Kuwait climbs 20.57 pts to wind up week on high note – Mezzan Holding Co surges 40 fils; banks dive

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KUWAIT CITY, July 4: Kuwait stocks closed higher on Monday to wind up the holiday-shortened week on a high note. The price index climbed 20.57 points to close at 5,389.6 points. The banks dived while rest of board remained largely mixed.

The KSX-15 index gained 3.38 points to 805.56 points. The weighted index was up 0.41 points. The volume turnover meanwhile saw a rebound from the previous session. 59 million shares changed hands, a rise of 28.79 percent from Sunday.

The sectors diverged during the session. Consumer goods outshone with 1.39 percent gain while banks shed 0.45 percent to end the day as the biggest decliner. In terms of volume, financial services mustered the highest market share of 31.08 percent while real estate and consumer services trailed far behind with 17.64 percent and 15.80 percent contributions respectively.

Among the notable movers, Mezzan Holding Co surged 40 fils to KD 1.140 whereas Kuwait Food Co (American) gained 20 fils. United Projects Co added 10 fils in thin trading while Gulf Cable and Electrical Co slipped 10 fils to settle at 300 fils.

The market opened on a dull note and slipped into red in early trade. The bourse moved sideways past the mid-session before it bounced back in a slightly choppy trade. It continued the staged a strong rally to close in the green zone.

Top gainer of the day, Sultan Centre Food Products Co rose 8.93 percent and Salbookh Trading Co rose 7.69 percent to stand next. Gulf Glass Manufacturing Co slipped 20 fils (6.67 percent), the worst performer of the day and Zima Holding Co topped the volume with over 8.8 million shares for a second straight day.

In the banking sector, Al-Ahli Bank of Kuwait plunged 15 fils while National Bank of Kuwait did not budge from its earlier close of KD 0.580 after trading over 1.7 million shares. Gulf Bank and Kuwait International Bank added 2 fils each whereas Kuwait Finance House rose 5 fils. Commercial Bank of Kuwait and Burgan Bank dropped 5 fils each to stand at KD 0.410 and KD 0.320 respetively. Ahli United Bank and Warba Bank were unchanged in this session.

The market was skewed toward the winners as 49 stocks advanced whereas 24 closed lower. Of the 118 counters active on Monday, 45 closed flat. 1,740 deals worth KD 6.2 million were transacted, rise of 12.04 percent in value from the Sunday.

Gulf Insurance Group jumped 10 fils whereas Commercial Facilities Co was down 2 fils at KD 0.178. Mabanee Co shed 10 fils while Injazzat Real Estate Development Co added 3 fils. Sanam Real Estate Co, Arkan Al-Kuwait Real Estate Co and National Industries Group were up 2 fils each.

Al Mazaya Holding and Heavy Engineering Ind and Shipbuilding Co each rose 4 fils whereas Kuwait Foundry Co dived by the same amount. Boubyan Petrochemicals Co climbed 5 fils to close at KD 0.500 and Qurain Petrochemicals Co was unchanged at KD 0.192.

Rose

Salbookh Trading Co rose 5 fils whereas ACICO Industries Co did not budge from its earlier close of KD 0.300. Agility and National Industries Co stayed flat. Agility has clocked a first quarter net profit of KD 13.10 million and earnings per share of 11.39 fils up from net profit of KD 11.81 million and earnings per share of 10.27 fils in the same period last year

In the telecommunication sector, Mobile Telecommunications Co(Zain) gained fils on the back of over 1 million shares and Kuwait Telecommunications Co(VIVA) stood pat at KD 0.930. National Mobile Telecommunications Co (Ooredoo) shares were not traded in this session

Kuwait & Gulf Link Transport Co slipped 5.38 percent to 44 fils erasing the gains in the last session whereas Automated Systems Co was unchanged and Hits Telecom Holding barely moved. Humansoft Holding Co closed flat at KD 1.400.

Energy House Co inched 1 fils up to 50 fils. The Energy House Co has recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year

Credit Rating and Collection Co was down 5.66 percent whereas Gulf Franchising Holding Co was flat after strong gains in the last session. Palm Agro Production Co rose 6 fils and ALACO Aviation Lease and Finance added 2 fils. AWJ Holding Co climbed 4 fils recouping the losses it suffered in the previous session.

Umm Al-Qaiwain General Investments Co spiked 7.46 percent whereas Investors Holding Group Co gained 7.14 percent. Flex Resorts & Real Estate Co plummeted 6.02 percent while Kuwait Resorts Co dropped 4.71 percent. Future Communications Co was up 2 fils while Hayat Communications Co was barely moved.

The bourse will be closed for Eid al-Fitr holiday as of July 5 and will resume trade on July 9.

By Iliasu Abubakari

Arab Times Staff

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