KSE climbs 12.96 pts amid lacklustre trade – Commercial Bank gains 20 fils; Americana drops

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KUWAIT CITY, Feb 22: Kuwait stocks veered higher on Monday stemming the two-day drop. The price index climbed 12.96 pts in lackluster trade to 5,144.55 pts helped by renewed buying in select counters. The banks closed mixed whereas the telecom service providers shone.

The KSX 15 benchmark slipped 2.78 pts to 826.16 points and is almost unchanged from start of the month while weighted index edged 0.31 pts down. The volume turnover meanwhile rebounded following Sunday’s drop. 146.2 million shares changed hands – a 36.3 pct surge from the last session.

The sectors closed mixed. Technology out led the rest with 3.99 pct gain while industrials shed 0.54 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 36 percent while real estate stood next with 31.7 percent. Telecommunications trailed far behind with 19.2 pct contribution.

Among the day’s movers, Commercial Bank of Kuwait climbed 20 fils to KD 0.530 and Automated Systems Co gained 25 fils to wind up at KD 0.295. Kuwait Food Co (Americana) slumped 100 fils to KD 2.080 and is trading 340 fils higher from start of the month.

Zain rose 10 fils to KD 0.360 and is up 10 fils year-to-date while Kuwait Telecommunications Co (VIVA) climbed 30 fils to KD 0.940. Logistics major Agility gave up 5 fils to settle at KD 0.420.

Wataniya Telecom (Ooredoo) rallied 20 fils to close at KD 1.180. The company has posted a net profit of KD 26.671 mln and earnings per share of 53 fils during 2015 as against net profit of KD 45.718 m and earnings per share of 91 fils. The BOD has recommended 100 pct cash dividends.

The market opened flat and edged lower in early trade. The main index hit the day’s lowest level of 5,120.80 pts and clawed back into green turf amid buying in select counters. It peaked at 5,146.35 pts and moved sideways till the end.

Top gainer of the day, Automated Systems Co climbed 9.26 pct to 295 fils and NAPESCO rose 8.47 percent to stand next. SPEC slid 11.36 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 28 million shares.

NAPESCO has logged a net profit of KD 5.68 million and earnings per share of 101.60 fils in the year ending Dec 31, 2015 up from net profit of KD 3.39 million and earnings per share of 60.66 fils in the same period last year. The BOD has recommended distributing 60% cash dividends.

 Reflecting the day’s upswing, the winners outnumbered the losers. 47 stocks advanced whereas 36 closed lower. Of the 120 counters active on Monday, 37 closed flat. 2,410 deals worth KD 7.8 million were transacted — a 8.2 percent rise in value from the day before.

National Industries Group were flat at 114 while Gulf Cable was up 5 fils at KD 0.340. Shuaiba Industrial Co and ACICO Industries were unchanged at KD 0.420 and KD 0.270 respectively while Qurain Petrochemical Industries Co stood pat at 174 fils.

Nudged

Equipment Holding Co was flat at 51 fils and Hilal Cement Company nudged 2 fils into green. The company has recorded a net profit of KD 308,586 and earnings per share of 4 fils in 2015 and the BOD has recommended 10 percent bonus shares.

Jazeera Airways shed 20 fils whereas ALAFCO and YIACO closed 10 fils higher at 198 fils and 208 fils respectively. Kuwait and Gulf Link Transport Co inched 1 fils up and KGL Logistics Co stood pat at 56 fils. Zima Holding added 3 fils after trading 1.3 million shares.

Humansoft Holding slid 50 fils to KD 0.710 and Gulf Petroleum Investment Co clipped 2 fils after trading 3.9 million shares. Mezzan Holding Co gained 20 fils and Boubyan International Industrial Holding Co inched 0.5 fils to settle at 28 fils.

Sector bellwether National Bank of Kuwait slipped 10 fils to KD 0.710 erasing the gains on Sunday and Ahli United Bank closed 5 fils lower. Gulf Bank was unchanged at KD 0.204 and Al Ahli Bank followed suit. Warba Bank eased 2 fils to settle at 17 fils.

Kuwait International Bank paused at 192 fils and Burgan Bank too did not budge from its earlier close of 335 fils. Kuwait Finance House fell 5 fils and Boubyan Bank was down by same measure.

National Investment Co was steady at 77 fils and KIPCO followed suit. Securities House Co and KMEFIC clipped 1 fils each whereas Aayan Leasing nudged 1 fils higher. Bayan Investment Co and Osoul Investment edged 0.5 fils up whereas Ektittab Holding closed flat.

Tamdeen Real Estate Co and Mabanee Co dropped 10 fils each. Mabanee has won the approval of Capital Markets Authority for its request to renew permission to buy back or sell up to 10% of owns shares over an additional period of 6 months.

The market has been mixed so far during the week and has added 4 points in last two sessions. It has gained 30 points from start of the month but has shed 8.38 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Credit Rating and Collection Co. has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

 INOVEST has incurred a net loss of KD 14.37 million and loss per share of 50.48 fils in 2015 as compared to net loss of KD 1.149 million and loss per share of 4.03 fils in the year before.

Injazzat Real Estate Developement Company has clocked a net profit 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.

Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5,14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.

Burgan Well Drilling Co. has logged a net profit of KD 1.94 million and earnings per share of 9.32 fils in the nine-month period ended on 31/12/2015 as compared to net profit of KD 221,983 and earnings per share of 1.06 fils in the same period last year.

By John Mathews

Arab Times Staff

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