KUWAIT CITY, Sep 28: Kuwait stocks nudged higher on Monday as it reopened after the Eid holidays. The main index climbed 9.81 pts in lackluster trade helped by some of the mid and small caps. The blue chips were mostly subdued even as investors await fresh cues.
The KSX 15 measure dropped 8.93 pts to 928.52 pts taking the month’s losses to 91 points while weighted index slipped 2.88 pts. The volume turnover meanwhile rebounded close to the 200 million mark. 198.40 million shares changed hands – a 79.43 pct surge from the last session.
The sectors closed mostly in the green turf. Technology outshone the rest with 1.29 pct gain whereas consumer goods dropped 1.95 pct, the worst performer of the day. In terms of volume, financial services mustered the highest market share of 28.49 pct while real estate stood next with 26.19 percent. Industrials trailed with 13.85 percent contribution.
Among the day’s movers, Commercial Bank of Kuwait climbed 20 fils to KD 0.570 whereas National Bank of Kuwait shed 20 fils after trading 1.6 million shares. NAPESCO gained 30 fils and Humansoft Holding jumped 40 fils to KD 1.120. Combined Group Contracting Co was up 10 fils at KD 0.770.
Telecom major Zain gave up slight early gains to close flat at KD 0.395 with a volume of over 2 million while Wataniya Telecom (Ooredoo) fell 10 fils to KD 0.990 taking the month’s losses to 70 fils. Kuwait Telecommunications Co (VIVA) was down 10 fils at KD 0.870 and Agility followed suit to close at KD 0.580.
KIPCO held steady at KD 0.590 off early lows while Bayan Investment Co inched 1 fils lower. The company has posted a net profit of KD 118,473 and earnings per share of 0.33 fils in the first half of 2015 as against net profit of KD 3.09 million and earnings per share of 8.56 fils in the same period of 2014.
The market opened on tame note and edged higher in early trade. The price index however failed to keep up the momentum and drifted lower amid selling in select counters. It plumbed the day’s lowest level of 5751.41 pts past the mid-session before clawing into the green territory at close.
Top gainer of the day, Investors Holding Co rallied 7.41 pct to 29 fils and the counter also topped the volume with 35.27 million shares. Al Mal stood next with 6.85 percent jump whereas International Resorts Co dived 5.63 pct, the steepest decliner of the day.
Mirroring the day’s uptick, the winners outnumbered the losers. 46 stocks advanced whereas 39 closed lower. Of the 128 counters active on Monday, 43 closed flat. 3968 deals worth KD 12.61 million were transacted – a 16.93 pct drop in value from the day before.
National Industries Group fell 2 fils to KD 0.146 while Kuwait Portland Cement Co shed 20 fils. Heavy Engineering Industries and Shipbuilding Co was down 6 fils at KD 0.128 and Gulf Cables held steady at KD 0.435. Kuwait Foundry Co rose 10 fils to KD 0.240.
Boubyan Petrochemical dipped 25 fils whereas Kuwait Cable Vision Company closed flat. The company has clocked a net profit of KD 211,173 and earnings per share of 7.04 fils in the 6-month period ending June 30, 2015 as compared to net loss of KD 117,759 and loss per share of 3.93 fils in H1, 2014.
Zima Holding rose 5 fils to 80 fils on back of 5.5 million shares whereas Al-Nawadi Holding Co clipped 3 fils. The company has posted a profit of KD 1,007,657 in the six-months period ending June 30 2015 and earnings per share of 5.54 fils.
Kuwait and Gulf Link Transport Co eased 1.5 fils and KGL Logistics Co paused at 55 fils. The company has posted a net profit of KD 3.49 million and earnings per share of 5.82 fils in the first half of 2015, up from net profit of KD 2.73 million and earnings per share of 5.06 fils in the same period last year.
Jazeera Airways skidded 15 fils to KD 0.460 and ALAFCO pulled 4 fils into red. Mashaer Holding slipped 3 fils to 99 fils whereas Mezzan Holding was unchanged at KD 1.020.
In the banking sector, Gulf Bank was flat at KD 0.265 after trading 1.5 million shares and Kuwait Finance House followed suit to close at KD 0.570. Boubyan Bank fell 5 fils to KD 0.405.
Al Ahli Bank of Kuwait slipped 5 fils to KD 0.325 and Ahli United Bank gave up 10 fils to settle at KD 0.530. Kuwait International Bank paused at KD 0.228 and Burgan Bank too did budge from its earlier close of KD 0.390.
Kuwait Investment Co and National Investment Co were unchanged at 106 fils and 112 fils respectively and Noor Financial Investment Co paused at 63 fils. Al Deera Holding clipped 2 fils whereas Al Madina For Finance and Investment Co closed 2 fils up.
National Real Estate Co inched 1 fils into red and Mabanee Co shed 10 fils. Ajial Real Estate added 2 fils whereas Al Mazaya Holding edged 2 fils lower.
The bourse was largely upbeat during the holiday curtailed last week. It closed higher in two of the three sessions and climbed 40 points week-on-week. It has slid 56 points from the start of the month and is trading 11.8 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Real Estate Company has registered a net profit of KD 2.39 million and earnings per share of 2.64 fils in the first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year.
Gulf Cement Company has posted a net profit of KD 2.45 million and earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.
Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.
Metal and Recycling Co has incurred a net loss of KD 126,449 and losses per share of 2.48 fils in the January-June period of 2015 as compared to net profit of KD 615,409 and earnings per share of 6.76 fils in 2104, H1.
Aayan Leasing and Investment Company has clocked a net profit of KD 5.42 million and earnings per share of 6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014.
By John Mathews
Arab Times Staff