KUWAIT CITY, March 2: Kuwait stocks pulled higher on Wednesday as it extended the gains to second straight session. The price index rose 26.7 pts to 5,262.35 points led by strong buying in banks and some of the heavyweights. The market mood was buoyant even as crude oil prices continued to tick higher.
The KSX 15 benchmark jumped 14.33 pts to 854.37 points paring the m year’s losses to 30 points while weighted index climbed 4.53 pts. The volume turnover meanwhile surged past the 200 million mark to hit a one-month high. 202.49 million shares changed hands — a 44 pct surge from Tuesday.
The sectors closed mostly in red. Basic materials outshone the rest with 2.31 percent gain whereas consumer goods slipped 1.71 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 40.25 pct while real estate and banks trailed with 28.48 percent and 15.14 pct contributions respectively.
Among the notable gainers, sector bellwether National Bank of Kuwait rose 10 fils to KD 0.740 and is down 60 fils year-to-date while Kuwait Finance House rallied 15 fils on back of 2.5 million shares to close at KD 0.510. Mabanee Co was up 20 fils after trading over 1 million shares.
Zain rose 10 fils to KD 0.370 after trading 5.4 million shares and Wataniya Telecom (Ooredoo) was unchanged at KD 1.200 after posting steep loss in the last session. Kuwait Telecommunications Co (VIVA) gained 20 fils and Agility added 5 fils to settle at KD 0.450. National Investment Co climbed 3 fils on back of 8.3 million shares while KIPCO closed flat. The company has posted a net profit of KD 53.02 million and earnings per share of 34.05 fils in 2015 as compared to net profit of KD 46.08 mln and earnings per share of 33 fils in the same period last year. The BOD has recommended 25 percent cash dividends.
The market opened flat and inched higher in early trade. The bourse eased slightly to touch the day’s lowest level of 5,234.43 pts and ticked up thereafter amid renewed buying in select counters. It peaked at 5,234.43 points in the final minutes before closing with moderate gains. Top gainers of the day, Arabi Holding Group Co and Ithmaar Bank rallied 8.06 percent each and Ithmaar also topped the volume with 18.96 million shares.
Kuwait Cinema slid 16.6 pct, the steepest decliner of the day. The company has recorded a net profit of KD 9.83 million and earnings per share of 102.19 fils in 2015 as against net profit of KD 8.71 million and earnings per share of 88.04 fils during last year. The BOD has recommended d 53 percent cash dividends.
National Industries Group was flat at 116 fils and RISCO too did not budge from its earlier close of KD 0.325. Gulf Cable rose 5 fils to KD 0.345 and Kuwait Foundry Co ticked 2 fils higher to 212 fils. ACICO Industries stood pat at KD 0.265.
Kuwait Food Co (Americana) tumbles 40 fils to KD 2.260 snapping the strong winning streak and Humansoft Holding advanced 40 fils extending the modest gains in the last session Jazeera Airways dropped 10 fils to KD 0.830 and ALAFCO swung 10 fils higher to 198 fils.
Equipment Holding Co was unchanged at 52 fils while Mezzan Holding Co climbed 20 fils to KD 1.040. IFA Hotels and Resorts and Al Nawadi Holding Co clipped 2 fils each while Zima Holding closed 5 fils in red after trading 1.8 million shares.
Kuwait Portland Cement Co gained 20 fils. The company has posted a net profit of KD 4.82 million and earnings per share of 50.50 fils during the full year of 2015 as compared to net profit of KD 8.26 million and earnings per share of 86.56 fils. The Board of Directors has recommended 50 percent cash dividends in addition to 5 percent bonus shares. Boubyan Petrochemical Co added 5 fils while Qurain Petroleum Industries Co climbed 8 fils to 192 fils. Independent Petroleum Group Co was unchanged at KD 0.320 and Mashaer Holding followed suit.
In the banking sector, Gulf Bank climbed 4 fils on back of over 5 million shares and Commercial Bank rose 10 fils to KD 0.510. Al Ahli Bank of Kuwait added 5 fils and Ahli United Bank closed 5 fils in red. Kuwait International Bank was unchanged at 194 fils.
Burgan Bank rose 5 fils to KD 0.345 and Boubyan Bank was up 10 fils after trading over 1 million shares. Warba Bank took in 2 fils to settle at 176 fils.
Kuwait Investment Co eased 1 fils to 90 fils and Kuwait Financial Centre (Markaz) too was down by same measure to close at 82 fils. Securities House Co and Bayan Investment Co rose 2.5 fils each and KMEFIC inched 0.5 fils higher. Sokouk Holding Co inched 1 fils up while Osoul Investment and KFIC closed 0.5 fils in green. National Real Estate Co stagnated at 102 fils and Salhia Real Estate Co followed suit.
The market has been buoyant upbeat so far during the week and has soared 87 points in last four sessions. It had rallied 93 points during the whole of February and is trading 6.28 pct lower 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 Development 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.
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 percent cash dividends.
By John Mathews – Arab Times Staff