KSE swings 25.71 pts higher; volume drops – KIPCO rallies 20 fils; KFH stagnates

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KUWAIT CITY, Feb 2: Kuwait stocks veered north on Tuesday after taking a breather in the last session. The price index climbed 25.71 pts to 5,132.86 pts helped by renewed buying in select counters even as oil prices saw a slight pullback after strong recent gains

The KSX 15 benchmark rose 5.11 pts to 832.71 points paring the year’s losses to 52 points while weighted index edged 1.99 pts higher. The volume turnover meanwhile receded further after slipping below the 200 million mark during previous session. 123.65 million shares changed hands – a 27.5 pct drop from Monday.

The sectors closed mostly in the green turf. Telecommunications outperformed the rest with 1.63 percent gain whereas parallel market shed 0.97 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 38 percent while real estate stood next with 27.7 pct. Banking sector was a distant third with 14 pct contribution.

Among the day’s movers, investment conglomerate KIPCO rallied 20 fils to KD 0.550 while Kuwait Food Co (Americana) soared 60 fils to KD 1.920 extending the strong gains in the last session. Sector bellwether National Bank of Kuwait however was unchanged at KD 0.710 off early lows.

Zain climbed 15 fils to KD 0.370 on back of 8.3 million shares while Wataniya Telecom (Ooredoo) shed 20 fils to settle at KD 1.060. Kuwait Telecommunications Co (VIVA) dropped 20 fils to KD 0.920 and logistics major Agility was up 10 fils at KD 0.440 .

Jazeera Airways was unchanged at KD 0.790 and ALAFCO closed 4 fils lower at KD 0.182. The company has posted net profit of KD 3.01 million and earnings per share  of 3.68 fils in the  first quarter ended 31 Dec 2015.

The market opened weak and edged lower in early trade. The key gauge hit the day’s lowest level of 5,086.47 pts before nudging up amid buying in select counters. It climbed into the green zone and moved sideways past the mid-session before revving up in the final minutes.

Top gainer of the day, Kuwait Cable Vision Co vaulted 9.2 pct to 29.5 fils while Real Estate Trade Center ( Marakez) climbed 7.14 pct to stand next. Amar Financing and Investment Co skidded 8.4 percent, the steepest decliner of the day and Investors Holding Co topped the volume with 14.7 million shares.

Reflecting the day’s upswing, the winners outnumbered the losers. 58 stocks advanced whereas 31 closed lower. Of the 125 counters active on Tuesday, 36 closed flat. 3736 deals worth over KD 13 million were transacted – a 6.9 pct jump in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, rose 2 fils to KD 0.112 while RISCO and Kuwait Portland Cement were unchanged at KD 0.310 and KD 1.020 respectively. ACICO Industries Co added 5 fils and Boubyan Petrochemical followed suit to end at 450 fils.

Paused

City Group climbed 15 fils to KD 0.400 whereas Independent Petroleum Group paused at KD 0.320. Mezzan Holding slid 40 fils to KD 1.020 and Burgan Well Drilling Co closed 6 fils higher at 116 fils.

Yiaco Medical Co and Oula Fuel Marketing Co added 4 fils each and Hits Telecom Holding Co closed flat. Kuwait and Gulf Link Transport Co eased 1.5 fils whereas Jeeran Holding stood pat at 182 fils.

In the banking sector, Gulf Bank clipped 2 fils and Kuwait Finance House stagnated at KD 0.495. The bank has logged a net profit of KD 145.84 million and earnings per share of  31.10 fils in the year ending 2015 and the Board of Directors has recommended 17% cash dividends as well as 10% bonus shares.

Commercial Bank of Kuwait and Kuwait International Bank held steady at KD 0.520 and KD 0.200 respectively and Burgan Bank followed suit. Boubyan Bank gave up 5 fils to end at KD 0.395 and Warba Bank closed 4 fils in green at 182 fils.

Kuwait Investment Co inched 1 fil higher to 95 fils and National Investment Co added 3 fils to settle at 72 fils. Securities Group fell 5 fils to 92 fils and Kuwait Financial Centre (Markaz) clipped 1 fil to end at 84 fils.

Al Mal Investment Co and Bayan Investment took in 0.5 fils each whereas Ekttitab Holding and Sokouk Holding closed flat. Warba Insurance Co climbed 4 fils to KD 0.104.

United Real Estate Co was unchanged at 94 fils and Abyaar Real Estate Development Co closed flat. The company has posted a net profit of KD 9,31 million and earnings per share of 15.04 Fils for the year ending Dec 31, 2015 as compared to net profit of KD 8.08 million and earnings per share of  13.05 fils in 2014. The BOD has recommended 7% cash dividends.

National Real Estate Co took in 2 fils and Al Mazaya Holding followed suit to settle at 106 fils. Real Estate Trade Centers Co too closed 2 fils up at 30 fils.

The market has been largely upbeat so far during the week and has gained 122 points in last three sessions. It had slid 498 points during during whole of January and has shed 8.59 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, 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.

Ajial Real Estate and Enter Company has logged a net profit of KD 760,291 and   earnings per share of 4.33 fils in the year ended Dec 31, 2015 up from net profit of KD 636,393  and earnings per share of 3.63 fils in 2014.

Injazzat Real Estate Developement 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 and earnings per share  of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends.

Al-Mowasat Health Care Co has posted a net profit  of KD 3.34 million and  earnings per share of 32.89 fils in the year ending Dec 31, 2015 as against net profit of KD 2.005 million and earnings per share of 19.73 fils in the same period last year.   The Board of Directors has recommended 15% cash dividend.

Al-Enmaa Real Estate Co has posted a net profit of KD 4.38 million and earnings per share of 9.73 fils for the year ending Dec 31, 2015 as compared to net profit of KD 3.36 million earnings per share of 7.47 fils in the year before .

By John Mathews

Arab Times Staff

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