Kuwait bourse edges higher; volume drops – NBK gains 10 fils; Zain unchanged

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KUWAIT CITY, Sept 25: Kuwait stocks edged higher on Sunday, after posting moderate losses in the last week. The price index, after trading in red for most part of the session, rose 4.43 pts to 5,410.23 points helped by some of the banking shares. The board remained largely mixed in absence of strong catalysts.

The KSX 15 gauge climbed 3.88 pts 816.26 points taking the month’s gains to 15 pts while weighted index was up 1.71 points. The volume turnover receded from the month’s highest level on Thursday. 58.85 million shares changed hands – 2 4 pct dip from the last session.

The sectors closed mixed. Consumer goods outpaced the rest with 0.82 pct gain whereas technology shed 0.73 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 48.28 pct while real estate and industrial trailed far behind with 14.7 percent and 11.3 pct contributions respectively.

In the individual shares, sector bellwether National Bank of Kuwait rose 10 fils to KD 0.600 and Commercial Bank of Kuwait was up by same measure to close at 395 fils. Humansoft Holding Co jumped 80 fils to KD 1.560 and Kuwait Food Co (Americana) extended its rally with a 20 fils gain following company’ statement on its sale stake last week.

Zain was unchanged at KD 0.340 after trading over 2 million shares and Wataniya Telecom (Ooredoo) jumped 40 fils with thin volume. Kuwait Telecommunication (VIVA) dropped 10 fils and logistics major Agility stood pat at KD 0.475.

KIPCO was unchanged at KD 0.540 and Kuwait Financial Centre took in 1 fils. The company has posted a first half net profit of KD 810,000 and earnings per share of 2 fils down from net profit of KD 3.73 million and earnings per share of 8 fils in H1 of 2015.

The market opened flat and slipped into red in early trade. The main index continued to drift lower and plumbed the day’s lowest level of 5,371.48 pts almost half way into the session. It clawed back in the second half and managed to close in the positive territory.

Top gainer of the day, Equipment Holding Co rallied 5.58 pts to 46.5 fils while Amar Finance and Leasing Co climbed 5.56 percent to stand close behind. Ajwan slid 6 pct, the steepest decliner of the day and National Investment Co topped the volume with 6.69 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 30 stocks advanced whereas 40 closed lower. Of the 116 counters active on Sunday, 46 closed flat. 1929 deals worth KD 5.89 million were transacted – a 33 pct drop in value from the previous session.

Settle

National Industries Group, the flagship company of Kharafi Group, eased 2 fils to 114 fils erasing the uptick in the last session while Gulf Cable was down 5 fils to settle at 385 fils. Heavy Engineering and Shipbuilding Co fell 2 fils and Kuwait Portland Cement Co held steady at KD 0.960.

Kuwait Foundry Co dropped 4 fils to 166 fils and Refrigeration Industries and Storage Company paused at KD 0.300. The company has registered a net profit of KD 2.99 million and earnings per share of 30.50 fils in the first half of 2016.

ACICO Industries Co was unchanged at 285 fils and Combined Group Contracting Co climbed 10 fils. The company has registered a net profit of KD 219,574 and earnings per share of 1.63 fils in the first six months of 2016.

Jazeera Airways slipped 10 fils while Zimah Holding and Mezzan Holding stood pat at 40.5 fils and KD 1.000 respectively. AWJ gave up 2 fils while PAPCO and MTCC were flat at 99 fils and 55 fils respectively. Kuwait Cable Vision Co was unchanged at 27.5 fils.

Kuwait Gulf Link Transport Co dialed up 1 fils and KGL Logistics Co gave up 1 fils to settle at 71 fils. The company has posted a net profit of 30, 2016 KD 3.76 million and earnings per share of 6.36 fils in the first half of 2016 up from net profit of KD 3.49 million and earnings per share of 5.82 fils in the same period last year.

In the banking sector, Kuwait Finance House rose 5 fils to 465 fils on back of over 1 million shares and Gulf Bank clipped 2 fils before settling at 232 fils. Al Ahli Bank was unchanged at 315 fils and Ahli United Bank followed suit to close at 390 fils.

Burgan Bank was unchanged at 325 and Boubyan Bank gave up 5 fils to wind at 385 fils. Kuwait International Bank was unchanged at 188 fils and Warba Bank took in 2 fils.

Kuwait Investment Co and International Financial Advisors inched 1 fils lower to 84 fils and 30 fils respectively whereas Securities House Co and Securities Group Co were flat at 44 fils and 85 fils respectively.

KFIC paused at 36.5 fils and Sokouk Holding Co eased 1 fils to 30.5 fils. Al Mal Investment Co dialed down 0.5 fils and Bayan Investment Co followed suit.

United Real Estate Co fell 3 fils to 95 fils and National Real Estate Co ticked 1 fils up. Mabanee Co paused at 790 fils whereas Arkan dialed down 12 fils.

The market was mixed during last week. The price index closed lower in three of the five sessions and dipped 24 points week-on-week. It has retreated 10 pts from start of the month and is down 3.65 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has posted a net profit of KD 20,659 and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year..

Metal and Recycling Co clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.

Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.

Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.

Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.

By John Mathews

Arab Times Staff

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