KUWAIT CITY, Oct 5: Kuwait stocks pulled higher on Monday, stemming the four-day retreat. The bourse climbed 19.55 points to 5,727.32 helped by moderate buying in banks and select counters. The market mood was cautious in absence of fresh catalysts even as oil prices eked slight gains.
The KSX 15 benchmark rose 6.19 pts to 932.55 points trimming the month’s losses to 2 points while weighted index closed 2 pts higher. The volume turnover meanwhile rose for the second consecutive section helped by bargain buying in select counters. 160.2 million shares changed hands – a 13.30 pct increase from Sunday.
The sectors closed mostly in the green. Parallel market outshone the rest with 1.37 pct gain whereas insurance dipped 1.46 percent, the biggest loser of the day. In terms of volume, real estate mustered the highest market share of 37.26 percent while financial services and real estate followed with 23.83 percent and 15.54 pct contributions respectively.
Among the day’s movers, National Bank of Kuwait climbed 10 fils on back of 1.79 million shares and Gulf Bank was up 5 fils at KD 0.275 taking the month’s gains to 55 fils. NAPESCO rose 20 fils to KD 0.620 and United Projects Group followed suit.
Zain was flat at KD 0.395 off slight early highs and Wataniya Telecom (Ooredoo) followed suit to end at KD 1.000. Kuwait Telecommunications Co (VIVA) added 10 fiils whereas Agility held steady at KD 0.560.
KIPCO was unchanged at KD 0.580 and Noor Financial Investment too did not budge from its earlier close of 62 fils. The company has posted a first half net profit of over KD 2 million and earnings per share of 5.07 fils as compared to net profit of KD 3.8 million and earnings per share of 9.58 fils in the first six-months of 2014.
The market opened on a tame note and moved sideways in early trade. The main gauge ticked up thereafter amid moderate buying in select counters before dipping briefly past the mid-session. However it bounced back in the final minutes to close with modest gains.
Top gainer of the day, Nafais Holding Co jumped 8.47 pct to 128 fils while First Dubai For Real Estate Development Co climbed 7.2 percent to stand next. First Takaful Insurance Co dived 11.7 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 29.8 million shares.
Mirroring the day’s uptick, the market spread was skewed towards the winners. 57 stocks advanced whereas 23 closed lower. Of the 131 counters active on Monday, 51 closed flat. 3427 deals worth KD 12.3 million were transacted – a 10.17 percent rise in value from the day before.
National Industries Group took in 2 fils to end at 142 fils with a volume of over 1 million while Kuwait Cement Co gained 15 fils. Kuwait Portland Cement scaled 20 fils and Gulf Cable added 10 fils. ACICO Industries Co paused at KD 0.295.
Jazeera Airways was unchanged at KD 0.465 whereas ALAFCO climbed 6 fils. Kuwait Food Co (Americana) held steady at KD 2.380 off early lows and Zima Holding followed suit. Burgan Well Drilling Co was down 8 fils at KD 0.100.
Kuwait and Gulf Link Transport Co nudged 1.5 fils up whereas KGL Logistics Co eased 1 fils to 54 fils. The company has posted a net profit of KD 3.49 million and earnings per share of 5.82 fils in the first half of 2015, up from net profit of KD 2.73 million and earnings per share of 5.06 fils in the same period last year.
Meezan Holding Co paused at KD 1.040 and Kuwait National Cinema Company followed suit. The company has clocked a net profit of KD 5.98 million and earnings per share of 62.65 fils in the six-months period ending June 30, 215 as against net profit of KD 5.10 million and earnings per share of 51.48 fils in the first half of 2014.
In the banking sector, Al Ahli Bank rose 5 fils to KD 0.350 and Burgan Bank was up by same measure to wind up at KD 0.395. Kuwait International Bank dialed up 2 fils whereas Commercial Bank of Kuwait was not traded during the session
Boubyan Bank closed 5 fils up and Kuwait Finance House was flat at KD 0.560. The bank has logged a net profit of KD 62.3 million in the first half of 2015, a 14.1 percent increase from KD 54.6 million over the same period of the previous year. Warba Bank nudged 2 fils up.
National Investment Co was steady at KD 0.112 and International Financial Advisers followed suit. Securities Group and Securities House Co paused at 112 fils and 50 fils respectively. KMEFIC stagnated at 32 fils.
Bayan Investment Co and Sokouk Holding were flat at 40 fils and 48 fils respectively and Ekittab Holding too did not budge from its earlier mark. Tamdeen Investment Co was flat at KD 00.300 and
National Real Estate Co dialed up 2 fils while Ajial Real Estate Co gained 6 fils. Mabanee Co added 10 fils and Real Estate Asset Management Co gained 10 fils.
The bourse has been mixed so far during the week and has added 7 points in last two sessions. It had slid 94 points during the whole of September and is trading 12.37 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