KSE kicks off month with 28.16 pts gain – Americana gains 20 fils; Zain flat

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KUWAIT CITY, March 1: Kuwait stocks veered higher ON Tuesday as it kicked off the month on a strong note. The bourse climbed 28.26 pts to 5,235.65 points helped by speculative buying in select counters. The banks were mostly muted while other heavyweights closed mixed.

The KSX 15 benchmark eased 0.98 pts to 840.04 points and is down 44 points from start of the year while weighted index inched 0.6 pts lower. The volume turnover meanwhile slipped slightly after stagnating in the last session. 128.87 million shares changed hands — a 6.27 pct fall from Monday.

The sectors closed mixed. Basic materials outperformed the rest with 2.13 percent gain whereas healthcare shed 2.26 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 38.7 percent while real estate and banks followed with 24.6 pct and 15.71 percent contributions respectively.

Among notable movers, Kuwait Food Co (Americana) extended its advance with 20 fils gain whereas investment conglomerate KIPCO and Mabanee Co gave up 10 fils each.

Telecom major Zain continued to stagnate at KD 0.360 after trading 2.5 million shares whereas Wataniya Telecom (Ooredoo) slid 80 fils to KD 1.200. Kuwait Telecommunications Co (VIVA) was flat at KD 0.960 whereas Agility added 10 fils on back of 1.58 million shares and is trading 15 fils lower year-to-date. Jazeera Airways rose 10 fils to KD 0.840 whereas ALAFCO clipped 2 fils. Kuwait and Gulf Link Transport Co took in 1.5 fils and KGL Logistics Co eased 1 fils to 62 fils. Kout Food Group gained 20 fils.

The market opened flat and ticked up in early trade. The price index drifted sideways past the mid-session and edged higher thereafter. It peaked at 5244.51 points in the final minutes before paring back some of the gains at close.

Top gainer of the day Al Madina For Finance rallied 8.3 pct to 32.5 fils while Livestock Transport and Trading Co climbed 8.2 pct to stand close behind. YIACO Medical sank 9.17 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 9 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the winners. 68 stocks advanced whereas 25 closed lower. Of the 130 counters active on Tuesday, 37 closed flat. 3391 deals worth KD 11.5 million were transacted — a 4 pct rise in value from the day before.

National Industries Group was unchanged at 116 fils and Gulf Cable too did not budge from its earlier close of KD 0340. Kuwait Cement Co climbed 10 fils to KD 0.375 and RISCO was up 5 fils at KD 0.325. ACICO Industries Co fell 5 fils to KD 0.265.

Gulf Glass Manufacturing Co added 5 fils and Qurain Petrochemical Industries Co closed 10 fils higher. The company has posted a nine-month net profit of KD 11.34 million and earnings per share of 10.84 fils as compared to net profit of KD 14.91 million and earnings per share of 14.17 fils in the year before period.

Logged

Equipment Holding Co took in 1 fils and Mashaer Holding Company closed flat. The company has logged a net profit of KD 2.37 million and earnings per share of 13 fils during the year ending December 31, 2015 and the Board of Directors has recommended 7.5 pct cash dividends.

Automated Systems Co rose 5 fils to 300 fils while Humansoft Holding and United Projects Group gained 10 fils each. Zima Holding Co added 3 fils on back of over 2 million shares whereas Mezzan Holding Co stood pat at KD 1.020.

IFA Hotels and Resorts slipped 8 fils to 154 fils and Safwan Trading and Contracting Co was down 10 fils at KD 0.290. Salbookh Trading Co clipped 2 fils to close at 73 fils.

In the banking sector, National Bank of Kuwait gave up slight early gains to close flat at KD 0.730 and Gulf Bank of Kuwait rose 2 fils after trading 4.8 million shares. The bank has recorded a annual net profit of KD 39 million and earnings per share of 13 fils and the board has recommended 4 pct cash dividends.

Commercial Bank of Kuwait was unchanged at KD 0.500 and Kuwait International Bank too did not budge from its earlier close of KD 0.194. Al Ahli Bank of Kuwait and Ahli United Bank were not trade during the day.

Burgan Bank fell 5 fils to KD 0.340 whereas Kuwait Finance House paused at KD 0.495 after trading over 3 million shares. Boubyan Bank slipped 5 fils and Warba Bank edged 2 fils into red.

National Investment Co was flat at 77 fils and Kuwait Investment Co inched 1 fils higher to 91 fils. Securities Group Co and KMEFIC took in 2 fils each whereas Kuwait Financial Centre (Markaz) clipped 1 fils. Bayan Investment Co and KFIC added 2 fils each.

Noor Financial Investment Co and Al Deera Holding fell 1 fils each and Sokouk Holding closed 1 fils up on back of 1.7 million shares. National Real Estate Co rose 3 fils and Al Mazaya Holding added 4 fils with a volume of 1.7 million.  The market has been largely upbeat so far during the week and has rallied 61 points in last three sessions. It had gained 93 points during the whole of February and is trading 6.78 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Credit Rating and Collection Co. has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

 INOVEST has incurred a net loss of KD 14.37 million and loss per share of 50.48 fils in 2015 as compared to net loss of KD 1.149 million and loss per share of 4.03 fils in the year before.

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.

Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5,14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends. Aqar Real Estate Investments Co. has registered a net profit of KD 2.49 million and earnings per share of 11.07 fils during 2015 as against net profit of KD 2.24 million and earnings per share of 9.81 fils in the year before. Board of Directors recommended 6% cash dividends.

By John Mathews

Arab Times Staff

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