KIB moves largest volume of 1.7 mln shares
KUWAIT CITY, July 26: Kuwait stocks moved up 23.8 points Tuesday paced by banking scrips, recording the highest close since July 17 when the market fell to a seven-year low on economic worries.

The market sold 32 percent higher volume compared to Monday pushing 74.9 million shares for KD 9 million. The value dropped 24 percent, showing a bias towards selling.

Meanwhile, oil prices rose on Tuesday, bolstered by dollar weakness as a political tussle on raising the US debt ceiling persisted, though investors shrugged off fears that a US default would undermine the appetite for riskier assets.

Most banking stocks climbed except Gulf Bank , which fell 1.9 percent, after taking out 10 fils. The Gulf Bank closed 510 fils. National Bank of Kuwait gained 1.8 percent. The bank sold 137,500 shares for KD 1.100, seeing an appreciation of 20 fils. Kuwait Finance House closed flat at 910 fils.

Kuwait International Bank was the largest mover of volume in the banking sector selling 1.7 million shares. Commercial Bank of Kuwait took in 30 fils to close 870 fils, Al Ahli Bank of Kuwait gained 10 fils to close 10 fils. Ahli United Bank closed 940 fils after gaining 20 fils.

The banking index swung up 1.7 percent, the best increase in the market, notching up nearly 200 points. The volume sold was 3.9 million shares, a 68 percent increase from Monday's volume, worth KD 2 million, 4.3 percent. The banking sector was upbeat, bullish, showing a clear bias to buying.

Meanwhile, the stock market announced that the trading hours will be shortened during Ramadan to two hours, starting from 10.40 am to 12.45 pm. Ramadan starts around August 1.

KGL Logistics Company announced its results for the first half ended on July 30, 2011. The company made a net profit of KD 4.9 million with earnings per share of 17.93 fils. The net profit for the same period last year was KD 4 million.

Gulf Insurance Company made a net profit of KD 4.1 million in the first half ended July 30, 2011. Earnings per share was 23.04 fils. The net profit of Ikarus Petroleum Industries Company in the first half of 2011 is KD 6.5 million. Earnings per share is 8.7 fils.

Shuaiba Industrial Company announced that its Board of Directors will meet on July 27, 2011 to discuss the company's financial statements for the second quarter ended June 30, 2011.

In the investment sector, Kuwait Investment Company gained 1.8 percent to close 108 fils. Commercial Facilities Company was up 1.4 percent and closed 345 fils.

National Investment Company and Kuwait Projects Company closed flat at 222 fils and 355 fils in the same order. Coast Investor Company also traded sideways ending the session at 61 fils. Tamdeen Investment
Company picked up 4.7 percent to close 178 fils. The company sold more than half a million shares.

However, Sukuk Holding Company was the best winner in the investment sector at 12.5 percent, chart topper of the day. Sukuk was also the best seller in the market pushing 12 million shares.

Al Deera Holding Company suffered a setback of 5 percent. Osoul Investment Company was down 7.9 percent to close 58 fils.

The investment sector surged 0.3 percent, adding 10 points to the index on the back of 19 million shares, the best volume in the market. The increase was 207 percent compared to Monday's volume.

Most stocks in the realty sector moved sideways, and some gained. Tamdeen Real Estate Company moved 1.9 percent up taking in 5 fils to close 260 fils.

Arab Real Estate Company gained 1.5 percent, while Al Enmaa Real Estate Company took in 10 fils to close 840 fils. Aayan Real Estate Company sold the biggest volume of 1.8 million shares, next to Abyaar Real Estate Development Company, which managed to push 3.1 million shares in a flat trading closing 25 fils.

Real Estate Trade Centers Company was the worst loser in the market shedding 8.3 percent to close 110 fils. The company took out 10 fils.

The real estate sector added 13 points to move 0.6 percent up on the back of 11.2 million shares, 28 percent down from previous trading day. The value was down 5.4 percent.

Agility and Wataniya in the services sector swung up, while Zain ebbed. Agility Public Warehousing Company gained 1.6 percent, appreciating 5 fils to close 300 fils. Zain lost 10 fils to close 990 fils. Wataniya was up 0.9 percent, taking in 20 fils to close KD 2.040.

The services sector was the only sector to lose out on Tuesday other than the non-Kuwaitis sector, falling 0.1 percent. Volumes were also low at 17.3 million, 19 percent down from previous trading day.

Among individual winners, Sukuk Holding Company beat the rest climbing 12.5 percent, followed by First Takaful Insurance Company at 7.1 percent. Al Safwa Group Company came third at 6.25 percent, while Munshaat Real Estate Projects Company moved 5.7 percent up. IFA Hotels and Resorts Company gained 5.5 percent.

Among the top losers, Real Estate Tade Centers Company suffered the worst fall at 8.3 percent. Osoul Investment Company slid 7.9 percent, with Ekttitab Holding Company and Future Communications Company Glboal close behind at 7.6 percent each. Automated Systems Company lost 7.2 percent.

The day's biggest volume movers were Sukuk Holidng Company at 12 million shares and Gulf Finance House at 11.3 million shares. Al Safat Energy Holding Company sold 3.8 million shares, Abyaar Real Estate Development Company sold 3.1 million shares and Al Safwa Group Company pushed 2.8 million shares.

KGL Logistics Company was the best earner taking KD 675 thousand, followed by Qurain Petrochemical Industries Company at KD 597 thousand. Gulf Finance House made KD 578 thousand, while Kuwait International Bank made KD 515 thousand. Yiaco Medical Company sold shares worth KD 455 thousand.

© Arab Times 2011