KSE benchmark ticks up amid volatile trade – NBK gains 10 fi ls; KIPCO fl at

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KUWAIT CITY, Oct 5: Kuwait stocks ticked up on Wednesday, stemming the four-day decline. The main index rose 2.35 pts in volatile trade to 5,354.82 points even as the board remained broadly mixed in absence of strong catalysts. The KSX 15 benchmark jumped 8.69 pts to 812.88 points trimming the year’s losses to 72 points while weighted index added 1.98 pts. The volume turnover meanwhile saw a moderate bounce after receding in the last the fi ve sessions. 75.45 million shares changed hands — a 23.3 pct surge from Tuesday. The sectors closed mostly in the positive territory.

Banks outperformed the rest with 0.50 percent gain whereas consumer services shed 0.48 pct, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 32.4 pct while financial services stood close behind with 31.3 percent contribution. In the individual shares, National Bank of Kuwait climbed 10 fils to KD 0.580 on back of 2.96 million shares and Commercial Bank shed 20 fils to settle at 395 fils. Kuwait Food Co (Americana) gained 20 fils recouping an identical fall in the day before. Zain rose 5 fils to 340 fils on back of over 6 million shares whereas Kuwait Telecommunications Co (VIVA) stood pat at KD 0.870. Logistics major Agility too did not budge from its earlier close of 475 fils and Wataniya Telecom (Ooredoo) was not traded during the day.

Investment conglomerate KIPCO pulled up from an early trough to close unchanged at 540 fils and National Investments Co gained 4 fils. The company has logged a net profit of KD 1.76 million and earnings per share of 2.10 fils in the six-month period ending June 30, 2016. The market opened firm and ticked up in early trade. The price index hit the day’s highest level of 5,356.3 points and headed south as sentiment turned weak. It plumbed the day’s lowest level of 5,342.58 pts almost half way into the session and drifted sideways thereafter. It however pulled higher in the final minutes to close in the green turf. Top gainer of the day, Al Mal Investment Co vaulted 9.3 percent to 23.5 fils and Sultan Centre Food Products Co jumped 7.4 pct to stand next. REMAL slid 5.1 percent, the steepest decliner of the day and counter also saw the highest volume of 12.79 million shares.

Mirroring the day’s uptick, the winners outpaced the losers. 40 stocks advanced whereas 30 closed lower. Of the 112 counters active on Wednesday, 42 closed flat. 2215 deals worth KD 10.7 million were transacted — a 14.5 pct rise in value from the day before. National Industries Group, the flagship company of Kharafi Group, was flat at 108 fils whereas Gulf Cable climbed 10 fils to 375 fils. Heavy Engineering and Shipbuilding Industries Co was up 4 fils at 160 fils and Kuwait Portland Cement Co gave up 10 fils to settle at KD 0.940. Jazeera Airways dropped 10 fils to KD 0.820 taking the year’s losses to 80 fils and Mezzan Holding rose 10 fils to KD 0.960 partly reversing the slide in the last session. Boubyan Petrochemical Co paused at 480 fils. ACICO Industries was unchanged at 285 fils and Kuwait National Cinema Company closed flat. The company has posted a net profit of KD 4.93 million and earnings per share of 52.35 fils in the January-June period.

Swung

UPAC swung 10 fils into red and The Energy House Co added 1.5 fils. The company has posted a first half net loss of KD 1.14 million and loss per share of 1.99 fils as compared to net loss of KD 963,435 and loss per share of 1.28 fils in H1 of 2015. Kuwait and Gulf Link Transport Co took in 1.5 fils and KGL Logistics Co stood pat at 75 fils. Nafais Holding was flat at 180 fils and AWJ Holding followed suit to wind up at 57 fils. Equipment Holding Co stalled at 46.5 fils and Alrai Media Group Company slipped 4 fils.

In the banking sector, Kuwait Finance House gained 10 fils on back of 1.5 million shares and Boubyan Bank gave up 5 fils after trading over 2 million shares. Warba Bank clipped edged 2 fils up recouping and identical fall in the day before. Gulf Bank rose 4 fils to 232 fils and Alahli Bank was down 5 fils at 320 fils. Ahli United Bank stood pat at 385 fils and Kuwait International Bank dialed up 2 fils. International Financialadvisors inched 0.5 filand Coast Financial Co took in 2 fils to settle at 43.5 fils. Securities House Co and Alaman Finance Co both closed 1 fil down at 43 fils and 45 fils respectively.

Securities Group Co paused at 85 fils. KMEFIC and Aayaan Leasing Co added 0.5 fil each whereas Al Salam gave up 2 fils to close at 42 fils. Sokouk Holding Co inched 1 fil into red and Noor Financialand Investment Co stood pat at 39 fils. Al Imtiaz Co was up 1 filat 71 fils. Kuwait Real Estate Co and National Real Estate Co were flat at 50 fils and 75 fils respectively whereas ERESCO nudged 2 fils higher. Mabanee Co gained 10 fils whereas Mazaya Holding clipped 2 fils before closing at 108 fils. Abyaar Real Estate Co dialed up 2 fils. The market has largely downbeat so far during the week and has shed 44 pts in last three sessions. It had slid 21 pts during whole of September and is down 4.64 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has posted a net profit of KD 20.659 mln and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fil in the same period last year.. Metaland Recycling Co. clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year. Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.

Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year. Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sella maximum of 10 percent of its shares for 6 months from date of the approval.

By John Mathews – Arab Times Staff

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