KSE index ‘edges’ up; volume little changed – KIPCO slips 10 fils; NBK stagnates

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KUWAIT CITY, April 20: Kuwait stocks edged higher on Wednesday extending the robust gains in the last session. The price index pared back steeper gains to close 2.59 points higher at 5330.78 pts. The sentiment was mixed even as investors await fresh cues.

The KSX 15 gauge inched 0.92 pts higher to 861.35 points trimming the year’s losses to 23 points while weighted index closed 0.28 points up. The volume turnover meanwhile was little changed from previous level. 225.13 million shares changed hands — a 1.57 pct rise from Tuesday.

The sectors closed mostly in the green zone. Healthcare outshone the rest with 1.57 pct while technology shed 0.75 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 35.31 pct while financial services and banks followed with 24.7 pct and 13.6 percent contributions respectively.

In the individual shares, National Bank of Kuwait gave up slight early gains to close unchanged at KD 0.490 with a volume of over million and Kuwait Finance House too did not budge from its earlier close of KD 0.490. Kuwait Food Co (Americana) shed 20 fils and has gained 100 fils so far during the month.

Zain rose 5 fils to KD 0.350 whereas Wataniya Telecom (Ooredoo) stood pat at KD 1.060 with thin trading. Kuwait Telecommunications (VIVA) stagnated at KD 1.000 off early highs and Agility followed suit to settle at KD 0.485.

Investment conglomerate KIPCO slipped 10 fils to KD 0.560 and Bayan Investment Co took in 0.5 fils. The company has posted a net loss of KD 50,336 and losses per share of 0.14 fils in the year ending Dec 31, 2015.

The market opened firm and ticked up in early trade. The price index moved sideways before peaking at 5,348.86 points and retreated thereafter. It slipped into red in the final minutes to bottom at 5,322.12 points and managed to claw back into positive turf at close.

Top gainer of the day, Munshaat Real Estate Projects Group climbed 5.56 pct to 57 fils while RKWC rose 5.49 percent to stand close behind. Kuwait Cable Vision Co slid 8.2 pct, the steepest decliner of the day and Sokouk Holding Co topped the volume with 27.9 million shares.

The market spread was slightly skewed toward the winners. 38 stocks advanced whereas 33 closed lower. Of the 123 counters active on Wednesday, 52 closed flat. 4641 deals worth KD 15.8 million were transacted — a 20.2 pct jump in value from the day before.

National Industries Group was unchanged at KD 0.142 after trading over 2 million shares and Gulf Cabe eased 5 fils to settle at KD 0.340. Boubyan Petrochemical Co was flat at KD 0.520 whereas Qurain Petrochemical Industries Co dialed up 2 fils.

Jazeera Airways stood pat at KD 0.880 and ALAFCO too did not budge from its earlier close of KD 0.208. Kuwait and Gulf Links Transport Co paused at 48 fils whereas KGL Logistics closed 2 fils in green. Ikarus Petroleum Industries Co clipped 2.5 fils after trading 2.7 million shares.

Equipment Holding Co gave up 1 fils whereas Kuwait Foundry Company stood pat at 186 fils. The company has posted a net loss of KD 2.94 million and loss per share of 19.17 fils in the year ending Dec 31. The Board of Directors has recommended 10 percent cash dividends.

Automated Systems Co tripped 10 fils whereas Humansoft Holding gained 20 fils to wind up at KD 0.680. Jeeran Holding Co fell 2 fils to 66 fils and Zima Holding inched 0.5 fils higher on back of 10.7 million shares. Al Mowasat Health Care Co climbed 10 fils to 210 fils and Gulf Petroleum Investment Co inched 1 fils higher with a volume of 9.3 million.

Mezzan Holding Co gained 20 fils whereas Kuwait Portland Cement Co closed flat at KD 1.000. The bank has posted a net profit of KD 4.82 million and earnings per share of 50.50 fils during the full year of 2015. The Board of Directors has recommended 50% cash dividends in addition to 5% bonus shares.

In the banking sector, Gulf Bank eased 2 fils to KD 0.240 whereas Commercial Bank added 5 fils. Al Ahli Bank and Ahli United Bank held their ground steady at KD 0.335 and KD 0.420 respectively and Kuwait International Bank too did stagnated at KD 0.200.

Burgan Bank rose 5 fils on back of 1.2 million shares whereas Boubyan Bank was unchanged at KD 0.405 with a volume of 2.9 million. Warba Bank was up 2 fils at 176 fils. National Investment Co and Kuwait Investment Co were unchanged at 88 fils and 120 fls respectively while Securities Group and Al Mal Investment Co clipped 1 fils each. Osoul Investment Co closed flat and KFIC followed suit.

Noor Financial Investment Co fell 2.5 fils and KMEFIC paused at 26 fils. Warba Insurance Co was unchanged at 104 fils and Al Deera Holding Co inched 0.5 fils lower. National Real Estate Co eased 1 fils after trading 4.2 million shares and Mazaya Holding Co gained 4 fils on back of 2.9 million shares. Investors Holding Group Co stood pat at 23 fils.

The market has been mixed so far during the week and has added 30 points in last four sessions. The price index has gained 101 points from start of the month but is down 5.06 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, KAMCO Investment Company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before

Gulf Investment House has clocked a net loss KD 6.085 and losses per share of 37.07 fils in the year ending Dec 31, 2015 as compared to net loss of KD 1.62 million and losses per share of 10.42 fils in 2014.

Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.

Salhia Real Estate Company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 fils as compared to net profit of KD 11.42 million and arnings per share of 23.07 fils. The Board of Directors has recommended 20 pct cash dividends.

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.

By John Mathews – Arab Times Staff

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