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KUWAIT CITY, April 6: Kuwait stocks edged higher on Wednesday after treading water in the last session. The bourse added 2.67 pts in lackluster trade to close at 5,204.3 points amid speculative interest in select positions even as oil prices continued to head south.
The KSX 15 benchmark rose 2.74 points to 842.72 pts paring the month’s losses to 8 points while weighted index inched 1.16 pts higher. The volume turnover meanwhile rebounded from three-week low in the last session. 165.9 million shares changed hands – a 34.4 percent surge from Tuesday.
The sectors closed mixed. Telecommunications outpaced the rest with 0.80 percent gain whereas financial services shed 1.37 percent, the biggest loser of the day. In terms of volume, financials services accounted for the highest market share of 31.6 pct while real estate stood next with 26 pct. Banks trailed with 15.3 percent contribution.
In the individual shares, Gulf Bank rose 4 fils to 226 fils extending the gains in the last session whereas sector bellwether National Bank of Kuwait held steady at KD 0.650 after trading 2.7 million shares. Kuwait Food Co (Americana) climbed 20 fils to KD 2.520.
Zain was unchanged at KD 0.350 with a volume of 1.2 million and is unchanged year-to-date while Wataniya Telecom (Ooredoo) jumped 40 fils to KD 1.060. Kuwait Telecommunications Co (VIVA) was unchanged at KD 1.040 and Agility too did not budge from its earlier close of KD 0.465 after trading 1.3 million shares
Investment major KIPCO climbed 10 fils to KD 0.550 while Bayan Investment Co inched 0.5 fils up. The company has posted a net loss of KD 50,336 and losses per share of 0.14 fils in the year ending Dec 31, 2015 as compared to net profit of KD 2.50 million and earnings per share of 6.93 fils in the year before.
The market opened on tame note and ticked slightly higher in early trade. It hit the day’s highest level of 5,212.83 pts and moved sideways amid mixed sentiment. It slipped into red past the mid-session and toughed at 5,193.38 pts before clawing back into green at close.
Top gainer of the day, Inovest spiked 10 pct to 55 fils and KFIC climbed 8 pct to stand next. Humansoft Holding dived 8.2 pct, the steepest decliner of the day and Investors Holding topped the volume with 17.5 million shares.
Mirroring the day’ uptick, the market spread was skewed towards the winners. 53 stocks advanced whereas 36 closed lower. Of the 125 counters active on Wednesday, 36 closed flat. 3,462 deals worth KD 13.83 million were transacted – a 44.5 pct surge in value from the day before.
National Industries Group dialed up 2 fils on back of 1.4 million shares and RISCO gave up 5 fils to end at KD 0.305. Gulf Cable dropped 10 fils to KD 0.345 whereas Kuwait Portland Cement Co stood pat at KD 1.020. City Group was up 10 fils at KD 0.490.
Jazeera Airways dropped 10 fils to KD 0.860 and ALAFCO dialed down 2 fils. Kuwait and Gulf Link Transport Co inched 0.5 pts and KGL Logistics Co inched 1 fils up on back of 2.4 million shares.
Kuwait Foundry Co took in 2 fils and United Projects Group soared 50 fils to KD 0.720. Automated Systems Co and IFA Hotels and Resorts Co slipped 10 fils each and Kuwait National Cinema Co slid 30 fils to KD 0.990.
Mezzan Holding gained 20 fils and ACICO Industries Co swung 10 fils into red. 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 as compared to net profit of KD 8.33 million and earnings per share of 30.52 fils in the year before. The Board of Directors has proposed 15% cash dividends and 5% bonus shares.
Zima Holding eased 1.5 fils to 48 fils and Palms Agro Production Co gave up 4 fils. The company has logged a net profit of KD 892,487 and earnings per share of 17.06 fils in the last year, surging from net profit of KD 467,113 and earnings per share of 8.93 fils in the previous year.
Board of Directors has recommended 10% cash dividends. Boubyan Petrochemicals Co slipped 5 fils to KD 0.495 and Qurain Petrochemical Co took in 2 fils. Jeeran Holding clipped 1 fils whereas Mashaer Holding Co stood pat at 95 fils after gyrating in a tight range.
In the banking sector, Kuwait Finance House was unchanged at KD 0.475 after trading 3.59 million shares and Burgan Bank followed suit. Al Ahli Bank pulled up from early lows to close flat at 335 fils whereas Commercial Bank of Kuwait was not traded during the session.
Ahli United Bank rose 5 fils while Kuwait International Bank added 2 fils to end at 196 fils. Boubyan Bank climbed 5 fils on back of 1.5 million shares and Warba Bank clipped 2 fils to settle at 172 fils.
National Investment Co climbed 3 fils with a volume of over 4 million whereas Kuwait Financial Centre and KMEFIC stood pat at 90 fils and 26 fils. Al Deera Holding was up 2.5 fils at 34 fils.
The market has been largely downbeat so far during the week and has shed 24 pts in last four session. It had gained 22 points during whole of March but is down 7.32 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 Dec 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