KUWAIT CITY, Nov 16: Kuwait stocks edged higher on Wednesday extending the gains from previous session. The bourse added 4.33 pts in volatile trade to close at 5,495.63 points even as the sentiment remained mixed. The banking shares were subdued while other blue chips closed mostly in red.
The KSX 15 index meanwhile dipped 6.7 pts to 871.65 partly erasing Tuesday’s strong gains while weighted index inched 1.08 points down. The volume turnover meanwhile saw a modest rise helped by spurt in speculative trade. 144.8 million shares changed hands — a 13.8 pct rise from Wednesday.
The sectors closed mixed. Healthcare outshone the rest with 1.2 pct gain whereas banks shed 1 pct the biggest loser of the day. In terms of volume, financial services notched the highest market share of 30.8 percent while real estate stood close with 30.5 pct contribution.
In the individual shares, Kuwait Finance House dropped 10 fils to 520 fils after trading 4.2 million shares and Ahli United Bank was down 15 fils at 400 fils. Kuwait Food Co (Americana) stood pat at KD 2.620 and is trading 620 fils higher year-to-date.
Zain fell 5 fils to 415 fils after trading 5.2 million shares and Wataniya Telecom (Ooredoo) shed 20 fils with thin trading volume. Kuwait Telecommunications Co (VIVA) climbed 20 fils to KD 0.880 and Agility gave up 10 fils to settle at 415 fils.
National Investment Co eased 2 fils to 102 fils whereas KIPCO was unchanged at 510 fils. The company has logged a net profit of KD 40.02 million and earnings per share of 24.62 fils in the January — September period.
The market opened flat and headed north in early trade. The price index retreated below the red amid a sellling bout and bottomed at 5,487 points ahead of the mid-session. It clawed back thereafter and charted a volatile course before closing in the positive territory.
Top gainer of the day, Abyaar Real Estate Co rallied 10.53 pct to 21 fils while Al Safat Energy Co climbed 7.8 percent to stand next. Warba Insurance Co sank 8.9 percent, the steepest decliner of the day and Abyaar Real Estate Co topped the volume with 15.5 million shares.
Reflecting the day’s uptick, the winners outnumbered the losers. 47 stocks advanced whereas 41 closed lower. Of the 121 counters active on Wednesday, 33 closed flat. 3,373 deals worth KD 16.8 mln were transacted — a 17.7 percent drop in value from the day beore.
National Industries Group rose 4 fils to 118 fils on back 11.7 million shares while Gulf Cable gave up 5 fils to wind up at 380 fils. Contracting and Marine Services Co took in 2 fils whereas Heavy Engineering Industries and Shipbuilding Co clipped 2 fils.
Jazeera Airways rose 10 fils to KD 0.820 and IFA Hotels and Resorts followed suit to end at 150 fils. Kuwait and Gulf Link Transport Co dialed up 1.5 fils and KGL Logistics Co added 3 fils . Nafais Holding Co dipped 8 fils to 172 fils.
Kuwait Portland Cement was unchanged at KD 0.950 and Shuaiba Industrial Co gained 15 fils. The company has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015
Kuwait Foundry Co was unchanged at 174 fils while Boubyan Petrochemical Co slipped 5 fils to 460 fils. Equipment Holding Co eased 2.5 fils after trading 1.7 million shares and Al Qurain Petrochemical Co was up 2 fils at 214 fils.
Al Rai Media Group was flat at 136 fils off slight early highs and Humansoft Holding too did not budge from its earlier close of KD 1.800. Mezzan Holding climbed 10 fils extending an identical rise in the day before and Zimah Holding inched 0.5 fil.
AWJ Holding Co dialed up 2.5 fils and Yiaco Medical Co gained 19 fils. The company has logged a nine-month net loss of KD 2,40 million and loss per share of 13.24 fils as compared to net profit of KD 751,920 and earnings per of 4.13 fils in 9M of 2015.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.640 with a volume of 4.6 million whereas Gulf Bank dialed down 2 fils. Al Ahli Bank slipped 5 fils to 305 fils and Commercial Bank was not traded during the session.
Burgan Bank paused at 325 fils and Kuwait International Bank followed suit with brisk trading. Boubyan Bank gave up 5 fils and Warba Bank closed 4 fils in red.
Kuwait Investment Co took in 2 fils while Commercial Facilities Co stood pat at 102 fils. Securities House Co added 1.5 fils on back of 5.7 million shares while Bayan Investment Co and Al Mal Investment Co were up 0.5 fil each. Osoul Investment Co paused at 43.5 fils.
Housing Finance Co ( Iskan) and Noor Financial Investment Co dialed up 1 fil each whereas Sokouk Holding stalled at 32 fils. Warba Insurance Co dipped 10 fils and Al Imtiaz closed 1 fil in red.
United Real Estate Co fell 2 fils to 96 fils and National Real Estate Co edged 1 fil higher. Mabanee Co was unchanged at KD 830 fils and Kuwait Real Estate Co followed suit.
The market has been largely upbeat so far during the week and has climbed 8 points in last four sessions . The price index has rallied 86 points from start of the month but is down 2.13 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.
In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.
Aqar Real Estate Investments Co has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.
Jeeran Holding Co has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.
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.
Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fil in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.
By John Mathews
Arab Times Staff