KUWAIT CITY, June 12: Kuwait stocks chalked a modest rebound on Monday following 2-day retreat. The price index climbed 20.18 points in volatile trade to 6,774.72 points helped by a buying uptick in select counters even as the broader sentiment remained mixed.
The KSX 15 gauge was little changed at 900.45 pts and has shed 15 points so far during the month while weighted index edged 1.25 points higher to 399.18 points. The volume turnover meanwhile ticked up from Sunday’s multi-month low. 25.5 million shares changed hands — up 8.9 pct from the day before
The sectors closed mostly in the green turf. Oil and has outshone the rest with 1.48 percent gain whereas parallel market shed 1 pct, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 42,7 pct and banks trailed with 14.3 percent contribution.
In the individual performers, Al Ahli Bank rallied 35 fils to 345 fils whereas Commercial Bank of Kuwait was down 13 fils at 310 fils extending Sunday’s losses. KIPCO slipped 4 fil to 339 fils and Mabanee Co added 3 fils to settle at 770 fils.
Zain seesawed before closing unchanged at 410 fils whereas Ooredoo slid 20 fils to KD 1.180. Agility took in 1 fils and Kuwait Telecommunications Co stagnated at 820 fils.
National Bank of Kuwait inched 1 fil into red whereas AlMutahed climbed 8 fils to 443 fils. The bank’s first quarter profit rose 2.6% to KD 16.003 million as against KD 15.59 million in Q1 of 2016.
The market opened firm and headed south in early trade. The main index continued to sink amid weak sentiment and plumbed the day’s lowest level of 6708.81 points past the mid-session. It clawed back thereafter and closed with modest gains,
Top gainer of the day, Contracting and Marine Services Co soared 17.57 pct to 87 fils and KFIC climbed 12.5 pct to stand next. Gulf Financial Co slumped 12.8 pct, the steepest decliner of the day and Al Imtiaz topped the volume with over 5 million shares.
Reflecting the day’s upswing, the winners outnumbered the losers. 41 stocks advanced whereas 36 closed lower. Of the 102 counters active on Monday, 25 closed flat. 1,427 deals worth KD 4.35 million were transacted — a 24.7 pct drop in value from the day before.
National Industries Group inched 1 fil higher to 108 fils while Gulf Cable took in 1 fil to wind up at 420 fils. Heavy Engineering Industries and Shipbuilding Co stood pat at 207 fils while Educational Holding Group gained 10 fils.
Kuwait Food Co (Americana) was unchanged at KD 2.700 and NICBM gave up 5 fils to close at 185 fils. Boubyan Petrochemical Co paused at 582 fils and Al Qurain Petrochemical Co dialed down 1 fil. Shuaiba Industrial Co dipped 10 fils to 270 fils.
Jazeera Airways was unchanged at 458 fils off early lows whereas ALAFCO rose 3 fils to 311 fils. The company has posted a 83.3% surge in profits to KD 5.59 million for the quarter ending March 31, 2017 from year before period.
Automated Systems Co climbed 6 fils and NAPECO was up 8 fils at KD 1.507. The company’s first quarter profit surged 62.7% year-on-year to KD 2.31 million as to compared to KD 1.42 million in same period last year.
Kuwait Cement Co jumped 37 fils to 467 fils while Kuwait Foundry Co was down 5 fils at 290 fils. Gulf Petroleum Institute fell 1.8 fils and Gulf Finance Co slipped 9.6 fils to 65 fils.
Humansoft Holding, the highest priced stock of the bourse, eased 1 fils to KD 3.899 and Gulf Finance House added 3 fils. Mezzan Holding Co soared 19 fils to 934 fils.
In the banking sector, Gulf Bank was unchanged at 238 fils of slight early highs and Kuwait International Bank too did not budge from its earlier close of 245 fils. Warba Bank gave up 2 fils to end at 244 fils.
Kuwait Finance House vacillated narrowly before closing flat at 481 fils and Boubyan Bank rose 3 fils to 409 fils after ending in a shallow trough in the day before. Burgan Bank stood pat at 320 fils.
National Investment Co took in 2 fils and Kuwait Investment Co inched 0.2 fils into red. International Finance Advisors trimmed 2.7 fils before closing at 34.3 fils while Coast Investment Co clipped 2 fils. Securities House Co fell 1.4 fils to 41.2 fils. KAMCO dialed down 2.2 fils and Al Deera Holding stood pat at 32 fils. Al Salam took in 1.6 fils whereas Ektittab Holding erased 1.4 fils o wind up at 36.1 fils.
Bayan Investment Co was unchanged at 50 fils while Osoul Investment Co climbed 4 fils to 59 fils. KFIC was up 5 fils at 45 fils and Sokouk Holding eased 0.5 fil. Noor Financial Investment Co inched 0.1 fil up to 52.9 fils.
United Real Estate Co and Tamdeen Investment Co were unchanged at 84.5 fils and 360 fils respectively whereas National Real Estate Co gave up 2 fils to close at 106 fils extending an identical loss in the day before.
Kuwait Real Estate Co inched 0.1 fil into red while Abyaar and Mazaya Holding paused at 22.7 fils and 110 fils respectively.
The market has been mixed so far during the week and has slipped 9 points in last two sessions . It has retreated 11 points from start of the month and is trading 17.86 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 KD 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 KD 785,610 in same period of 2016
By John Mathews
Arab Times Staff