KSE index firms up amid sluggish trade – KFH rallies 20 fils; Gulf Bank ticks up

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KUWAIT CITY, March 28: Kuwait stocks swung higher on Monday recouping some of the losses in the day before. The bourse rose 10.24 points in sluggish trade to 5,252.26 pts helped by spurt in buying in some of banking shares.

The KSX 15 benchmark jumped 6.94 pts to 837.97 points taking the month’s gains to 7 pts while weighted index edged 1.13 pts up. The volume turnover meanwhile bounced back after the Sunday’s drop. 182.47 million shares changed hands — a 34.82 pct surge from the last session.

The sectors closed mixed. Basic materials outperformed the rest with 1.5 percent gain whereas telecommunications shed 1.27 pct, the biggest loser of the day. Volume wise, real estate clocked the highest market share of 36.5 pct and financial services stood next with 22 percent contribution.

Among the prime movers, National Bank of Kuwait rose 10 fils on to KD 0.690 trimming the month’s losses to 30 fils while Kuwait Finance House rallied 20 fils on back of 6.1 million shares to KD 0.510. Jazeera Airways was up 10 fils at KD 0.900 extending and identical gain in the last session.

Zain slipped 5 fils to KD 0.440 and Wataniya Telecommunications (Ooredoo) tumbled 80 fils. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.990 off early highs and has gained 50 fils during the month whereas Agility gave up 5 fils.

Investment conglomerate KIPCO was unchanged at KD 0.530 and National Investments Company eased 1 fils. The company has incurred a net loss of KD 5.57 million and losses per share of 7 fils in the year 2015 as against net profit of KD 6.67 mln and earnings per share 8 fils in the same period last year.

The market opened weak and moved sideways in early trade. It slipped briefly to hit day’s lowest level 5,232.7 pts and continued to drift listlessly amid mixed sentiment. It ticked up in the second half to peak at 5,252.66 points before closing with modest gains.

Top gainer of the day, Investors Holding Group Co rallied 12.2 pct to 23 fils and the counter also topped the volume with over 38 million shares. National Ranges Co (Mayadeen) stood next with 11.11 pct gain whereas The Energy House Co slid 8.3 percent, the steepest decliner of the day.

Mirroring the day’s uptick, the winners outnumbered the losers. 49 stocks advanced whereas 40 closed lower. Of the 134 counters active on Monday 45 closed flat. 3,564 deals worth KD 20.8 million were transacted — a 94 pct surge in value from the day before.

National Industries Group took in 2 fils whereas Gulf Cable dropped 10 fils to KD 0.310. NIG has logged a net profit of KD 25.42 million and earnings per share of 19.2 fils during whole of 2015 as compared to net profit of KD 28.28 mln and earnings per share of 21.3 fils in the year before. The BOD has recommended 10 pct cash dividends.

Kuwait Food Co (Americana) was flat at KD 2.500 and Yiaco Medical Co gained 10 fils. Kuwait and Gulf Link Transport Co stood pat at 46 fils and KGL Logistics Co followed suit. Kuwait National Cinema Co too was unchanged at KD 1.020.

Flat

Kuwait Cement Co was up 5 fils at KD 0.280 and Kuwait Portland Cement Co was flat at KD 1.020. Boubyan Petrochemical Co gained 15 fils and Qurain Petrochemical Industries Co took in 2 fils to settle at 194 fils.

Mezzan Holding stagnated at KD 1.100 and ACICO Industries Co added 5 fils. The company has posted a net profit of KD 8.38 million and earnings per share of 30.69 fils in the year ended Dec 31, 2015 and the Board of Directors has proposed 15 percent cash dividends and 5 percent bonus shares.

Humansoft Holding Co was unchanged at KD 0.660 and United Projects Co too did not budge from its earlier close of KD 0.690. Zima Holding Co inched 1 fils higher and Gulf Petreoleum Investment Co followed suit.  City Group climbed 5 fils to KD 0.440.

Equipment Holding Co took in 1 fils whereas Al Nawadi Holding Co inched 1 fils higher. Al Rai Media Group Co clipped 2 fils to settle at 142 fils.

In the banking sector, Gulf Bank rose 2 fils to 212 fils whereas Kuwait International Bank dropped 8 fils to 192 fils. Al Ahli Bank slipped 5 fils to KD 0.330 whereas Commercial Bank of Kuwait was not traded during the session.

Burgan Bank was unchanged at KD 0.335 and Boubyan Bank too held steady at KD 0.415. Warba Bank gave up 4 fils to end at 174 fils.

Kuwait Investment Co was flat at 88 fils and Securities House Co followed suit to end at 41 fils. Al Aman Investment Co slipped 4 fils after trading over 1 million shares and KFIC eased 1 fils.

Sokouk Holding Co and Bayan Investment paused at 34 fils and 32 fils respectively while Ektittab Holding Co nudged 1 fils higher. Noor Financial Investment Co gave up 0.5 fils whereas Kuwait Insurance Co closed flat.

Mazaya Holding Co took in 2 fils while National Real Estate Co and United Real Estate Co fell 1 fils each. Mabanee Co stagnated at KD 0.870.

The market has been mixed so far during the week and is down 15 points in last two days. It has advanced 45 points from start of the month but has retreated 6.46 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, 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.

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

Abyaar Real Estate Development Co has recorded a net loss of KD 21,700 and loss per share of 0.02 fils in 2015 after posting net profit of KD 755,088 and earnings per share of 0.69 fils in the year before.

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.

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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