KUWAIT CITY, Oct 19: Kuwait stocks swung north on Wednesday stemming the five-day decline. The bourse bounced 31.64 pts in choppy trade to 5,315.23 points led by brisk buying in Zain. The banks and other heavyweights however were mostly muted even as oil prices continued to hover above the $50 mark.

The KSX 15 benchmark rose 3.31 pts to 799.05 points trimming the month’s losses to 15 pts while weighted index ticked 1.64 pts higher. The volume turnover meanwhile rebounded after Tuesday’s drop. 95.59 million shares changed hands — a 76.20 pct surge from the previous session.

The sectors closed mostly in the positive territory. Consumer goods outshone the rest with 1.30 pct gain whereas basic materials slipped 0.20 pct, the weakest performer of the day. In terms of volume, financial services mustered the highest market share of 35.5 pct while real estate followed with 22.9 pct contribution.

In the individual shares, Zain rose 5 fils on back of 4.3 million shares while Wataniya Telecom (Ooredoo) was unchanged at KD 1.100 off early highs. Kuwait Telecommunications Co (VIVA) held steady at KD 0.820 and is down 60 fils during the month and Agility followed suit to wind up at 465 fils.

Tamdeen Investment Co shed 25 fils with razor thin trading while Kuwait Insurance Co was down 10 fils at 236 fils. Kuwait Finance House was up 5 fils at 460 fils on back of 1.4 million shares whereas Kuwait Food Co (Americana) stood pat at KD 2.600.

National Bank of Kuwait gave up early gains to close flat at KD 0.570 with a volume of 1.6 million and Boubyan Bank gave up 5 fils. The bank has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending Sept 30, 2016.

The market opened firm and rose steadily in early trade. The price index continued to head north amid strong buying in select counters led by Zain and peaked at 5,317.76 pts in the final minutes. It however eased marginally at close.

Top gainer of the day, Gulf Finance Co jumped 8.2 pct to 33 fils while Ikarus climbed 7.4 percent to stand next. Tamdeen Investment Co slid 8.33 pct, the steepest decliner of the day and Investors Holding Group topped the volume with 9.9 million shares.

Mirroring the day’s upswing, the market spread was skewed towards the winners. 56 stocks advanced whereas 22 closed lower. Of the 117 counters active on Wednesday, 39 closed flat. 2,418 deals worth KD 10.32 million were transacted — a 6.6 pct rise in value from the day before.

National Industries Group took in 2 fils to settle at 106 fils and Heavy Engineering Industries and Shipping Co followed suit. Gulf Cable slipped 5 fils to 365 fils and Boubyan Petrochemical Co was flat at 455 fils.

Jazeera Airways stagnated at KD 0.830 and ALAFCO dialed up 2 fils before settling at 216 fils. Kuwait and Gulf Link Transport Co 47 fils and UPAC stood pat at 670 fils. Zimah Holding was up 2.5 fils at 41.5 fils. Equipment Holding Co paused at 42 fils.

Clipped

Kuwait Foundry Co clipped 2 fils and Independent Petroleum Group Co closed flat at 345 fils. The company has clocked a net profit of KD 2.53 million and earnings per share of 17.53 fils in the first half of 2016. Kuwait National Cinema Co too did not budge from its earlier close of KD 0.950.

Humansoft Holding Co stalled at KD 1.600 with thin trading and Kuwait Cement Co closed flat. The company has posted a net profit of KD 12.16 million and earnings per share of 17.06 fils in the six-month period ending June 30, 2016 as compared to net profit of KD 13.75 million and earnings per share 19.29 fils in the same period last year.

In the banking sector Burgan Bank stagnated at 320 fils and Gulf Bank too did not budge from its earlier close of 228 fils. Kuwait International Bank was unchanged at 182 fils and Warba Bank gained 10 fils.

Al Ahli Bank and Ahli United bank were unchanged at 310 fils and 380 fils respectively whereas Commercial Bank was not traded during the session.

Kuwait Investment Co and Commercial Facilities Co dialed down 2 fils each whereas International Financial Advisors held steady at 27.5 fils after trading 1.9 million shares. National Investment Co stood pat at 106 fils and KIPCO followed suit to wind up at 500 fils.

Arzan Financial Investment Co and Al Mal took in 0.5 fil each whereas Coast Investment Co edged 1.5 fils into green, Securities House Co eased 0.5 fil whereas KAMCO stalled at 114 fils. Bayan Investment Co inched 0.5 fil higher to 29 fils.

Iskan added 2.5 fils while Ektittab Holding and Sokouk Holding Co were up 1 fil each at 36.5 fils and 28.5 fils each respectively. Noor Financial Investment Co took in 1 fil and Kuwait Insurance Co dipped 10 fils.

Kuwait Real Estate Co took in 1 fil while National Real Estate Co and Mabanee Co were unchanged at 74 fils and KD 0.800. Mazaya Holding rose 4 fils to 108 fils and Al Argan Real Estate Co followed suit.

The market has been mixed so far during the week and has slipped 13 pts in the last four sessions. It has slid 87 pts so far during the month and has retreated 5.34 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Jeeran Holding Co. has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg. has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Hilal Cement Company has posted a net profit of KD 20.659 mln and earnings per share of 0.2 fils in the six-month period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fil in the same period last year.

Metal and Recycling Co. clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.

Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.

By John Mathews - Arab Times Staff