KUWAIT CITY, Feb 14 : Kuwait stocks swung sharply higher on Tuesday extending the gains to third straight session. The bourse, after a tame start, rallied 94.52 pts to 6,751.37 points amid brisk buying led by banks and other heavyweights.
The KSX 15 benchmark climbed 11.56 pts to 963.68 points paring the month’s losses to 22 pts while weighted index rose 5.04 pts. The volume turnover meanwhile surged past the 600 million mark for the first during the month. 608.52 million shares changed hands — a 22 pct rise from Monday.
The sectors closed mostly in green turf. Financial services outshone the rest with 2.54 pct gain whereas consumer goods dipped 0.87 pct, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 34.8 pct while real estate stood close with 33.5 percent contribution.
Among prime movers, National Bank of Kuwait rallied 10 fils to 730 fils and Kuwait Finance House followed suit with a volume of over 10 million. Investment major KIPCO too was up 10 fils at 520 fils and is down 40 fils during the month.
Zain rose 15 fils on back of 12.6 million shares to 485 fils while Wataniya Telecom ( Ooredoo) jumped 40 fils. Kuwait Telecommunications Co ( VIVA) was unchanged at 870 fils and Agility rebounded 20 fils after recent losses.
Al Ahli Bank dropped 10 fils to 300 fils and Commercial Bank of Kuwait gained 25 fils. The bank’s fourth quarter earnings rose 10.8 pct to KD 22.91 million from same period last year.
The market opened on a tame note and moved sideways in early trade. The main index slipped into red almost half way into the session to trough at 6,656.62 pts and rebounded thereafter. It continued to rally amid renewed buying across the sectors before closing with strong gains.
Top gainer of the day, Wethaq Takaful rallied 9.62 pct to 57 fils and Noor Financial Investment Co climbed 9.43 percent to stand close behind. Remal slid 4.35 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with 49.32 million shares.
Mirroring the day’s upswing, the market spread was heavily skewed towards the winners. 95 stocks advanced whereas 21 closed lower. Of the 142 counters active on Tuesday, 26 closed flat. 11,367 deals worth over KD 60 million were transacted — a 16.9 pct jump in value from the day before.
National Industries Group, the flagship company of Kharafi Group, rose 4 fils to 148 fils whereas Gulf Cable stood pat at 550 fils off early lows. Contracting and Marine Servicing Co inched 1 fils up while Heavy Engineering and Shipbuilding Co gained 4 fils.
Kuwait Food Co (Americana) tumbled 100 fils to KD 2.520 with thin trading whereas Kuwait National Cinema Co vaulted 100 fils extending an identical surge in the previous session.
Kuwait Cement Co paused at 485 fils and Kuwait Portland Cement followed suit. Yiaco slipped 10 fils to 290 fils and ALAFCO closed flat. Metal and Recylcing Co was up 4 fils at 85 fils.
Kuwait Foundry Co climbed 15 fils to 335 fils and Shuaiba Industrial Co jumped 25 fils. Boubyan Petrochemical Co rose 10 fils to 590 fils and NICBM took in 2 fils before settling at 218 fils.
Al Qurain Petrochemical was unchanged at 325 fils after giving up slight early gains and Al Rai Media Group Co too did not budge from its earlier close of 178 fils. Humansoft Holding Co stood ground at KD 3.000.
Independent Petroleum Group rose 5 fils to 405 fils and Automated Systems Co was up 4 fils at 248 fils. Jeeran Holding Co eased 2 fils to 48 fils and ACICO Industries Co climbed 10 fils to 305 fils.
Kuwait and Gulf Link Transport Co took in 2 fils on back of over 1 million shares and KGL Logistics Co closed 2 fils higher at 75 fils. Zimah Holding Co inched 1 fil into green whereas Mezzan Holding Co stood pat at 940 fils.
In the banking sector, Gulf Bank rose 2 fils to 248 fils and Kuwait International Bank followed suit to close at 222 fils. Ahli United Bank stood pat at 440 fils.
Burgan Bank was unchanged at 320 fils and Boubyan Bank too did not budge from its earlier close of 410 fils. Warba Bank rose 4 fils on back of 5.8 million shares.
Kuwait Investment Co and Al Aman gained 4 fils each while International Financial Advisors added 2.5 fils before closing at 48.5 fils. Coast Investment Co and Securities House Co rose 3 fils each and Al Mal inched 1 fil higher with brisk trading.
KAMCO eased 1 fil to 90 fils while Noor Financial and Tamdeen Investment Co gained 5 fils each. Al Salam took in 2 fils and Securities Group Co paused at 100 fils. Bayan Investment Co and Osoul Investment Co rose 3 fils each whereas Gulf Insurance Co dipped 20 fils.
Mabanee Co climbed 10 fils to 860 fils and National Real Estate Co fell 3 fils with a volume of 7.3 million. Mazaya Holding was up 6 fils at 132 fils and Salhiya Real Estate slipped 5 fils.
The market has been buoyant so far during the week and has gained 169 pts in last three sessions. It has retreated 81 points from start of the month but has rallied over 17.45 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.
In the bourse related news, Gulf Glass Manufacturing Co’s fourth quarter net profit dipped o 64% in KD 14,000 from KD 39,000 in same period last year. During the fiscal year of 2016, profits was down 48 percent to KD 1.21 million from KD 2.34 mln in the previous year.
Al Mowasat Health Care has posted KD 1.8 million profits during the fourth quarter of 2016 and for the fiscal year of 2016, earnings rose 35.3 pct to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20% or 20 fils per share.
Injazzat Real Estate Development has posted a net profit of KD 550,000 in the last quarter of 2016 and during the fiscal year of 2016, the bank earned KD 3.2 million. The board of Injazzat has recommended a cash dividend of 5% or 5 fils per share for FY 2016, with a total value of KD 2.03 million.
Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 pct to KD 888,620 from KD 1.15 million in Q4 of 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.
Kuwait Building Materials Mfg has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.
By John Mathews – Arab Times Staff