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KSE kicks-off month with 4.38 pts increase – Ooredoo gains 20 fils; NBK flat

KUWAIT CITY, Nov 1: Kuwait stocks kicked off the month with a marginal uptick after eking modest gains in October. The price index pared back early loses to close 4.38 pts higher at 5,779.74 pts even as the quarterly earnings did little to buoy the sentiment marred by weak oil prices. The board was largely mixed while banks remained mostly muted.

The KSX 15 gauge inched 0.02 pts up to 924.32 pts and has tumbled 137 points year-to-date while weighted index edged 0.29 points up. The volume turnover meanwhile rose moderately after retreating in the previous session. 127.98 million shares changed hands – a 13.8 percent rebound from Thursday.

The sectors closed mixed. Oil and gas outpaced the rest with 0.85 pct whereas basic materials shed 0.79 percent, the worst performer of the day. In terms of volume, real estate notched the highest market share of 31.57 percent while financial services and industrials trailed with 23.76 pct and 18 pct contributions respectively.

In the individual shares, Ahli United Bank rose 10 fils to KD 0.550 and Al Ahli Bank closed 5 fils in green. Shuaiba Industrial Co climbed 25 fils to KD 0.415 while Metal and Recycling Co and Kuwait Cement Co added 5 fils each. United Projects Co dived 40 fils to KD 0.700.

Bourse heavyweight Zain was unchanged at KD 0.375 with a volume of over 1 million and Wataniya Telecom (Ooredoo) gained 20 fils to settle at KD 1.040. Kuwait Telecommunications Co (VIVA) swung 10 fils up on back of 1.17 million shares and Agility held steady at KD 0.540.

Kuwait Food Co (Americana) was unchanged at KD 2.260 whereas Kuwait Foundry Company took in 2 fils. The company has incurred a net loss of KD 2.31 million and losses per share of 15.02 fils in the nine-month period ended Sept 31, 2015.

The market opened on tame note and moved flat in early trade. The main measure slipped into red thereafter as sentiment turned weak and troughed at 5,756.87 pts almost half way into the session. It clawed back in the second half and managed to close with slight gains.

Top gainer of the day, Kuwait Medical Sciences Co vaulted 12.5 pct to 22.5 fils and Mushrif Trading and Contracting Co climbed 7.94 pct to stand next. IFA Hotels and Resort plunged 7.55 pct , the steepest decliner of the day and Gulf Petroleum Investment Co topped the volume with 14 million shares.

Despite the day’s uptick the losers slightly outnumbered the winners. 43 stocks advanced whereas 47 closed lower. Of the 137 counters active on Sunday 47 closed flat. 3,115 deals worth KD 10.9 million were transacted – a 21.81 pct surge in value from the day before.

National Industries Group fell 2 fils to KD 0.142 and Gulf Cable slipped 5 fils. RISCO closed flat at KD 0.325 and NAPESCO followed suit. Contracting and Marine Services Co held steady at KD 0.104 and Equipment Holding Co dialed up 1 fils.

Paused

Boubyan Petrochemicals Co shed 10 fils whereas Gulf Glass Manufacturing Company paused at KD 0.500. The company has posted a net profit of KD 59,392 and earnings per share of 0.22 fils in the nine-month period ending September 30, 2015 rebounding from a net loss of KD 1,15 million and losses per share of 4.37 fils in the 9M of 2014.

ACICO Industries Co gave up 5 fils and Equipment Holding Co inched 1 fils lower to 70 fils. Independent Petroleum Group dropped 10 fils to KD 0.250 whereas City Group added 5 fils. Burgan Well Drilling Co was up 4 fils at 98 fils.

Kuwait and Gulf Link Transport Co inched 0.5 fils higher whereas KGL Logistics Company took in 2 fils. The company has recorded a nine-month net profit of KD 5.4 million and earnings per share of 9.01 fils as against net profit of KD 4.37 million and earnings per share of 7.79 fils in the year before period.

Jazeera Airways climbed 5 fils to KD 0.480 while ALAFCO paused at KD 0.222. Jeeran Holding dialed up 2 fils whereas Mashaer Holding Co and Zima Holding Co were flat at 112 fils and 87 fils respectively.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.820 and Gulf Bank too did not budge from its earlier close of KD 0.265. Kuwait International Bank was flat at KD 0.232 and Burgan Bank followed suit.

Kuwait Finance House was steady at KD 0.560 off early lows and Boubyan Bank too paused at KD 0.435. Warba Bank eased 2 fils whereas Commercial Bank of Kuwait was not traded during the day.

Mabanee Co stagnated at KD 0.860 and United Real Estate Co followed suit. The company has clocked a net profit of KD 4.87 million and earnings per share of 4.54 fils in the first nine-months of 2015 as against net profit of KD 4.44 million and earnings per share of 4.15 fils in the same period last year.

Kuwait Investment Co was unchanged at KD 0.110 and KIPCO followed suit to end at KD 0.570. National Investment Co nudged 2 fils higher and KMEFIC gave up 2.5 fils.

The bourse was mixed during last week. The price index closed lower in 3 of the 5 sessions and has  fell 6 points week-on-week. It had climbed 47 points during whole of October and is trading 11.57 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Future Communications Co Global has posted a net profit of KD 732,998 and earnings per share of 9.05 fils in the first nine-months of 2015, up from net profit of KD 635,355 and earnings per share of 7.84 fils in the same period of last year.

The Energy House Co has logged a net loss of KD 668,888 and losses per share 0.892 fils in the nine-month period ending September 30, 2015 narrowing from a net loss of KD 2.21 million and losses per share of 2.947 fils in the same period last year.

Warba Bank has recorded a net profit of KD 1.25 million and earnings per share of 1.25 fils in the first nine-months of the year as compared to net profit of KD 318,000 and earnings per share of 0.32 fils in the 9M of 2014.

Boubyan International Industries Holding Company has incurred a net loss of KD 2.21 million and losses per share of 7.38 fils in the year ending  July 31, 2015 narrowing from a net losses of KD 3.87 million and loss per share of 12.91 fils in the previous year.

Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and losses per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.

By John Mathews

Arab Times Staff

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