KUWAIT CITY, Oct 20: Kuwait stocks headed north Tuesday extending the gains to third consecutive session. The price index gained 20.55 points in choppy trade to wind up at 5,804.92 pts led by banks and other blue chips even as investors await more third quarter results.
The KSX 15 gauge rose 6 points to 933.84 pts nearly reaching the level at the start of the month while weighted index nudged 2.29 pts higher. The volume turnover meanwhile pulled back after rising in the last three days. 139.43 million shares changed hands — a 22.66 pct drop from Monday.
The sectors closed mostly in the positive territory. Industrials outshone the rest with 0.71 percent gain whereas technology shed 2.30 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 40.9 percent while real estate and industrials followed with 27.5 percent and 16.2 pct contributions respectively.
Among the standout performers National Bank of Kuwait climbed 10 fils to KD 0.810 and Al Ahli Bank followed suit to close at KD 0.375. Kuwait Financial Centre (Markaz) scaled 8 fils with thin trading and Automated Systems Co jumped 25 fils to end at KD 0.330.
Zain was unchanged at KD 0.390 off slight early highs and Wataniya Telecom (Ooredoo) climbed 20 fils extending an identical gain in the last session. Kuwait Telecommunications Co (VIVA) added 10 fils and logistics major Agility was up by same measure to close at KD 0.570.
Gulf Bank was flat at KD 0.270 whereas Kuwait Finance House was up 10 fils at KD 0.570. The Islamic lender has won the approval of Central Bank of Kuwait for its request to extend permission to buy back or sell up to 10 percent of own issued shares over a period of 6 months ending April 30, 2016.
The market opened firm and edged up in early trade. The key measure rose steadily amid buying in select counters before drifting sideways as investors toed caution. It sagged slightly in the second half but managed to claw back to close with modest gains.
Top gainer of the day, Al Bareeq Holding Co rallied 10 pct to 110 fils while Markaz vaulted 8 percent to stand next. Ajwan tumbled 7.9 percent, the steepest decliner of the day and National Ranges Co (Mayadeen) topped the volume with 14.7 million shares.
Reflecting the day’s upswing, the winners vastly outnumbered the losers. 60 stocks advanced whereas 35 closed lower. Of the 135 counters active on Tuesday, 40 closed flat. 3,714 deals worth KD 10.6 million were transacted — a 38.5 percent drop in value from the day before.
National Industries Group, the flagship company of Kharafi Group rose 4 fils to KD 0.146 on back of 1.27 million shares and ACICO Industries gained 10 fils to close at KD 0.290. RISCO and Gulf Cable climbed 5 fils each whereas Boubyan Petrochemical Co pulled 10 fils lower.
Kuwait Cement Co was up 10 fils to KD 0.960 with thin trading whereas Equipment Holding Co held steady at 68 fils. Qurain Petrochemical Industries Co dialed up 2 fils and Ikarus Petroleum Industries Co slipped 4 fils. Humansoft Holding Co paused at KD 1.100.
Jazeera Airways scaled 15 fils recovering most of the losses in the last session while ALAFCO was unchanged at KD 0.222. The company has clocked a net profit of KD 13.4 million for the nine-month period ending June 30, 2015. The earnings per share came in at 16.3 fils and company’s total revenues reached KD 47.7 million.
Kuwait and Gulf Link Transport Co inched 0.5 fils down and KGL Logistics Company took in 1 fils. The company has been granted permission by Capital Markets Authority to buy back or sell up to 10 percent of own issued shares over the period of 6 months commencing date of approval.
Combined Group Contracting Co dived 30 fils and Mezzan Holding Co was flat at KD 1.080. Burgan Well Drilling Co gave up 5 fils and Zima Holding Co dialed up 2 fils to wind up at 76 fils.
In the banking sector, Burgan Bank fell 5 fils to KD 0.395 whereas Kuwait International Bank took in 2 fils to close at KD 0.234. Ahli United Bank stagnated at KD 0.540 and Commercial Bank was not traded during the session.
Warba Bank held steady at KD 0.208 and Boubyan Bank closed flat. The bank has posted a net profit of KD 25.15 million and earning per share of 12.20 fils in the nine-month period ending Sept 30, 2015 as compared to a profit of KD 20.26 million and EPS of 9.83 fils in the same period in 2014.
Investment major KIPCO was unchanged at KD 0.580 and National Investment Co followed suit. Kuwait Investment Co clipped 2 fils and Al Aman Investment Co closed 4 fils higher. Bayan Investment Co inched 0.5 fils into green.
Noor Financial Investment and Osoul Investment dialed down 1 fils each and Tamdeeen Investment paused at KD 0.300. Mabanee Company dropped 10 fils and National Real Estate Co added 5 fils on back of over 2 million shares.
The bourse has been buoyant so far during the week and has rallied 73 points in last three sessions. It has gained 76 points from start of the month and is trading 11.18 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Independent Petroleum Group Co has posted a net profit of KD 1.599 million in the nine-month period ended Sept 30, 2015 while earnings per share came in at 11.05 fils. This compares with net profit of KD 3.627 million and earnings per share of last 25.08 fils in the same period last year.
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.
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