KUWAIT CITY, April 24: Kuwait stocks headed north as it extended the gains from last week. The bourse, after sluggish start, climbed 25.43 points to 5,372.38 points helped by buying in select stocks. Some of the banks shone whereas telecom service providers closed mixed. The KSX 15 index rose 5.58 points to 860.94 points paring the month’s gains to 24 points while weighted index edged 1.75 points higher. The volume turnover meanwhile ticked slightly up after receding in the last session. 160.83 million shares changed hands — a 2.14 percent drop from Thursday.
The sectors closed mostly in the green territory. Real estate outpaced the rest with 1.18 pct gain whereas insurance shed 1.14 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 36.17 pct while real estate came next with 30.7 pct. Industrials was a distant third with 12.6 percent contribution.
Among the notable movers, National Bank of Kuwait of rallied 10 fils on back of 12.9 million shares and Kuwait Finance House was up 5 fils. The bank has logged a first quarter net profit of KD 34.10 million and earnings per share of 6.61 fils. Mabanee Co climbed 10 fils to KD 0.860.
Zain rose 5 fils on back of over 2 million shares to KD 0.355 whereas Wataniya Telecom (Ooredoo) stood pat at KD 1.060 with thin volume. Kuwait Telecommunications Co (VIVA) shed 20 fils and logistics major Agility added 5 fils to wind up at KD 0.490.
Investment conglomerate KIPCO was unchanged at KD 0.550 and KAMCO Investment Company gave up 6 fils. The company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015.
The market opened firm and moved sideways in early trade with mixed board. The price index ticked higher past the mid-session amid buying in select counters and closed at the day’s highest level.
Top gainer of the day, First Dubai For Real Estate Development Co climbed 9.26 pct while Hits Telecom scaled 7.25 percent to stand next. KAMCO slid 5.88 percent, the steepest decliner of the day and Al Madina For Finance and Investment topped the volume with 11.4 million shares.
Mirroring the day’s upswing, the market spread was skewed towards the winners. 55 stocks advanced whereas 37 closed lower. Of the 125 counters active on Sunday, 43 closed flat. 3,391 deals worth KD 12.6 million were transacted — a 10.6 percent drop in value from the day before.
National Industries Group, the flagship company of the Kharafi Group, took in 2 fils with a volume of over 2 million while Kuwait Portland Cement gained 20 fils. Kuwait Food Co (Americana) was down 20 fils at KD 2.540 and has rallied 540 fils year-to-date.
Jazeera Airways was unchanged at KD 0.880 off early highs and ALAFCO too did not budge from its earlier close of 208 fils, Qurain Petrochemical Industries Co dialed up 2 fils whereas Equipment Holding Co held steady at 57 fils after trading 1.3 million shares.
Automated Systems Co rose 10 fils to KD 0.340 and Humansoft Holding Co jumped 50 fils. The company has posted a net profit of KD 6.19 million and earnings per share of 51 fils in the quarter ending March 31, 2016 soaring from net profit of KD 3.07 million and earnings per share of 25 fils in the same period last year.
Kuwait and Gulf Link Transport Co took in 1 fils and KGL Logistics Co followed suit to end at 78 fils with a volume of over 3 million. Shuaiba Industrial Co and Boubyan Petrochemical Co slipped 10 fils each whereas Kuwait Foundry Co stood pat at 192 fils.
United Projects Group climbed 10 fils to KD 0.720 while Al Nawadi Holding and Zima Holding paused at 75 fils and 45 fils respectively. IFA Hotel sand Resorts Co was unchanged at 186 fils and Mezzan Holding followed suit to close at KD 1.160.
In the banking sector, Commercial Bank of Kuwait rose 5 fils to KD 0.435 and Gulf Bank was unchanged at KD 0.242. Kuwait International Bank tripped 2 fils and Burgan Bank was down 5 fils at KD 0.335.
Ahli United Bank fell 5 fils to KD 0.425 and Al Ahli Bank was not traded during the session. AUB has logged a net profit of KD 15.59 million and earnings per share of 11 fils in the first quarter of 2016 as compared to net profit of KD 15.37 million and earnings per share of 10.08 fils in the same period in 2015.
Boubyan Bank added 5 fils whereas Warba Bank held the ground unchanged at 174 fils.
National Investment Co was flat at 122 fils after trading 2.6 fils whereas Kuwait Investment Co inched 1 fils into green. Securities House Co and KMEFIC were unchanged at 49 fils and 26 fils respectively and Al Mal Investment Co followed suit with a volume of 8.4 million.
Bayan Investment Co and Sokouk Holding stood pat at 35 fils and 40 fils respectively and Kuwait Insurance Co tripped 15 fils. National Real Estate Co added 1 fils and Al Mazaya Holding gained 6 fils on back of 5.5 million shares.
The market was largely upbeat during the week. The key index closed higher in four of the five sessions and climbed 46 points week-on-week. It has gained 142 points from start of the month but is down 4.32 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news, KAMCO Investment Company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before.
Gulf Investment House has clocked a net loss of KD 6.085 and losses per share of 37.07 fils in the year ending Dec 31, 2015 as compared to net loss of KD 1.62 million and losses per share of 10.42 fils in 2014.
Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.
Salhia Real Estate Company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 fils as compared to net profit of KD 11.42 million and earnings per share of 23.07 fils. The Board of Directors has recommended 20 pct cash dividends.
Injazzat Real Estate Development Company has clocked a net profit of KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends.
By John Mathews – Arab Times Staff