KSE climbs 8.08 pts in ‘sluggish’ trading – NBK gains 10 fils; KIPCO flat

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KUWAIT CITY, Feb 15: Kuwait stocks pulled higher on Monday after closing nearly flat in the previous session. The bourse rose 8.08 pts in sluggish trade to 5,139.13 points helped by buying in select counters even as crude oil prices rallied on OPEC output cut hopes.

The KSX 15 benchmark climbed 4.64 points to 826.38 pts trimming the year’s losses to 58 points while weighted index edged 1.27 pts higher to 350.17 points. The volume turnover meanwhile slipped below the 100 million mark again. 93.4 million shares changed hands — a 8.21 pct fall from Sunday.

The sectors closed mixed. Industrials outperformed the rest with 1.24 pct gain whereas insurance slipped 0.88 pct, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 38 pct while real estate stood close behind with 37.3 percent contribution.

Among the day’s prime movers, National Bank of Kuwait climbed 10 fils to KD 0.720 on back of 1.15 million shares recouping the drop in the last session while Kuwait Finance House added 5 fils with a volume of 3.3 million. Investment major KIPCO however was unchanged at KD 0.540.

Zain rose 10 fils to KD 0.350 after trading over 2 million shares whereas Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.060 with thin volume. Kuwait Telecommunications Co was steady at KD 0.870 off early lows and Agility eased 5 fils to KD 0.420.

Kuwait Food Co (Americana) sank 40 fils to KD 2.300 whereas Jazeera Airways Co stood pat at KD 0.810. The company has posted a net profit of KD 15.38 million and earnings per share of 37.82 fils in the full year 2015 rebounding from a net loss of KD 2.88 million and loss per share of 6.87 fils in the year before. Board of Directors recommended 15 pct cash dividends.

The bourse opened flat and moved sideways in early trade. The main index drifted lower as sentiment turned weak and hit the day’s lowest level of 5,117.49 pts almost half way into the session. It clawed back and drifted listlessly before closing in the green zone.

Top gainer of the day, ACICO Industries Co spiked 7.4 pct to KD 0.290 while YIACO climbed 6.7 percent to stand next. Manazel Holding dived 10.53 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 13 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 38 stocks advanced whereas 43 closed lower. Of the 115 counters active on Monday, 34 closed flat. 115 deals worth KD 8.6 million were transacted — a 21 pct surge in value from the day before.

National Industries Group rose 4 fils to KD 0.114 while Kuwait Portland Cement and ACICO Industries Co gained 20 fils each. Shuaiba Industrial Co too climbed 20 fils and Equipment Holding added 5 fils to end at KD 0.460. Qurain Petrochemical Industries Co paused at KD 0.168.

Stagnated

City Group was flat at KD 0.500 and Jeeran Holding Co followed suit. ALAFCO stagnated at KD 0.182 whereas KGL Logistics clipped 2 fils. Mezzan Holding held steady at KD 1.080.

Mashaer Holding Company eased 2 fils. The company has logged a net profit of KD 2.37 million and earnings per share of 13 fils in during the year ending Dec 31, 2015, down from net loss of KD 6,344,317 and loss per share of 35 fils in the year before. The Board of Directors has recommended 7.5 pct cash dividends.

In the banking sector, Ahli United bank rose 10 fils to KD 0.450 whereas Al Ahli Bank and Kuwait International Bank were unchanged at KD 0.350 and KD 0.192 respectively. Warba Bank stood pat at 178 fils and Commercial Bank was not traded during the session.

Burgan Bank was flat at KD 0.325 and Boubyan Bank closed 5 fils higher. The bank has recorded a net profit KD 35.23 million and earnings per share of 17.09 fils in the year ending Dec 31, 2015 and the Board of Directors has recommended 5 pct cash dividends and 5 percent bonus shares.

National Investment Co inched 1 fils lower to 77 fils and KIPCO held steady at KD 0.540 off early lows. Gulf Investment House and Al Deera Holding clipped 1 fils each whereas Bayan Investment Co edged 1 fils higher to 31 fils.

Kuwait Insurance Co dropped 10 fils to KD 0.310 and Sokouk Holding gave up 2 fils to settle at 32 fils. Securities House Co fell 2.5 fils to 30 fils after trading 6.4 million shares. Commercial Facilities Co climbed 6 fils to 162 fils.

National Real Estate Co was unchanged at 89 fils whereas Al Mazaya Holding took in 2 fils. Manazel Holding Co clipped 2 fils to wind up at 17 fils with a volume of 1.6 million shares.

The market has been mixed so far during the week and has added 8 pts in last two sessions. It has slipped 9 points from start of the month and is down 8.48 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Mashaer Holding Company has logged a net profit of KD 2.37 million and earnings per share of 13 fils in during the year ending Dec 31, 2015, down from net loss of KD 6,344,317 and loss per share of 35 fils in the year before. The Board of Directors has recommended 7.5 pct cash dividends.

Hilal Cement Company has recorded a net profit of KD 308,586 and earnings per share of 4 fils in 2015 bouncing from net loss of KD 374,037 and loss per share of 5 fils in the year before. The BOD has recommended 10 percent bonus shares.

Aayan Real Estate Co has logged a net profit of KD 2.70 million and earnings per share of 6.5 fils in the financial year ended on Dec 31, 2015 against net profit of KD 3.07 million and earnings per share of 7.4 fils in 2104. The BOD has recommended 5 pct cash dividends.

Abyaar Real Estate Development Co has posted a net profit of KD 9,31 million and earnings per share of 15.04 fils for the year ending Dec 31, 2015 as compared to net profit of KD 8.08 million and earnings per share of 13.05 fils in 2014. The BOD has recommended 7% cash dividends

Aqar Real Estate Investments Co has registered a net profit of KD 2.49 million and earnings per share of 11.07 fils during 2015 as against net profit of KD 2.24 million and earnings per share of 9.81 fils in the year before. Board of Directors recommended 6% cash dividends.

By John Mathews

Arab Times Staff

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