Kuwait bourse ticks up in ‘volatile’ trade – Zain gains 10 fils; NBK slips

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KUWAIT CITY, Oct 24: Kuwait stocks pulled higher on Monday extending the gains to fourth consecutive session. The bourse climbed 11.03 pts in volatile trade to 5,341.52 pts helped by speculative interest in select shares. The banks were mostly muted and other heavyweights too remained subdued in absence of catalysts.

The KSX 15 benchmark was eased 0.6 pts to 811.63 points and is down 3 pts during the month while weighted index inched 0.5 pts higher. The volume turnover saw a modest bounce after retreating sharply in the last session. 81 million shares changed hands — a 4.7 pct rise from Sunday.

The sectors closed mostly in the green turf. Oil and gas outshone the rest with 1.72 pct gain whereas technology slipped 0.55 percent, the weakest performer of the day. In terms of volume, financial services mustered the highest market share of 36.5 pct while real estate trailed with over 21 percent contribution.

In the individual shares, National Bank of Kuwait fell 10 fils after trading over 1 million shares whereas KIPCO stood pat at 500 fils off slight early gains. International Petroleum Group jumped 25 fils with razor thin trading and Kuwait Food Co (Americana) closed flat at KD 2.620.

Wataniya Telecom (Ooredoo) was unchanged at KD 1.060 and Kuwait Telecommunications Co (VIVA) too held steady at KD 0.830. Logistics major Agility pared back slight early gains ro settle at 470 fils.

Zain climbed 10 fils on back of over 5 million shares to close at 385 fils. The company has recorded a net profit of KD 124.47 mln and earnings per share of 32 fils in 9M, 2016 up from net profit of KD 118.19 million and EPS of 30 fils in the year before period.

The market opened on a firm note and drifted sideways in early trade. The price index rose sharply amid brisk buying in select counters and hit the day’s highest mark of 5,345.32 pts almost half way into the session. It held on to the gains briefly before retreating to trough at 5,330.49 pts and clawed back in the final minutes to close in the green.

Top gainer of the day, Ikarus jumped 8.6 pct to 31.5 fils and IPG climbed 7.25 pct to stand next. Al Aman slid 5.56 percent, the steepest decliner of the day and Aayan Leasing and Finance Co topped the volume with over 7 million shares.

Mirroring the day’s uptick, the market spread was skewed towards the winners. 42 stocks advanced while 33 closed lower. Of the 110 counters active on Monday, 35 closed flat. 2,263 deals worth KD 10.7 million were transacted — a 28.26 pct rise in value from the day before.

National Industries Group was flat at 110 fils whereas Gulf Cable gained 15 fils to close at 385 fils. Heavy Engineering Industries and Shipbuilding Co took in 2 fils while Boubyan Petrochemical Co stood pat at KD 0.450.

Kuwait Foundry Co climbed 6 fils to 168 fils and NICBM was up 4 fils at 200 fils. Equipment Holding Co stalled at 41 fils off slight early highs and Al Qurain Petrochemical Co dialed up 2 fils before settling at 200 fils.

Dropped

Jazeera Airwaya dropped 10 fils to KD 0.830 and ALAFCO too did not budge from its earlier close of 216 fils. Kuwait and Gulf Link Transport Co inched 0.5 fils into red and KGL Logistics Co closed 1 fil lower at 74 fils.

Kuwait Portland Cement Co shed 20 fils and Combined Group Contracting Co closed flat. Zimah Holding dialleed up 1 fil and Mezzan Holding stagnated at KD 1.000.

Energy Holding Co took in 1 fil and National Ranges Co (Mayadeen) gave up 1 fil to wind up at 28.5 fils. Future Kid added 7 fils and AWJ slipped 1 fil.

Gulf Bank was unchanged at 228 fils and Kuwait International Bank clipped 2 fils before settling at 186 fils. Commercial Bank of Kuwait, Al Ahli Bank and Ahli United Bank were not traded during the session. Warba Bank was up 10 fils at 202 fils.

Kuwait Finance House added 5 fils and Boubyan Bank has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending September 30, 2016 as against a net profit of KD 25.15 million and earnings per share of 11.62 fils in the year before period.

Kuwait Investment Co fell 3 fils to 83 fuls while Commercial Facilities Co climbed 4 fils. International Financial Advisors paused at 29.5 fils and National Investment Co dialed up 2 fils on back of 1.9 million shares.

Kuwait Financial Centre (Markaz) rose 5 fils to 85 fils whereas Al Mal Investment Co and Bayan Investment Co were flat at 21 fils and 30 fils respectively. Noor Financial Investment Co closed 1 fil in green.

Al Madina and Gulf Investment Hose took in 0.5 fil each while Sokouk Holding inched 0.5 fil lower to 28.5 fils. Al Deera Holding gave up 0.5 fil whereas Al Imitiaz eased 2 fils. Warba Insurance Co gained 4 fils,

United Real Estate Co and National Real Estate Co dialed up 1 fil each whereas Kuwait Real Estate Co stood pat at 50 fils. Mabanee Co stagnated at 800 fils whereas Abyaar Real Estate Co closed flat.

The market has been upbeat so far during the week and has added 20 points in last two sessions. It has shed 57 pts so far during the month and has retreated 4.87 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, RISCO 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.

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.

Ajwan Gulf Real Estate Co has incurred a net loss of KD 71,423 and loss per share of 0.97 fils 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.

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.

By John Mathews

Arab Times Staff

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