Kuwait bourse heads north; volume swells – KFH falls 10 fils; KIPCO flat

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KUWAIT CITY, Dec 20: Kuwait stocks headed north on Tuesday as it extended the gains to second straight session. The price index rose 10.562 points in volatile session to 5,667.75 points helped by speculative buying in select counters. The banks and other heavyweights mostly sagged even as the investors await fresh cues.

The KSX 15 gauge dived 9.7 pts to 883.29 points trimming the month’s gains to 28 pts while weighted index was down 2.55 points. The volume turnover meanwhile saw a modest rise for the second day. 151.8 million shares change hands — a 5.82 percent rise from Monday.

The sectors closed mostly in the green territory. Parallel market outshone the rest with 1.35 percent gain whereas banks shed 1 pct, the weakest performer of the day. In terms of volume, financial services mustered the highest market share of 55.4 percent while real estate trailed far behind with 17.3 pct contribution.

In the individual shares, National Bank of Kuwait dropped 10 fils to 650 fils after trading 1.8 million shares and Kuwait Finance House followed suit with a volume of over 2 million. Kuwait Food Co (Americana) shed 20 fils erasing Monday’s gains and Humansoft Holding soared 60 fils to KD 2.200.

Zain fell 5 fils to 415 fils after trading 1.9 million shares extending an identical loss in the last session while Wataniya Telecom ( Ooredoo) stood pat at KD 1.120. Kuwait Telecommunications Co ( VIVA) gained 10 fils and logistics major Agility was down 10 fils at 610 fils.

National Investment Co was unchanged at 99 fils after gyrating in a tight range and KIPCO followed suit to settle 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 — Sept period.

The market opened on a tame note and drifted listlessly in early trade. The main index rose sharply an hour into the session but retreated below the red thereafter to bottom at 5,646.85 points as sentiment turned negative. However it bounced back and closed with modest gains.

Top gainer of the day, Masaken vaulted 9.4 pct to 58 fils and Remal climbed 9.26 percent to stand close behind. International Financial Advisors slid 4.6 percent, the steepest decliner of the day and Al Salam topped the volume with 17.8 million shares.

Mirroring the day’s uptick, the winners outnumbered the losers, 40 stocks advanced while 37 closed lower. Of the 129 counters active on Tuesday, 52 closed flat. 3,518 deals worth KD 11.39 mln were transacted — a 23.3 percent dip in value from the day before.

National Industries Group eased 2 fils to 122 fils extending an identical fall in the last session while Gulf Cable gave up 5 fils to settle at 375 fils. Heavy Engineering Industries and Shipbuilding Co added 4 fils while Contracting and Marine Services Co was up 5 fils at 78 fils.

Kuwait Portland Cement dipped 10 fils to KD 0.910 whereas Kuwait Foundry Co stood pat at 182 fils. Equipment Holding Co inched 0.5 fil lower whereas Al Kout Industries Co climbed 10 fils to 660 fils.

Jazeera Airways was flat at 760 fils off slight early lows and ALAFCO took in 2 fils before settling at 246 fils. Al Qurain Petrochemical held ground at 226 fils while Automated System Co gave up 6 fils. Safat Energy paused at 34.5 fils.

Kuwait Cinema Co stagnated at KD 1.060 and Alrai Media Group Co clipped 2 fils. Combined Group Co stalled at 600 fils and Gulf Glass Manufacturing Company followed suit.

Kuwait and Gulf Link Transport Co climbed 4 fils to 60 fils and KGL Logistics inched 1 fil higher on back of 3.5 million shares. Al Qurain Petrochemical Co was flat at 226 fils off slight early highs.

Zimah Holding eased 0.5 fil to 42.5 fils and Mezzan Holding was down 10 fils at 930 fils. AWJ Holding dialed up 2 fils extending the marginal rise in the last session and Soor clipped 2 fils.

In the banking sector, Gulf Bank fell 2 fils to 244 fils whereas Ahli United Bank and Kuwait International Bank were unchanged at 295 fils and 208 fils respectively. Commercial Bank of Kuwait was not traded during the session.

Burgan Bank fell 5fils to 300 fils reversing Monday’s uptick and Boubyan Bank was unchanged at 400 fils. Al Ahli Bank slipped 10 fils and Warba Bank closed 2 fils lower at 222 fils.

Kuwait Investment Co and Commercial Facilities Co were unchanged at 82 fils and 158 fils respectively whereas Securities House Co inched 0,5 fils into green. Coast Investment Co and Al Mal paused at 20.5 fils and 20.5 fils respectively.

Bayan Investment Co and KFIC stagnated at 33 fils and 30.5 fils respectively while Al Aman inched 1 fil up at 49.5 fils. Al Deera Holding stalled at 32 fils and Ektittab Holding Co edged 1 fil into green.

Warba Insurance Co and Wethaq Takaful took in 1 fil each whereas Osoul Investment Co gave 1 fil to end at 59 fils. Noor Financial Investment Co eased 1 fil to 47.5 fils.

Mabanee Co was flat at KD 0.840 and National Real Estate Co too did not budge from its earlier close of 89 fils. Argan slipped 6 fils and Remal added 5 fils on back of over 7 million shares.

The market has been largely upbeat so far during the week and has climbed 19 pts in last three sessions. It has rallied 115 points from the start of the month and is up 0.94 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 fils 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

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