KUWAIT CITY, June 22: Kuwait stocks swung higher on Thursday to wind up the week on a firm footing. The price index rose 7.08 points in volatile session to 6,772.1 pts helped by bargain buying in select counters even as the overall mood remained dull ahead of the Id-Al-Fitr holidays.
The KSX 15 gauge added 1.29 pts to close at 920.21 pts while weighted index closed 0.53 points lower. The volume turnover meanwhile dipped further to hit the week’s lowest. 35.8 million shares changed hands — a 20.9 percent drop from the day before.
The sectors closed mixed. Consumer goods outpaced the rest with 1.86 pct gain whereas technology tumbled 7.8 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 36.9 pct and financial services trailed with 27 percent contribution.
In the individual shares, Burgan Bank rose 5 fils to 330 fils while Kuwait Finance House took in 2 fils partly recouping Wednesday’s losses. Humansoft Holding soared 100 fils to KD 4.200 and KIPCO dialed up 2 fils to settle at 338 fils.
Zain fell 2 fils to 425 fils and Ooredoo was down 10 fils at KD 1.090 extending steep losses in the previous session. Kuwait Telecommunications Co (VIVA) slipped 8 fils and logistics major Agility gave up 9 fils before winding up at 825 fils.
National Bank of Kuwait was flat at 695 fils after vacillating in a tight range while Gulf Bank took in 2 fils. The bank has posted a 6.7 pct increase in first quarter profit to KD 9.36 million from KD 8.77 million in Q1 of 2016.
The market opened slightly weak and headed north in early trade. The main index however failed to keep the momentum and reversed course half way into the session. It plumbed the day’s lowest level of 6,747.35 pts and rebounded thereafter to peak at 6,786.23 points in the final minutes before giving up most of the gains at close.
Top gainer of the day, Madar Finance and Investment Co rallied 15.59 pct to 21.5 fils while NICBM climbed 15.15 percent to stand next. Burgan Well Drilling Co tanked 19.32 pct, the steepest decliner of the day and Abyaar topped the volume with 4.7 million shares.
Reflecting the day’s uptick, the winners outnumbered the losers. 57 stocks advanced whereas 43 closed lower. Of the 123 counters active on Thursday, 23 closed flat. 1930 deals worth KD 7.2 million were transacted — a 41.8 pct dip in value from the day before.
National Industries Group rose 3 fils to 115 fils recouping almost all of last session’s losses while Metal and Recycling Co paused at 89 fils. Contracting and Marine Services Co climbed 9.8 fils and Heavy Engineering Industries and Shipbuilding Co dipped 5 fils.
Jazeera Airways added 3 fils while ALAFCO extended Wednesday’s losses with a 3 fils drop to 307 fils. Eyas Technical and Higher Education Co jumped 40 fils. Educational Holding Group was up 9 fils at 369 fils. NAPESCO tumbled 100 fils to KD 1.350.
Kuwait Foundry Co gained 11 fil and Acico Industries climbed 7 fils to 262 fils. Combined Group Contracting Co inched 1 fil up at 620 fils and Al Rai Media Group added 3 fils The company has posted 66.7% drop in profits in the first quarter of 2017 to KD 449,760.
Automated Systems Co took in 1 fil while OSOS dipped 15 fils to 122 fils. Gulf Finance Co rose 8.9 fils to 84 fils and Shuiba Industrial Co gained 30 fils. AWJ Holding dialed up 1 fil.
Mezzan Holding Co slid 29 fils to 911 fil while Zimah Holding dialed up 2.5 fils. Equipment Holding eased 0.8 fils and KPPC edged 1.1 fil into green.
In the banking sector, Commercial Bank partly erased Wednesday’s gain with a 5 fils drop to 315 fils and Al Ahli Bank was down 8 fils at 327 fils extending last session’s fall. Al Mutahed was not traded during the session.
Kuwait International Bank was unchanged at 246 fils and Boubyan Bank was not traded during the session. Warba Bank clipped 2 fils before closing at 255 fils.
National Investment Co was unchanged at 102 fils and Kuwait Investment Co took in 0.5 fils. International Financial Advisors took in 1.3 fils whereas Securities House Co clipped 2.1 fil. Alola fell 1 fil to 48 fils and Arzan gave up 3 fils.
KMEFIC and KFIC were unchanged at 30 fils and 46.5 fils respectively and Sokouk Holding too did not budge from its earlier close of 47.5 fils. Bayan Investment Co edged 0.2 fils up and Aayan Investment paused at 43 fils after trading 1.2 million shares.
KAMCO and Al Deera Holding were flat at 80.5 fils and 32 fils respectively whereas Noor Financial Investment Co and Amwal Investment Co gave up 0.5 fils each. Warba Insurance Co closed 1.3 fils in red.
Salhiya Real Estate Co and United Real Estate Co stalled at 385 fils and 84.5 fils respectively whereas National Real Estate Co added 2 fils on back of 1.2 million shares. Mabanee Co dialed up 1 fil and Abyaar clipped 0.2 fils after trading 4.7 million shares.
The market was largely downbeat during the week. The main index closed lower in three of the five session and shed 38 pts week-on-week. It has slipped 13 points from start of the month and is trading 17.8 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Finance and Investment (KFIC) rebounded to post a net profit of KD 146,350 in the first three months of 2017, from KWD 255,510 loss in first quarter of 2016. Operating income grew 76% year-on-year to reach KD 1.65 million.
Aayan Real Estate has recorded a 164.7 percent jump in its profits to KD 536,890 for the first quarter of 2017 from same period in the year before.
During 2016, the profit saw a 1.5% uptick to KD 2.75 million in 2016 from the previous year.
Ooredoo Kuwait has posted 26.6 pct jump in profits during the first quarter of 2017 to KD 12.93 million from KD 10.21 million in same period last year. It had recorded a growth of 75% in profits to KD 46.67 million during 2016.
Mowasat Healthcare has registered a a 40.2% increase in net profits in the first quarter of 2017, to reach KD 1.92 million as compared to KD 1.37 million in the year before period.
Al Ahleia Insurance ‘s first quarter net profit dropped by 14.5% in the first to KD 2.88 million from KD 3.37 million in Q1 of 2016. Operational income dipped 39.6 pct to KD 1.58 million.
National Ranges Company’s (Mayadeen) losses shrank by 18.2 pct in the first quarter of 2017 to KD 642,620 from about KWD 785,610 in same period of 2016.
By John Mathews
Arab Times Staff