KSE index nudges up amid bargain buying – NBK climbs 10 fils; KIPCO flat

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KUWAIT CITY, May 24: Kuwait stocks nudged higher on Tuesday stemming the four-day fall. The price index rose 8.12 pts in lackluster trade to 5,322.61 points amid bargain buying in select counters. The heavyweights were mixed even as investors kept a wary eye on the oil prices. The KSX 15 gauge climbed 4.93 pts to 829.83 points trimming the month’s losses to 34 pts while weighted index ticked 1.41 points higher. The volume turnover rose for the second straight day mostly on spurt in speculative buying. 137.39 million shares changed hands — a 13.71 pct increase from Monday.

The sectors closed mostly in the green. Telecommunication outpaced the rest with 1.49 percent gain whereas technology shed 1 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 37.8 pct while telecommunication stood next with 30.8 pct contribution. Among the day’s gainers National Bank of Kuwait rose 10 fils to KD 0.630 paring the month’s losses to 40 fils and Burgan Bank was up 5 fils with thin trading. Kuwait Food Co (Americana) climbed 20 fils to KD 2.320.

Zain gained 10 fils on back of 1.8 million shares whereas Wataniya Telecom (Ooredoo) stood pat at KD 1.120. Kuwait Telecommunications Co (VIVA) held steady at KD 0.930 and logistics major Agility followed suit to wind up at KD 0.485. KIPCO was flat at KD 0.520 off early highs and National Investments Company dialed up 2 fils. The company has logged a first quarter net profit of KD 1.11 million and earnings per share of 1.3 fils.

The market opened flat and moved sideways in early trade. The main index ticked up and to reach the day’s highest level of 5,324.51 points amid modest buying in select counters. It however retreated slightly in the final hour and closed with marginal gains. Top gainer of the day, Ajwan Gulf Real Estate Co rallied 8.33 pct to 32.5 fils while Ekttitab Holding climbed 7.69 pct to stand next with brisk trading. Argan Real Estate Co slid 6.25 pct , the steepest decliner of the day and Hits Telecom topped the volume with 40.38 million shares.

Reflecting the day’s uptick, the winners outnumbered the losers, 43 stocks advanced whereas 34 closed lower. Of the 119 counters active on Tuesday, 42 closed flat. 2,996 deals worth KD 8.8 million were transacted – a 26 pct drop in value from the day before. National Industries Group ticked 2 fils up to 110 fils partly paring the losses in the last session whereas Gulf Cable vacillated in tight range before closing unchanged at KD 0.400. Kuwait Foundry Co fell 4 fils to 178 fils and Shuaiba Industrial Co swung 10 fils into red.

Jazeera Airways was flat at KD 0.890 and ALAFCO gave up 6 fils to end at 202 fils. Humansoft Holding Co climbed 20 fils to KD 1.140 and United Projects Group was up 10 fils at KD 0.690. PAPCO added 4 fils with thin trading.

Gained

Mezzan Holding gained 20 fils and Yiaco Medical Co closed 6 fils in red. The company has logged a net profit of KD 277,732 and earnings per share of 1.53 fils in the first quarter of 2016.

KGL Logistics Co inched 1 fils up whereas Kuwait & Gulf Link Transport Co closed flat at 48 fils. The company has recorded a net profit of KD 494,405 and earnings per share of 1.87 fils in the quarter ending March 31, 2016.

ACICO Industries Co slipped 5 fils while Boubyan Petrochemicals Co and NICBM held steady at KD 0.520 and 208 fils respectively. Qurain Petrochmical Industries Co added 4 fils and Salbookh Trading Co stood pat at 75 fils.

Educational Holding Group rose 6 fils whereas Zima Holding paused at 44 fils after trading 10.2 million shares. Gulf Petroleum Investment Co inched 0.5 fils into green with a volume of over 9 million.

In the banking sector, Gulf Bank was unchanged at KD 0.226 and Ahli United Bank too did not budge from its earlier close of 415 fils. Commercial Bank and Al Ahli Bank were not traded during the session.

Kuwait Finance House fell 5 fils to KD 0.465 taking the month’s losses to 25 fils while Kuwait International Bank and Boubyan Bank stood pat at KD 0.200 and KD 0.400 respectively. Warba Bank too paused at 172 fils

Warba Insurance Co stagnated at 102 fils whereas Kuwait Insurance Company gave up 5 fils. The company has chalked a net profit of KD 3.46 million and earnings per share of 18.73 fils in the January- March period.

Securities Group Co eased 1 fils and Securities House Co inched 0.5 fils lower after trading 1.7 million shares. Alsalam Group Holding Co and Ektittab Holding Co dialed up 2 fils each with brisk trading whereas Al Mal Investment Co stood pat at 29 fils.

Bayan Investment Co and Sokok Holding Co took in 0.5 fils each whereas Al Deera Holding clipped 0.5 fils to end at 38 fils. KFIC was down 1.5 fils at 36 fils. National Real Estate Co and Al Mazaya Holding stagnated at 91 fils and 118 fils respectively whereas Mabanee Co slipped 10 fils to KD 0.760.

The market has been mixed so far during the week and has eased 2 points in last three sessions. It has shed 68 points from start of the month and has retreated 5.21 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news , Hilal Cement Company has registered a net profit of KD 415,000 and earnings per share of 5.4 fils in the first quarter of 2016 rebounding from a net loss of KD 78,685 and losses per share of 1.0 fils in 2015 Q1.

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co. has posted a net profit of KD 629,557 and earnings per share of 7.93 f ils in the first quarter of 2016 as compared tonet profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.

Aqar Real Estate Investments Co as penciled a net profit of KD 278,860 and earnings per share 1.30 fils in the first three months of 2016 as against a net profit of KD 506,241 and earnings per share of 2.22 fils in the same period last year

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews – Arab Times Staff

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