KSE index ends week with 8.5 points uptick – KFH rallies 15 fils; KIPCO flat

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KUWAIT CITY, Feb 24: Kuwait stocks pulled higher on Wednesday to wind up the holiday-curtailed week on a firm note. The bourse rose 8.5 pts in lackluster trade to 5,174.69 points even as the trend remained broadly mixed.

The KSX 15 gauge rose 1.79 points to 838.19 pts taking the month’s gain to 11 points while weighted index edged 1.79 pts higher. The volume turnover meanwhile saw a pullback after rising in last two sessions. 126.2 million shares changed hands — a 21 pct drop from Tuesday.

The sectors closed mostly in the green. Technology outshone the rest with 1.93 percent gain whereas oil and gas shed 0.37 pct, the worst performer of the day. Volume wise, financial services notched the highest market share of 48 percent while banks and real estate followed with 18.4 percent and 15.8 pct contributions respectively.

In the individual shares, Kuwait Finance House rallied 15 fils to KD 0.510 on back of 7.4 million shares extending the gains from Tuesday, while Ahli United Bank gained 10 fils even as the bank posted robust earnings for 2015. Kuwait Food Co (Americana) climbed 40 fils to KD 2.140.

Zain slipped 5 fils to 355 fils while Wataniya Telecom (Ooredoo) jumped 40 fils to KD 1.180 recouping the losses in the day before. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.950 and logistics major Agility too did not budge from its earlier close of KD 0.425.

Jazeera Airways rose 10 fils to KD 0.830 while ALAFCO was down 6 fils at 198 fils. Mabanee Co dropped 10 fils to KD 0.860 taking the month’s losses to 30 fils whereas investment conglomerate KIPCO held the ground steady at KD 0.550.

The market opened flat and slipped into red in early trade. The price index drifted in a narrow range thereafter as sentiment turned skittish before plumbing the day’s lowest level of 5152.2 points past the mid-session. It clawed back in the final minutes and managed to close in the positive zone.

Top gainer of the day, Al Deera Holding rallied 9.43 pct to 29 fils and Amwal International Holding Co climbed 8.11 percent to stand next. Marakez slid 7.3 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 17.8 million shares.

Mirroring the day’s uptick, the winners outnumbered the losers. 48 stocks advanced whereas 34 closed lower. Of the 126 counters active on Wednesday, 44 closed flat. 3206 deals worth KD 12.73 million were transacted — a 24.6 pct drop in value from the day before.

National Industries Group was unchanged at 114 fils and Kuwait Portland Cement Co followed suit. 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 Petroechemical Industries Co added 5 fils whereas ACICO Industries and Equipment Holding Co stood pat at KD 0.280 and 51 fils respectively. Kuwait and Gulf Link Transport Co was flat at 41 fils whereas KGL Logistics Co gained 4 fils.

Logged

NAPESCO slipped 10 fils and Mashaer Holding Company closed 5 fils higher. The company has logged a net profit of KD 2.37 million and earnings per share of 13 fils in during the year ending December 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.

Yiaco Medicals climbed 10 fils to 228 fils and Zima Holding took in 2 fils to settle at 96 fils on back of over 3 million shares. Humansoft Holding was flat at KD 0.750 and IFA Hotels and Resorts pulled 10 fils lower.

In the banking sector, National Bank of Kuwait was flat at KD 0.730 with a volume of over one million shares whereas Gulf Bank of Kuwait took in 2 fils. The bank has recorded a annual net profit of KD 39 million and earnings per share of 13 fils as against net profit of KD 35.46 million and earnings per share of 12 fils in the year before .The board has recommended 4 pct cash dividends.

Commercial Bank of Kuwait shed 20 fils and Kuwait International Bank eased 2 fils to 192 fils, Burgan Bank and Boubyan Bank paused at 335 fils and 390 fils respectively whereas Warba Bank clipped 2 fils. Al Ahli Bank of Kuwait was not traded during the session.

National Investment Co was unchanged at 78 fils and Bayan Investment Co followed suit after trading 4.2 million shares. Securities House Co rose 1.5 fils on back of 6.8 million shares and Sokouk Holding Co was up 1 fils at 32 fils.

Noor Financial Investment Co took in 2 fils and Osoul Investment Co added 2.5 fils to close at 35 fils. Warba Insurance Co gave up 4 fils while KAMCO clipped 2 fils to settle at 106 fils.  The market trended largely higher during the week. The price index closed higher in 3 of the 4 days and gained 34 points week-on-weeek It has climbed 59 points from start of the month but has shed 7.84 pct 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

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