Al-Mal Investment stock skyrocketed on Wednesday, powered by announcing better-than-expected financial results for the first half of 2015.
By 11:30 Kuwait time, the stock jumped 5.7% - the biggest one day gains in seven months – to reach 46 fils; its highest level in a year.
The stock also saw active trading, as almost 18 million shares were exchanged in 174 transactions at turnover reaching KWD 806,720.
Al-Mal reported KWD 10.42 million ($34.35 million) net profit for H1-15, versus KWD 7.03 million ($23.17 million) loss in H1-14.
The second-quarter financial results showed a 32% rise in net profit to KWD 10.28 million, up from KWD 7.86 million in the prior-year period.
The company’s financial results beat estimates that were between KWD 300,000 and KWD 500,000 profits for the first half, said financial analyst Ahmed Jassem Al-Qamar.
The company said turning to the positive side was due to profits made from swapping debt with equity at a value reaching KWD 10.42 million.
Meanwhile, Nawaf Al Aun, technical analyst, indicated that the stock is targeting the 48 fils level, adding that a break above such a barrier will push the stock higher towards 55 fils.
