Kuwait bourse closes week with an ‘uptick’ – Ooredoo jumps 60 fils; NBK slips

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KUWAIT CITY, June 9 : Kuwait stocks closed higher on Thursday to wind up the week on a firm note. The bourse rose 4.47 pts in sluggish trading to 5,410.6 points as investors toed caution despite uptick in oil prices. Some of the banks sagged while rest of the board was largely mixed.

The KSX 15 benchmark slipped 4.82 pts to 814.65 points taking the month’s losses to 12 points while weighted index inched 0.7 pts into red. The volume turnover meanwhile slipped for the second straight session. 68.13 million shares changed hands — a 11.55 pct drop from Wednesday.

The sectors closed mixed. Technology outshone the rest with 1.96 pct gain whereas oil and gas dipped 2.48 percent, the weakest performer of the day. In terms of volume, financial services notched the highest market share o 46.4 percent while real estate and industrials trailed far behind with 14.9 pct and 12.7 percent contributions respectively.

In the individual shares, National Bank of Kuwait retreated 10 fils after trading 1.2 million shares while Kuwait Finance House gave up 5 fils to settle at KD 0.465. Kuwait National Cinema plunged 80 fils to KD 1.700.

Zain was unchanged at KD 0.345 off early lows with a volume of over 2 million while Wataniya Telecom (Ooredoo) jumped 60 fils with thin trading. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.940 whereas Agility was up 5 fils at KD 0.345.

Investment conglomerate KIPCO climbed 10 fils to KD 0.520 and Sokouk Holding Co paused at 37 fils. National Investment Co inched 1 fils up to 91 fils while International Financial Advisors gave up 0.5 fils to end at 31 fils.

The market opened slightly firm and ticked briefly up in early trade. The price index slipped back and moved sideways along the opening mark as investor toed the sidelines. It continued to be flattish thereafter and managed to close in the green territory.

Top gainer of the day, Dar Al Thuraya Real Estate Co spiked 14.49 percent to 158 fils while Shuaiba Industrial Co climbed 10 pct to stand next. Kuwait Cable Vision Co plunged 9 percent, the steepest decliner of the day and Al Salam topped the volume with 6.8 million shares.

Reflecting the day’s uptick, the winners slightly outled the losers. 37 stocks advanced whereas 33 closed lower. Of the 116 counters active on Thursday, 46 closed flat. 1763 deals worth KD 6.7 million were transacted — a 10.6 pct fall in value from the day before.

National Industries Group fell 2 fils to 112 fils and Gulf Cable gave up 5 fils to settle at KD 0.400 erasing the gains in the last session. Kuwait Food Co (Americana) climbed 20 fils to KD 2.060 paring the month’s losses to 80 fils.

Jazeera Airways pulled up from early losses to close flat at KD 0.920 and ALAFCO followed suit. Automated Systems Co and Humansoft Holding Co gained 20 fils each whereas NAPESCO slid 50 fils to KD 0.680.

Kuwait Portland Cement Company stood pat at KD 1.000 and Kuwait Foundry Co followed suit to end at 178 fils. Mezzan Holding dropped 20 fils to KD 1.040 and Zima Holding inched 0.5 fils into red after trading 1.2 million shares.

Slipped

Gulf Glass Manufacturing Co slipped 10 fils whereas ACICO Industries Co closed flat. The company has clocked a net profit of KD 3.85 million and earnings per share of 14.11 fils in the first quarter of 2016.

Burgan Well Drilling Co clipped 2 fils whereas City Group Company paused at KD 0.630. The company has registered a net profit of KD 1.84 million and earnings per share of 16.35 fils in the January- March period of 2016.

Kuwait and Gulf Link Transport Co took in 0.5 fils whereas KGL Logistics Co held the ground steady at 84 fils. The Energy House Co was up 3 fils at 51 fils.

In the banking sector, Gulf Bank eased 2 fils whereas Commercial Bank of Kuwait closed flat at KD 0.430. The bank has logged a net profit of KD 7.76 million and earnings per share of 5.2 fils in the first quarter of 2016. Al Ahli Bank was not traded during the session.

Burgan Bank and Boubyan Bank fell 5 fils each to close at KD 0.325 and KD 0.400 respectively whereas Ahli United Bank and Kuwait International Bank stagnated at KD 0.405 and 196 fils respectively. Warba Bank was unchanged at 172 fils.

First Investment Co and Alsalam Group Holding Co rose 1 fils each whereas Noor Financial Investment Co was flat at 39 fils. Al Mal Investment Co trimmed 0.5 fils after trading 1.5 million shares.

Gulf Insurance Group was unchanged at KD 0.700 and Al Ahleia Insurance Co climbed 10 fils to KD 0.475. Kuwait Reinsurance Co was down 10 fils to 190 fils. Securities House Co added 0.5 fils on back of 3.9 million shares and Bayan Investment Co followed suit.

National Real Estate Co took in 1 fils whereas Salhia Real Estate Co and Mabanee Co closed flat at KD 0.350 and KD 0.800 respectively. Al Enmaa Real Estate Co dialed down 2 fils with a volume of 1.7 million.

The market has been largely positive during the week. The main index closed higher in four of the five sessions and gained 33 points week-on-week. It has added 10 points so far during the month and is down 3.64 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Sanam Real Estate Company has announced a net profit of KD 9,856 and earnings per share of 0.08 fils in the first quarter of 2016 rebounding from net loss of KD 111,398 and losses per share of 0.92 fils in the same period last year.

The Energy House Co haa recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year.

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co. has posted a net profit of KD 629,557 and earnings per share of 7.93 f ils in the first quarter of 2016 as compared to net profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews

Arab Times Staff

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