KUWAIT CITY, Oct 12: Kuwait stocks nudged higher on Monday extending the gains to second consecutive session. The price index added 5.69 pts in lackluster trade to close at 5,734.07 points even as board remained broadly mixed.
The KSX 15 benchmark rose 1.83 points to 928.89 pts paring the month’s losses to 7 points while weighted index edged 1.36 points higher. The volume turnover meanwhile ticked up after receding on Sunday. 131.85 million shares changed hands – a 5 pct increase from the day before.
The sectors closed mostly in green territory. Technology outshone the rest with 2.35 pct gain whereas telecommunications shed 0.83 pct, the worst performer of the day. In terms of volume, real estate garnered the highest market share of 29.23 pct while financial services and oil and gas followed with 20.2 percent and 14.2 percent contributions respectively.
In the individual performers, Gulf Bank climbed 10 fils to KD 0.280 while Al-Ahli Bank was up 15 fils . Mabanee Co rose 10 fils taking the month’s gains to 30 fils and Boubyan Petrochemicals Co jumped 20 fils to KD 0.530.
Zain vacillated in a tight range before closing unchanged at KD 0.390 with a volume of over 1 million and Wataniya Telecom ( Ooredoo) climbed 20 fils to KD 1.060. Kuwait Telecommunications Co ( VIVA) shed 20 fils whereas Agility rallied 30 fils on back of 2.9 million shares.
Investment major KIPCO pared back slight early losses to close flat at KD 0.580 and Bayan Investment Co inched 0.5 fil up with a volume of 3.6 million. The company has posted a net profit of KD 118,473 and earnings per share of 0.33 fils in the first half of 2015.
The market opened slightly weak and moved sideways in early trade. The main gauge continued to drift in a narrow range in the red turf as investors toed caution. It slipped to day’s lowest level of 5,717.12 pts almost half way into the session and clawed back into positive zone at close.
Top gainer of the day, Al-Aqaria spiked 10.4 pct to 26.5 fils and Mushrif Trading and Contracting Co climbed 10 percent to stand close behind. Qurain Holding skidded 6.25 pct, the steepest decliner of the day and GPI topped the volume with over 18 million shares.
Despite the day’s uptick, the market spread was almost even. 42 stocks advanced while 41 closed lower. Of the 127 counters active on Monday, 44 closed flat. 2,803 deals worth KD 11.84 million were transacted – a 20.20 pct increase in value from the day before.
National Industries Group rose 4 fils to KD 0.144 whereas Gulf Cable was steady at KD 0.430. Heavy Engineering Industries Co slipped 6 fils and Kuwait Portland Cement Co was flat at KD 1.140. ACICO Industries Co gave up 5 fils to end at KD 0.290.
Equipment Holding Co eased 1 fil while Metal and Recycling Co closed 5 fils higher. The company 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.
Humansoft Holding Co slid 40 fils partly erasing the gains in the last session whereas Automated Systems Co climbed 15 fils. The company has recorded a net profit of KD 503,093 and earnings per share of 10.05 fils in the first six months of 2015 as against net profit of KD 1.04 million and earnings per share of 20.82 fils in the year before period.
Zima Holding rose 5 fils to 59 fils and Al-Nawadi Holding Co followed suit. The company has posted a profit of KD 1,007,657 in the six-months period ending June 30 2015 and profit per share of 5.54 fils as compared to a profit of KD 974,925 EPS of 5.36 fils in the same period in 2014.
Jazeera Airways climbed 10 fils to KD 0.490 and ALAFCO clipped 2 fils. Kuwait and Gulf Link Transport Co dialed up 0.5 fil while KGL Logistics Co paused at 52 fils. Jeeran Holding Co gained 4 fils and Burgan Well Drilling Co pulled 5 fils lower.
In the banking sector, National Bank of Kuwait was flat at KD 0.800 and Ahli United Bank too did not budge from its earlier close of KD 0.540. Kuwait Finance House was 10 fils at KD 0.550 after trading 1.6 million shares. Kuwait International bank dialed down 2 fils.
Boubyan Bank climbed 5 fils to KD 0.435 and Burgan Bank closed flat. 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. Warba Bank was unchanged at KD 0.210 and Ithmaar Bank was up 1.5 fils on back of 11.3 million shares Kuwait Investment Co held steady at KD 0.106 and Al Mal Investment Co followed suit. Noor Financial Investment Co took in 1 fil whereas Sokouk Holding paused at 48 fils. KMEFIC inched 1 fil lower.
National Real Estate Co ticked 1 fil up to 80 fils and Al-Mazaya Holding fell 2 fil. REAM gave up 6 fils to close at KD 0.130.
The bourse has been trending higher so far during the week and has gained 26 pts in last two sessions. It has added 9 points from start of the month and is trading 12.27 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Independent Petroleum Group Co has posted a net profit of KD 1.599 million in the nine-month period ended Sept 30, 2015 while earnings per share came in at 11.05 fils. This compares with net profit of KD 3.627 million and earnings per share of last 25.08 fils in the same period last year.
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 fil in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fil 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 fil 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.
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