KUWAIT CITY, May 1: Kuwait stocks kicked off the month with a modest rise after notching strong gains in April. The bourse climbed 11.62 points in sluggish trading to 5,403.43 points with a mixed board. The banks diverged in tight range whereas telecom shares closed in red.
The KSX 15 benchmark slid 12.7 pts to 850.63 points taking the year’s losses to 34 points while weighted index slipped 3 points. The volume turnover meanwhile receded after rebounding in the last session. 139.4 million shares changed hands — a 21 pct drop from Thursday.
The sectors closed mixed. Technology outshone the rest with 4.3 percent jump whereas telecommunications slid 1.59 percent, the worst performer of the day. In terms of volume, financial services mustered the highest market share of 46.96 pct while real estate and oil and gas trailed with 18.8 pct and 10.8 percent contributions respectively.
In the individual shares, sector bellwether National Bank of Kuwait dropped 20 fils to KD 0.650 while Kuwait Finance House gave up 5 fls to end at KD 0.485 with a volume of 1.9 million shares. United Projects Group sank 50 fils whereas NAPESCO gained 25 fils with thin trading.
Zain eased 5 fils to KD 0.345 and Wataniya Telecom (Ooredoo) slid 60 fils to KD 1.080 taking the year-to-date losses to 20 fils. Kuwait Telecommunications Co (VIVA) shed 20 fils and Agility was down 10 fils after trading 3.5 million shares.
National Investment Co rose 6 fils to 116 fils on back of 5.4 million shares whereas KIPCO tripped 10 fils. The company has recorded a first quarter net profit of KD 13.5 million and earnings per share of 7.45 fils.
The market opened on a tame note and moved sideways in early trade. The price index continued to drift listlessly owing to lack of catalysts before ticking up in the final minutes to close with modest gains.
Top gainer of the day, Marakez vaulted 10.42 percent to 26.5 fils while Automated Systems Co climbed 7.6 percent to stand next. UPAC slid 7.46 pct, the steepest decliner of the day and Gulf Petroleum Co topped the volume with over 11 million shares.
Mirroring the day’s uptick, the winners outnumbered the losers. 58 stocks advanced whereas 36 closed lower. Of the 121 counters active on Sunday, 27 closed flat. 3,454 deals worth KD 11.1 million were transacted — a 26.8 percent drop from Thursday.
National Industries Group rose 4 fils on back of over 1 million shares to 138 fils while Kuwait Cement Co and Kuwait Portland Cement Co stood pat at KD 0.380 and KD 1.020 respectively. Gulf Cable added 5 fls and ACICO Industries Co followed suit.
Jazeera Airways dropped 10 fils to KD 0.880 reversing the gains in the last session whereas ALAFCO clipped 2 fils. Jazeera has reported a net profit of over KD 4 million and earnings per share of 20.05 fils in the quarter ending March 1, 2016 up from KD 3.01 million and earnings per share of 7.18 fils in the same period last year.
Kuwait Food Co (Americana) was unchanged at KD 2.420 whereas Jeeran Holding held steady at 73 fils. Kuwait and Gulf Link Transport Co was unchanged at 48 fils and KGL Logistics Co took in 2 fils to settle at 79 fils. Zima Holding Co gave up 2 fils after trading over 3 million shares.
Equipment Holding Co and Qurain Petrochemical Industries Co gave up 2 fils each to close at 56 fils and 210 fils each whereas Boubyan Petrochemicals Co was down 10 fils at KD 0.510. NICBM shed 19 fils and Mashaer Holding Co tripped 4 fils to 80 fils.
In the banking sector, Gulf Bank was unchanged at KD 0.240 and Commercial Bank too did not budge from its earlier close of KD 0.445. The bank has logged a net profit of KD 7.76 million and earnings per share of 5.2 fils in the first quarter of 2016.
Burgan Bank dropped 10 fils whereas Ahli United Bank added 4 fils. The bank has reported a net profit of KD 15.59 million and earnings per share of 11 fils in the first quarter of 2016 as compared with net profit of KD 15.37 million and earnings per share of 10.08 fils in the same period in 2015.
Boubyan Bank eased 5 fils to KD 0.410 and Kuwait International Bank rose 4 fils. Warba Bank stood pat at 176 fils off slight early lows whereas Al Ahli Bank was not traded during the session.
Al Aman Investment Co and First Investment Co took in 1 fils each while Al Mal added 2 fils on back of 10.5 million shares. Bayan Investment inched 1 fils up to 37 fils and Al Deera Holding Co followed suit. Securities Group Co paused at 82 fils.
Noor Financial Investment Co and Sokouk Holding were flat at 44 fils and 41 fils respectively and Ektitab Holding Co too did not budge from its earlier close of 34 fils.
National Real Estate Co was unchanged at 92 fils whereas Al Mazaya Holding took in 2 fils. Ajial Real Estate and Entertainment Co gained 10 fils. Kuwait Insurance Co stagnated at KD 290 fils.
The market was mixed during last week. The key index closed higher in three of the five sessions and climbed 45 points week-on-week. It had rallied 163 points during whole of April but is down 3.77 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news, Future Communications Co Global has clocked a first quarter net profit WD 190,492 and earnings per share of 2.38 fils as compared to net profit of KD 281,641 and earnings per share of 3.48 fils in the Q1 of 2015.
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 to net profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.
Investors Holding Group Co has incurred a first quarter net loss of KD 28,553 and loss per share of 0.05 fils as compared to net loss same of KD 73,809 loss per share of 0.12 fils in 2015 Q1.
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 earnings per share of 23.07 fils. The Board of Directors has recommended 20 pct cash dividends.
By John Mathews
Arab Times Staff