Kuwait bourse treads water; volume jumps – KIPCO falls 10 fils; Americana gains

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KUWAIT CITY, Jan 3: Kuwait stocks trod water on Tuesday as investors consolidated their gains after the year-end winning spree. The price index inched 0.32 pts lower to 5,775.03 points even as the board remained broadly mixed. The banking shares however were mostly muted.

The KSX 15 benchmark jumped 7.61 pts to 893.36 points while weighted index edged 1.88 pts higher to 382.2 points. The volume turnover meanwhile rebounded after receding sharply in the previous session. 188.84 million shares changed hands — a 84 pct surge from Monday.

The sectors diverged in a narrow range. Parallel market outshone the rest with 1.99 pct gain whereas financial services shed 1.69 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 35.3 percent while real estate stood next with 24.4 pct contribution.

In the individual shares. KIPCO dropped 10 fils to 500 fils whereas Mabanee Co was up 10 fils at 860 fils. Kuwait Food Co (Americana) gained 20 fils and Kuwait National Cinema Co tumbled 60 fils to KD 1.180.

Zain rose 5 fils on back of over 5 million shares and Wataniya Telecom (Ooredoo) was not traded during the session. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.910 and logistics major Agility stood pat at 630 fils.

Sector bellwether National Bank of Kuwait rallied 20 fils on back of 2.4 million shares and Ahli United Bank closed flat. The bank has registered a nine-month net profit of KD 39.13 mln and earnings per share of 25.1 fils.

The market opened firm but fell sharply in early trade. The main index plumbed the day’s lowest level of 5,758.78 pts amid profit taking in select counters and moved sideways thereafter. It however clawed back most of the losses at close.

Top gainer of the day, Ajwan vaulted 9.6 pct to 57 fils and Equipment Holding Co rallied 8.9 percent to stand next. Yiaco slid 7 pct, the steepest decliner of the day and Al Imitiaz topped the volume with over 25 million shares.

Mirroring the day’s mixed mood, the losers and winners were almost even. 42 stocks advanced whereas 41 closed lower. Of the 131 counters active on Tuesday, 48 closed flat. 4,151 deals worth KD 20.68 million were transacted — a 128.58 pct surge in value from the day before.

National Industries Group was unchanged at 124 fils and Gulf Cable followed suit. Heavy Engineering Industries and Shipbuilding Co rose 10 fils to 178 fils while Contracting and Marine Services Co gave up 1 fils.

Kuwait Portland Cement and Metal and Recycling Co were flat at KD 0.910 and 60 fils respectively whereas ACICO and Boubyan Petrochemical Co fell 5 fils each. Automated Systems Co fell 2 fils to 242 fils and PAPCO paused at 95 fils.

Unchanged

Jazeera Airways was unchanged at 750 fils and ALAFCO followed suit to wind up at 244 fils. Kuwait and Gulf Link Transport Co fell 3 fils to 61 fils and KGL Logistics Co closed flat at 73 fils.

UPAC shed 20 fils and Alrai Media Group Co gave up 4 fils. The company has logged nine- month net profit of KD 2.94 million and earnings per share of 12.701 fils.

Mowasat Hospital added 10 fils and Qurain Petrochemical Industries dialed up 2 fils. The company has registered a net profit of KD 10.48 mln and earnings per share of 10.08 fils in the January-September period .Zimah Holding Co eased 0.5 fils to 42 fils and Mezzan Holding Co closed flat at KD 0.930. Combined Group Contracting Co dipped 40 fils to 560 fils.

In the banking sector, Gulf Bank and Al Ahli Bank were unchanged at 238 fils and 300 fils respectively and Kuwait International bank took in 2 fils.  Commercial Bank of Kuwait was not traded during the session.

Kuwait Finance House stagnated at 550 fils off slight early lows and Burgan Bank followed suit. Boubyan Bank stalled at 395 fils and Warba Bank too did not budge from its earlier close of 222 fils.

Kuwait Investment Co and National Investment Co were flat at 85 fils and 96 fils respectively whereas International Financial Advisors inched 0.5 fils into green with a volume of 1.54 million. Commercial Facilities Co was up 2 fils at 158 fils.

Kuwait Financial Centre (Markaz) and KMEFIC eased 1 fils each while ALOLA dialed up 1.5 fils. Securities House Co inched 0.5 fils down and Securities Group rose 1fils to 90 fils. ALOLA was up 1.5 fils at 48 fils.

KAMCO eased 2 fils to 94 fils and Unicap closed 1.5 fils in green. Ektittab Holding and Noor Financial Investment Co rose 0.5 fils each while Al Madina eased 0.5 fils. Al Deera Holding was unchanged at 32 fils. Wethaq Takaful inched 0.5 fils lower to 30.5 fils.

Bayan Investment Co and Osoul Investment Co stalled at 33.5 fils and 60 fils respectively while Coast Investment Co added 0.5 fils on back of over 2 million shares. Al Mal closed 0.5 fils in red and KFIC was up 2.5 fils at 40.5 fils.

Kuwait Real Estate Co and National Real Estate Co dialed up 2 fils each whereas United Real Estate Co gave up 2 fils to settle at 94 fils. Mabanee Co climbed 10 fils to 860 fils and Mazaya Holding was unchanged at 110 fils. Argan climbed 10 fils to 176 fils.

The market has been largely positive so far during the week and has gained 27 pts in last two sessions . It had rallied 193 points during whole of December and rose 2.37 pct in 2016. 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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