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KSE index rebounds amid buying ‘surge’ – KFH gains 10 fils; Zain flat

KUWAIT CITY, April 7: Kuwait stocks swung higher on Thursday to wind up the week on a positive note. The price index climbed 26.14 pts in a tame session to 5,230.44 pts  helped by renewed buying in select counters led by banks.

The KSX 15  gauge jumped 10.15 pts to 852.87 points taking the months gains to 2 points while weighted index was up 3.46 pts. The volume turnover meanwhile soared  past the 200 million mark to hit the month’s highest level. 259.18 million shares changed hands — a 56.18 percent surge from Wednesday.

The sectors closed mostly in the green turf. Technology outshone the rest with 2.48 pct gain whereas oil and gas shed 0.40 pct, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 39.6 percent while real estate and banks trailed with 22.89 percent and 10.47 pct contributions respectively.

Among the notable gainers, National Bank of Kuwait rallied 10 fils on back of 2.3 million shares  and Kuwait Finance House  was up by same measure to end at KD 0.485 with a volume of  5.5 million. Kuwait Food Co (Americana) jumped 40 fils extending the  gains in the last session.

Telecom service provider Zain was unchanged at KD 0.350  after trading 1.4 million shares and Wataniya Telecom (Ooredoo) pulled up from early lows to close flat at KD 1.060. Agility added 5 fils while Kuwait Telecommunications Co (VIVA)  stood pat at KD 1.040.

City Group soared 40 fils and Yiaco Medical Co. rose 10 fils to 160 fils. The company has incurred a net loss of  KD 7.05 million and losses per share of 38.76 fils in the year ending Dec 31, 2015 as compared to net profit of KD 1.99 million and earnings per share of 10.98 fils in 2014.

The market opened flat and ticked up in early trade. The price index moved sideways thereafter  as sentiment  turned mixed and spurt in buying in final minutes helped the bourse close with modest gains.

Top gainer of the day, City Group rallied 8.16 pct to KD 0.530 while Wethaq Takaful climbed 7.58 percent to stand next. Real Estate Trade Center (Marakez) slumped 9.43 pct, the steepest decliner of the day and Hits Telecommunications Co topped the volume with 22.4 million shares.

Reflecting the day’s upswing, the winner vastly outnumbered the losers. 64 stocks advanced whereas 35 closed lower. Of the 135 counters active on Thursday, 36 closed flat. 4545 deals worth KD 16.7 million were transacted — a 21.21 pct rise in value from the day before.

National Industries Group, the flagship company of Kharafi Group,  dialed up 2 fils on back of 4.8 million shares and Gulf Cable gained 10 fils recouping the loss in the day before. Kuwait Portland Cement held the ground steady at KD 1.020.

Jazeera Airways climbed 30 fils to KD 0.890 while ALAFCO took in 2 fils to settle at 212 fils. Kuwait and Gulf Link Transport Co inched 1 fils up and KGL Logistics Co followed suit with volume of 1.8 million. Automated Systems Co rose 5 fils and Jeeran Holding closed 2 fils in green.

Kuwait Foundry Co took in 2 fils and Qurain Petrochemical Industries Co followed suit to end at 196 fils. PAPCO too dialed up 2 fils while Equipment Holding Co inched 1 fils higher.

Boubyan Petrochemicals Co added 5 fils and ACICO Industries Co followed suit. 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% cash dividends and 5% bonus shares.

Gulf Glass Manufacturing Co stood pat at KD 0.450 and United Projects Group was up by same measure. The company  has posted a net profit of  KD 6.75 million and earnings per share of 86 fils in the year ending Dec 31, 2015 up from net profit of KD 5.65 million and earnings per share of 72.08 fils in the year before. The BOD has proposed 86 pct cash dividends.

Mashaer Holding was unchanged at 95 fils whereas IFA Hotels and Resorts gained 10 fils. Al Nawadi Holding climbed 5 fils and Zima Holding gave up 2.5 fils after trading 3.7 million shares.

In the banking sector, Gulf Bank  rallied 8 fils on back of 3.2 million shares while Commercial Bank of Kuwait and Al Ahli Bank stood pat at 234 fils and 435 fils respectively. Ahli United Bank was up 5 fils at 445 fils and Burgan Bank  followed suit to end at 345 fils.

Kuwait International Bank clipped 2 fils  and Boubyan Bank added 5 fils to settle at 400 fils. Warba Bank dialed up 2 fils recouping the drop in the last session.

National Investment Co gained 5 fils on back of 6.8 million shares whereas KIPCO and Kuwait Financial Centre paused at KD 0.550 and 90 fils respectively. KMEFIC and Al Mal were up 1.5 fils each whereas Al Aman Investment gave up 1 fils to end at 51 fils.

Noor Financial Investment Co and Bayan Investment Co inched 0.5 fils up whereas Sokouk Holding stood pat at 34 fils. Mabanee Co too stagnated at KD 0.860 and Al Mazaya Holding took in 2 fils.

The market was mixed during the week. The price index closed lower in the three of the five sessions and added 2 points week-on-week. It had  climbed 22 points during whole of March but is down 6.85 pct  year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Metal and Recycling Co  has incurred a net loss KD 2.62 million and  losses per share of 35.17 fils widening from net profit of KD 444,933 earnings per share of 5.95 fils in 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 December 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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