KUWAIT CITY, Oct 7: Kuwait stocks pulled higher on Wednesday extending the gains to third straight day. The price index pared back early losses to close 4.78 pts higher at 5,739.32 points even as board remained largely mixed amid uptick in oil prices.
The KSX 15 gauge slipped 2.27 pts to 935.3 points and is down 126 points from start of the year while weighted index eased 0.59 points to 389.18 pts. The volume turnover meanwhile shrank slightly after edging lower in the last session. 150.9 million shares changed hands — a 4.12 pct drop from Tuesday.
The sectors diverged during the session. Healthcare outshone the rest with 1.69 pct gain whereas basic materials shed 0.96 percent, the worst performer of the day. In terms of volume, real estate garnered the highest market share of 30 percent while financial services and banks followed with 24.8 pct and 19.6 percent contributions respectively.
In the individual shares, National Bank of Kuwait rose 10 fils to KD 0.810 whereas Commercial Bank of Kuwait was down 10 fils taking the month’s losses to 40 fils. Kuwait Food Co (Americana) slid 60 fils to KD 2.320 and United Projects Group skidded 50 fils.
Telecom heavyweight Zain eased 5 fils to KD 0.395 while Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.000 . Kuwait Telecommunications Co (VIVA) gave up 10 fils to settle at KD 0.880 and Agility shed 20 fils after trading over 3 million shares.
Investment major KIPCO was flat at KD 0.580 off early lows and National Investments Company followed suit. The company has recorded a net profit of KD 3.80 million and earnings per share of 4.46 fils in the January-June period of 2015.
The market opened on a tame note and moved sideways in early trade. The key index slipped into red as selling weighed on select counters and plumbed the day’s lowest level of 5,706.55 pts almost half way into the session. It clawed back in the second half and managed to close in the green zone.
Top gainer of the day, Securities Group Co spiked 7.14 pct to 120 fils and Zimah Holding climbed 6.49 pct to stand next. UPAC slid 6.4 pct, the steepest decliner of the day and Ithmar Bank topped the volume with 16.56 million shares.
Reflecting the day’s uptick, the winners outnumbered the losers. 55 stocks advanced whereas 49 closed lower. Of the 142 counters active on Wednesday, 38 closed flat. 3768 deals worth KD 15.56 million were transacted — a 24.24 pct surge in value from the day before National Industries Group rose 2 fils to KD 0.144 on back of 1.25 million shares while Kuwait Cement Co and ACICO Industries were down 5 fils each to settle at KD 0.370 and KD 0.290 respectively. Gulf Cable climbed 5 fils to KD 0.435 while Heavy Engineering Industries and Shipbuilding Co added 4 fils.
Kuwait Portland Cement dropped 20 fils to KD 1.140 and Boubyan Petrochemicals Co was down by same measure to end at KD 0.510. Kuwait Packing Materials Manufacturing Co gained 20 fils whereas Equipment Holding Co paused at 65 fils.
ALAFCO took in 2 fils while Jazeera Airways climbed 10 fils to KD 0.475. The company has posted a 27.1 pct year-on-year surge in H1 net profit to KD 6.2 million while second quarter net profit reached KD 3.2 million — an increase of 14.2 percent from the same period last year.
Zima Holding rose 5 fils on back of 7.2 million shares and Mezzan Holding Co gained 20 fils. The company has logged a net profit of KD 12.49 million and earnings per share of 42.13 fils in the January-June period of 2015.
Humansoft Holding dived 40 fils partly reversing the gains in the last session and City Group Company closed 5 fils up. The company has posted a net profit of KD 3.56 million and earnings per share of 31.51 fils in the January-June period of 2015.
Kuwait and Gulf Link Transport Co inched 1 fil up whereas KGL Logistics Co clipped 2 fils after trading 1.2 million shares. Al Nawadi Holding rose 4 fils whereas Gulf Petroleum Investment Co and Jeeran Holding Co held steady.
Gulf Petroleum Investment Co was unchanged at 43 fils and Burgan Well Drilling Co fell 5 fils to 95 fils. Shuaiba Industrial Co vaulted 25 fils to KD 0.415.
In the banking sector, Gulf Bank of Kuwait fell 5 fils to KD 0.280 and Al Ahli Bank of Kuwait followed suit. Ahli United Bank paused at KD 0.530 and Kuwait International Bank dialed down 2 fils. Warab Bank was up 4 fils at KD 0.214.
Kuwait Finance House was unchanged at KD 0.560 and Burgan Bank closed 5 fils lower. The banking group has recorded a net income of KD 37.4 million for the first half period of 2015 — a 12.3 percent growth from H1, 2014. Boubyan Bank rose 10 fils on back of 2.8 million shares.
Kuwait Financial Centre slipped 4 fils to 100 fils and Bayan Investmentb Co inched 0.5 fils higher. Al Ahleia Insurance Co jumped 20 fils whereas Mabanee Co and Al Mazaya Holding held steady.
The bourse has been trending higher so far during the week and has gained 19 points in last three sessions. It has climbed 14 points from start of the month and is trading 12.19 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Real Estate Company has registered a net profit of KD 2.39 million and earnings per share of 2.64 fils in the first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year.
Gulf Cement Company has posted a net profit of KD 2.45 million and earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.
Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss 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.
Metal and Recycling Co has incurred a net loss of KD 126,449 and losses per share of 2.48 fils in the January-June period of 2015 as compared to net profit of KD 615,409 and earnings per share of 6.76 fils in 2104, H1.
Aayan Leasing and Investment Company has clocked a net profit of KD 5.42 million and earnings per share of 6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014.
By John Mathews
Arab Times Staff