KUWAIT CITY, April 10: Kuwait stocks headed north on Sunday after eking modest gains in the previous week. The bourse climbed 20.67 pts in a tame session to 5,251.11 points helped by some of banks and financial sector shares.
The KSX 15 gauge rose 2.33 pts to 855.2 points taking the month’s gains to 5 points while weighted index inched 1.1 pts higher. The volume turnover meanwhile receded after hitting a 7-day high in the last session. 233.2 million shares changed hands — a 10 pct drop from Thursday.
The sectors closed mostly in the green zone. Telecommunications outshone the rest with 1.57 percent gain whereas real estate eased 0.29 pct, the worst performer of the day. In terms of volume, financial services notched the highest market share of 35.8 pct while real estate and industrials trailed with 29.5 pct and 9.59 percent contributions respectively
Among notable movers, National Bank of Kuwait rose 10 fils to KD 0.670 extending an identical rise in the last session while Gulf Bank edged 2 fils up on back of million shares. KIPCO climbed 10 fils and National Investment Co followed suit with a volume of 4.2 million.
Zain was unchanged at KD 0.350 off early highs and Wataniya Telecom (Ooredoo) vaulted 80 fils to KD 1.140 taking the year’s gains to 40 fils. Kuwait Telecommunications Co (VIVA) stood pat at KD 1.040 after giving up early gains while Agility slipped 5 fils to KD 0.465.
Kuwait Food Co (Americana) was unchanged at KD 2.560 and IFA Hotels and Resorts Co followed suit. The company has logged a net profit of KD 2.40 million and earnings per share of 3.95 fils in 2015 rebounding from net loss of KD 29.92 million and losses per share of 49.04 fils in the year before.
The market opened firm and edged higher in early trade. The main index drifted sideways as sentiment turned mixed and sagged slightly in the second half before closing with modest gains.
Top gainer of the day, National Investment Co jumped 9.62 pct to 114 fils and Ekttitab Holding climbed 8.62 pct to stand next. Inovest slid over 9 percent, the biggest loser of the day and Investors Holding Group topped the volume with over 20 million shares.
Mirroring the day’s gain, the winners vastly outled the losers. 63 stocks advanced whereas 30 closed lower. Of the 132 counters active on Sunday, 39 closed flat. 4,404 deals worth KD 13.8 million were transacted — a 17.5 pct drop in value from the last session.
National Industries Group took in 2 fils on back of 2.8 million shares and Gulf Cable added 5 fils to settle at 360 fils. Kuwait Portland Cement stood pat at KD 1.020 and ACICO Industries Co followed suit. Kuwait Packing Materials Manufacturing Co slid 25 fils to 285 fils.
Jazeera Airways was unchanged at KD 0.890 after vacillating in a tight range while ALAFCO gave up 2 fils to settle at 210 fils. Kuwait Food Co (Americana) held steady at KD 2.560 and has climbed 100 fils so far during the month.
Equipment Holding Co added 3 fils whereas Metal and Recycling Co clipped 3 fils. The company has incurred a net loss of KD 2.62 million and losses per share of 35.17 fils widening from net profit of KD 444,933 and earnings per share of 5.95 fils in the year before.
Kuwait and Gulf Link Transport Co eased 1 fils whereas KGL Logistics Company inched 1 fils higher. The company has posted a net profit of KD 5.85 million and earnings per share of 9.78 fils in the year ended Dec 25, 2015. Kuwait Foundry Co gained 6 fils.
Automated Systems Co and Nafais Holding Co gained 10 fils each while Burgan Well Drilling Co dialed up 2 fils. Yiaco Medical Co gained 10 fils and Mashaer Holding Co closed 4 fils in green. Jeeran Holding pulled up from early lows to end flat at 72 fils.
Zima Holding Co fell 1.5 fils to 44 fils after trading 8.5 million shares whereas Mezzan Holding Co stood pat at KD 1.160. PAPCO took in 2 fils and Gulf Petroleum Investment Co nudged 2.5 fils higher with a volume of 11.6 million.
In the banking sector, Kuwait Finance House was unchanged at KD 0.485 off early lows and Burgan Bank slipped 10 fils to KD 0.335. Ahli United Bank fell 5 fils and Al Ahli Bank paused at KD 0.335. Commercial Bank was not traded during the session.
Kuwait International Bank paused at 194 fils and Boubyan Bank gave up 5 fils to close at 395 fils. Warba Bank held the ground steady at 174 fils.
Bayan Investment Co and Osoul Investment Co inched 1 fils higher and Noor Financial Investment Co was up by same measure. Al Deera Holding added 2 fils on back of 2.2 million shares and Tamdeen Investment Co dropped 10 fil. Warba Insurance Co clipped 2 fils to 104 fils.
National Real Estate Co fell 1 fils to 90 fils whereas Tamdeen Real Estate Co held steady at KD 0.550. Al Enmaa Real Estate Co and Sanam Real Estate Co clipped 2 fils each whereas Al Mazaya Holding Co stagnated at 108 fils.
The market was mixed during last week. The price index closed lower in the three of the five sessions and took in 2 points week-on-week. It had has gained 23 points so far during the month but is down 6.48 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news, KAMCO Investment Company has logged a net profit of KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during 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 earnings 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 of 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