Kuwait bourse kicks off Nov on firm note – KIPCO rises 10 fils; Americana flat

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KUWAIT CITY, Nov 1: Kuwait stocks headed north on Monday extending a nearly identical gain in the last session. The price index rose 10.56 pts in volatile trade to 5,411.63 points amid speculative buying in select counters. The banks were mostly muted while other heavyweights closed mixed.

The s KSX 15 benchmark edged 1.35 pts up to 827.86 points but is down 57 points year-to-date while weighted index added 0.63 pts. The volume turnover meanwhile was marginally down following Monday’s rebound. 110.4 million shares changed hands — a 3.12 pct fall from the day before.

The sectors closed mixed. Telecommunications outshone the rest with 0.82 pct gain whereas insurance shed 1.49 percent, the biggest loser of the day. Volumewise, financials services accounted for the highest market share of 46 pct while real estate stood next with 26.9 percent contribution.

Among the day’s movers, KIPCO rose 5 fils to 500 fils but is down 80 fils year-to-date while Mabanee Co climbed 10 fils recouping last session’s losses. Kuwait Food Co (Americana) stood pat at KD 2.620 after logging strong gains during October amid stake sale to Dubai’s Adeptio .

Zain gained 5 fils on back of over 2 million shares whereas Wataniya Telecom (Ooredoo) was unchanged at KD 1.080 with thin volume. Kuwait Telecommunications Co (VIVA) scaled 10 fils and Agility held ground at 475 fils off slight early highs.

Kuwait Finance House was flat at 475 fils and National Bank of Kuwait followed suit. NBK has posted a net profit of KD 219.26 million and earnings per share 39 fils in the nine-month period ending September 2016

The market opened firm and rose further in early trade. The price index hit the day’s highest level of 5,415.01 points amid strong buying in select counters and retreated thereafter. It continued to drift into red to plumb the day’s lowest level of 5395.8 points well past the mid-session before clawing back close with modest gains.

Top gainer of the day, Al Mudon rallied 7.55 pct to 28.5 fils while Housing Finance Co ( ISKAN) climbed 7.22 percent to stand close behind. KMEFIC slid 6.5 percent, the steepest decliner of the day and BIIHC topped the volume with 17.8 million shares.

Mirroring the day’s uptick, the winners outnumbered the losers. 46 stocks advanced whereas 30 closed lower. Of the 117 counters active on Tuesday, 41 closed flat. 2,544 deals worth KD 8.5 million were transacted – a 40.3 pct dip in value from the day before.

Gulf Cable was unchanged at 385 fils and Kuwait Portland Cement Co gained 20 fils before settling at KD 0.930. Heavy Industries Engineering and Shipbuilding Co added 8 fils and Boubyan Petrochemical Co stood pat at 455 fils. National Industries Group was not traded during the session.

Kuwait Foundry Co took in 2 fils to end at 168 fils whereas Gulf Glass Manufacturing Co dropped 10 fils. The company has registered a net profit of KD 1.20 mln and earnings per share of 23.46 fils in the nine-month period ending September 30. 2016 down from net profit of KD 1.9 million and 38.00 fils EPS in the year before period.

Unchanged

Jazeera Airways was unchanged at KD 0.850 and Al Safat Energy Co followed suit. Kuwait Gulf Link Transport Co inched 0.5 fil into green and KGL Logistics Co gave up 2 fils to wind up at 77 fils. Zimah Holding Co nudged 0.5 fil into green.

Mezzan Holding paused at KD1.040 whereas RISCO slipped 5 fils. The company has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016 as against a net profit of KD 3.22 million and earnings per share of 32.39 fils in the same period of 2015.

In the banking sector, Gulf Bank fell 2 fils to 232 fils and Commercial Bank stalled at 395 fils with razor thin trading. Al Ahli Bank and Ahli United Bank stagnated at 315 fils and 390 fils respectively.

Burgan Bank was unchanged at 320 fils while Kuwait International Bank clipped 2 fils before settling at 190 fils. Boubyan Bank fell 5 fils to 380 fils and Warba Bank dialed up 2 fils.

Kuwait Investment Co climbed 4 fils to 84 fils whereas Commercial Facilities Co paused at 168 fils. International Financial Advisors inched 1 fil down and National Investment Co closed 2 fils lower after trading over 1 million shares.

Kuwait Financial Centre (Markaz) eased 1 fil to 80 fils and Bayan Investment Co stood pat at 30.5 fils. KAMCO slipped 4 fils to 114 fils whereas Osoul Investment Co took in 2 fils. Al Mal Investment Co and Aayan Investment Co gave up 1 fil each while KFIC was down 1.5 fils.

Noor Financial Investment Co dialed up 2 fils and Kuwait Insurance Co dipped 10 fils to 230 fils. Al Deera Holding Co and Ektittan Holding Co were flat at 33 fils and 36.5 fils respectively. Sokouk Holding Co and Al Madina Finance closed flat

National Real Estate Co added 1 fil on back of 1.2 mln shares and Kuwait Real Estate Co inched 0.5 fils up to 50 fils. Mazaya Holding and Abyaar Real Estate Co stood pat at 114 fils and 19.5 fils respectively.

The market has been largely positive so far during the week and has climbed 14 pts in last three sessions. The price index had gained 3 points during the whole of October but has shed 3.62 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, 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 fil 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.

Ajwan Gulf Real Estate Co has incurred a net loss of KD 71,423 and loss per share of 0.97 fil in the first nine months of 2016 as compared to net profit of KD 44,278 and earnings per share of 0.60 fils in the 2015, 9M.

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

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