KSE winds up week with 32.16 pts gain – Ooredoo jumps 60 fils; KIPCO flat

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KUWAIT CITY, March 17: Kuwait stocks swung higher on Thursday to end the week on a strong note. The bourse, after meandering listlessly for most part of the session, closed 32.16 points higher at 5,262.07 points helped by renewed buying in select counters. The banking shares were mostly muted whereas telecom shares shone.

The KSX 15 gauge rose 4.53 points to 857.74 pts paring the year’s losses to 27 points while weighted index edged 2.31 pts up. The volume turnover meanwhile saw a sharp rise after hitting the month’s lowest level in the last session. 187.9 million shares changed hands — a 59 pct surge from the day before.

The sectors closed mostly in the red zone. Telecommunications outshone the rest with 1.85 pct gain whereas insurance shed 0.68 percent, the biggest loser of the day. In terms of volume, financials services garnered the highest market share of 42.3 pct while real estate stood next with 21.5 pct contribution.

Among the prime movers, Kuwait Food Co (Americana) rebounded 40 fils after losing streak to close at KD 2.380 and Jazeera Airways climbed 20 fils to KD 0.880 taking the month’s gains to 90 fils. Mabanee Co was up 10 fils at KD 0.870.

Zain rose 5 fils to KD 0.380 on back of 2.8 million shares and while Wataniya Telecom (Ooredoo) jumped 60 fils to KD 1.280. Kuwait Telecommunication Co (VIVA) climbed 10 fils and Agility held steady at KD 0.450.

KIPCO was flat at KD 0.530 off early lows and National Investments Company edged 89 fils up. The company has incurred a net loss of KD 5.57 million and losses per share of 7 fils in the year 2015 as against net profit of KD 6.67 mln and earnings per share of 8 fils in the same period last year.

The market opened flat and moved sideways in early trade. It continued to drift in a tight range as investors toed caution before revving up in the final minutes to close with modest gains.

Top gainer of the day, Gulf Finance Co vaulted 10.4 pct to 26.5 fils and Gulf Finance House climbed 8.2 percent to stand next. QCEM slid 7.6 pct, the steepest decliner of the day and Zimah Holding Co topped the volume with 13.2 million shares.

Mirroring the day’s gains, the market spread was skewed towards the losers. 68 stocks advanced whereas 30 closed lower. Of the 137 counters active on Thursday, 39 closed flat. 4,257 deals worth KD 16.6 million were transacted — a 16.6 pct increase in value from the day before.

National Industries Group took in 2 fils to close at 116 fils whereas RISCO and Gulf Cable held steady at KD 0.320 and KD 0. 315 fils respectively. Contracting and Marine Services Co added 5 fils and Kuwait Portland Cement Co paused at KD 1.020.

ACICO Industries gained 10 fils and Boubyan Petrochemical Co followed suit with a volume of over 1 million shares. NICBM and Independent Petroleum Group Co too rose 10 fils each to settle at KD 0.236 and KD 0.310 respectively.

Eased

Equipment Holding Co eased 1 fils to 52 fils and Qurain Petrochemical Industries Co clipped 2 fils. Kuwait and Gulf Link Transport Co was unchanged at 46 fils and KGL Logistics Co inched 1 fils higher. ALAFCO nudged 2 fils up and Yiaco Medical Co gave up 6 fils to close at 192 fils.

Zima Holding slipped 3 fils whereas United Projects Group climbed 20 fils to KD 0.700. The company has posted a net profit of KD 6.75 million and earnings per share of 86 fils in the year ending Dec 31, 2015 up from net profit of KD 5.65 million and earnings per share of 72.08 fils in the year before. The BOD has proposed 86 pct cash dividends.

Mezzan Holding Co gained 20 fils and Palms Agro Production Co added 4 fils, The company has logged a net profit of KD 892,487 and earnings per share of 17.06 fils in the last year, surging from net profit of KD 467,113 and earnings per share of 8.93 fils in the previous year. Board of Directors has recommended 10% cash dividends.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.740 after trading 3.9 million shares and Gulf Bank too did not budge from its earlier close of KD 0.210. Commercial Bank of Kuwait stood pat at KD 0.500.

Al Ahli Bank of Kuwait rose 5 fils to KD 0.355 and Ahli United Bank paused at KD 0.425. Kuwait Finance House was steady at KD 0.495 with a volume of 2.7 million shares and Burgan Bank followed suit. Boubyan Bank was up 5 fils at KD 0.425.

Kuwait Investment Co rose 3 fils to 93 fils and International Financial Advisors inched 1 fils higher to 31 fils after trading 7.8 million shares. Securities House Co and Al Mal Investment Co nudged 1 fils up. Sokouk Holding Co and KFIC stagnated at 34 fils each.

National Real Estate Co slipped 4 fils to 102 fils and Al Mazaya Holding Co added 4 fils. Warba Insurance Co gave up 4 fils to close at 110 fils.

The market was mixed during the week. The price index closed higher in three of the five sessions and has gained 18 points week-on-week. It has climbed 55 pts so far during the month and is trading 6.29 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 losses per share of 50.48 fils in 2015 as compared to net losses 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 ofKD 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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