KSE ticks 5.94 pts up in ‘lackluster’ trading- Commercial Bank drops 20 fils; Americana extends rally

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KUWAIT CITY, June 21 : Kuwait stocks headed north on Tuesday as it ticked slightly higher with a mixed board. The price index rose 5.94 points in lackluster trade to 5,437.62 pts even as oil prices held below the $ 50 mark.

The KSX 15 gauge rose 3.25 points to 820.84 pts but is down 64 points year-to-date while weighted index inched 0.55 pts higher. The volume turnover meanwhile sank below the 100 million mark snapping the four-day rise. 80.4 million shares changed hands — a 56 pct dive from Monday.

The sectors closed mixed. Consumer goods outperformed the rest with over 1 pct gain whereas basic materials shed 0.50 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 49.9 pct while banks and telecommunication stood far behind with 23.66 pct and 11.63 percent contributions respectively.

In the individual shares, Commercial Bank dropped 20 fils to KD 0.410 and Gulf Bank was down 10 fils at KD 0.234 after trading 1.2 million shares. Kuwait Food Co (Americana) extended its rally with a 100 fils jump to KD 2.400 taking the month’s gains to 260 fils.

Zain was unchanged at KD 0.345 off slight early lows and Wataniya Telecom (Ooredoo) dropped 20 fils to KD 1.160. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.940 and Agility too did not budge from its earlier close of KD 0.940.

Investment conglomerate KIPCO rose 10 fils to KD 0.520 and Ekttitab Holding Co closed flat after trading over 2 million shares. The company has incurred a net loss of KD 253,249 and losses per share of 0.79 fils in the quarter ending March 31, 2016.

The market opened on a tame note and moved sideways in early trade. It continued to drift listlessly along opening level before slipping into red past the mid-session. It hit the day’s lowest level of 5,420.7 pts before clawing back into green at close.

Top gainer of the day, FACIL climbed 5.6 pct to 188 fils and RISCO was up 5.26 percent to stand next. Kuwait Cable Vision Co slid 9.8 percent, the steepest decliner of the day. And Al Mal topped the volume with 9.6 million shares.

Reflecting the day’s uptick, the winners outnumbered the losers. 38 stocks advanced whereas 30 closed lower. Of the 110 counters active on Tuesday, 42 closed flat. 1,912 deals worth KD 11.9 million were transacted — a 42.2 pct dip in value from the day before.

National Industries Group was unchanged at 118 fils off slight early lows and Gulf Cable rose 5 fils to KD 0.410. Boubyan Petrochemical Co climbed 10 fils to KD 0.510 whereas Qurain Petrochemical Industries Co gave up 2 fils to settle at 208 fils.

ALAFCO eased 2 fils to 206 fils and Jazeera Airways Co vacillated in a tight range before closing flat at KD 0.910. The airline 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.

Steady

Humansoft Holding climbed 20 fils to KD 1.500 with thin trading while Combined Group Contracting Co and Kuwait Portland Cement Co held the ground steady at KD 0.770 and KD 0.990 respectively.

Kuwait and Gulf Link Transport Co inched 1 fil higher whereas Zima Holding closed 1 fil in red. Arabi Holding took in 2 fils to close at 60 fils.

Jeeran Holding clipped 1 fil and Burgan Well Drilling Co stagnated at 99fils. The company has posted a net profit of KD 2,36 million and earnings per share of 11.32 fils in the year ending March 31, 2016 and the BOD has recommended distributing 5 percent bonus shares.

Mezzan Holding Co stood a pat at KD 1.100 and Kuwait Foundry Company was down 8 fils at 178 fils. The company penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January-March period.

In the banking sector, bellwether National Bank of Kuwait was unchanged at KD 0.610 after trading 5.8 million shares and Al Ahli Bank added 5 fils to end at KD 0.340. Ahli United Bank slipped 5 fils whereas Kuwait International Bank was flat at 192 fils with a volume of 1.1 million.

Kuwait Finance House and Burgan Bank added 5 fils with brisk trading while Boubyan Bank was unchanged after trading over 3 million shares and Warba Bank followed suit.

Kuwait Investment Co dialed up 1 fil and Commercial Facilities Co climbed 10 fils to 188 fils. International Financial Advisors paused at 29 fils and National Investment Co followed suit with a volume of 4.7 million.

Kuwait Financial Centre (Markaz) and KFIC took in 1 fil each whereas Al Mal Investment Co gave up 1 fil after trading 9.6 million shares. Warba Insurance Co gave up 2 fils to end at 102 fils.

Bayan Investment Co and Sokouk Holding inched 0.5 fils higher each while Noor Financial Investment Co and Tamdeen Investment Co closed flat at 41 fils and 315 fils respectively.

United Real Estate Co was unchanged at 91 fils and Mabanee Co followed suit. Salhia Real Estate Co shed 15 fils whereas Al Mazaya Holding dialed up 2 fils.

The market has been mixed so far during the week and has gained 43 points in last three sessions. It has advanced 37 points from the start of the month and is down 3.16 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Aqar Real Estate Investments Co as penciled a net profit of KD 278,860 earnings per share 1.30 fils in the first three months of 2016 as against a net profit of KD 506,241 and earnings per share of 2.22 fils in the same period last year.

The Energy House Co haa recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year.

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 fils 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.

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews

Arab Times Staff

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