KUWAIT CITY, Dec 3: Kuwait stocks headed north on Sunday as it kicked off the month on a firm footing. The price index climbed 17.63 points in volatile trade to 6,214.13 points paced by some of the heavyweights even as the wider sentiment remained skittish.
The KSX 15 measure rose 5.38 pts to 913.92 points and weighted index was up 1.35 points at 400.13 pts. The volume turnover meanwhile shrank following last session’s strong rebound. 63.7 million shares changed hands — a 14.3 pct drop from Wednesday.
The sectors closed mostly in green. Consumer goods outshone the rest with 1.4 pct gain whereas oil and gas shed 2.54 percent, the biggest loser of the day. Volume wise, financial services notched the highest market share of 37 percent and real estate trailed with 22.8 pct contribution.
In the individual performers, Kuwait Finance House rallied 9 fils on back of over 6 million shares and Al Ahli Bank followed suit to end at 305 fils. Mabanee Co gained 7 fils and Kuwait Investment Co added 5 fils after trading over 1 million shares.
Zain rose 4 fils to 446 fils recouping previous sessions losses and Ooredoo slumped 54 fils to KD 1.090 with thin trading and is down 65 fils from start of the year. Kuwait Telecommunications Co (VIVA) shed 13 fils and logistics major Agility rallied 15 fils with a volume of 1.4 million,
National Bank of Kuwait was flat at 721 fils off early lows after trading over 1 million shares and Warba Bank gained 10 fils. The bank’s third quarter earnings soared 428.4 pct to KD 2.23 million.
The market opened firm and rose sharply in early trade. The main index climbed further amid buying in select counters and sagged slightly half way into the session. It spiked briefly again to scale the day’s highest level of 6,227 pts before pulling back to wind up with modest gains .
Top gainer of the day, Effect Real Estate Co vaulted 17.5 pct to 28.2 fils and KMEFIC climbed 11.6 percent to stand next. Metal and Recycling Co slumped 14.9 pct, the steepest decliner of the day and Investors Holding Group topped the volume with 8.3 million shares.
Mirroring the day’s upswing, the winners vastly outled the losers. 64 stocks advanced whereas 37 closed lower. Of the 120 counters active on Sunday, 19 closed flat. 3218 deals worth KD 12.18 million were transacted — a 19.2 pct dip in value from the day before.
National Industries Group took in 2 fils on back of over 5 million shares while Gulf Cable and Heavy Engineering Industries and Shipbuilding Co clipped 1 fil each.
Jazeera Airways fell 2 fils to 658 fils and ALAFCO recovered last session’s losses with a 5 fils rise to 370 fils. Kuwait Food Co ( Americana) was unchanged at KD 1.400 with thin trading and NICBM dialed down 2 fils.
Kuwait Foundry Co dropped 4 fils to 266 and Kuwait Cement Co shed 472 fils. The company registered a reported a 25.3 pct year-on-year decline in profits to KD 2.27 million in the third quarter of 2017. In the nine-month period , profits was down by 19 percent to KD 12.25 m.
Independent Petroleum Group slipped `10 fils to 380 fils and ACICO Industries was up 3 fils at 239 fils. Boubyan Petrochemical Co dialed down 2 fils and Al Qurain Petrochemical Co inched 1 fil into green.
Educational Holding Group abd KCPC stood pat at 308 fils and 150 fils respectively whereas Salbookh added 3.8 fils to end at 50 fils. Kuwait and Gulf Link Transport Co rose 4.7 fils and KGL Logistics eased 1.4 fils to 49.7 fils. Shuaiba Industrial slipped 5 fils to 260 fils
Equipment Holding gave up 2.7 fils and Mezzan Holding Co ticked 1 fil into green. The company posted a 10.5 pct year-on-year drop in profits to KD 2.8 million for the third quarter of 2017, in the first nine months of the year, earnings dipped by 23.1 percent to KD 10.1 million.
In the banking sector, Burgan Bank and Commercial Bank were flat at 309 fils and 400 fils respectively whereas Gulf Bank took in 2 fils before settling at 241 fils.
Ahli United Bank inched 1 fil higher and Kuwait International Bank held ground at 226 fils after trading over 1 million shares. Boubyan Bank was up 4 fils at 421 fils.
KIPCO dipped 13 fils to 281 fils while Coast Investment Co and Al Mal Investment Co trimmed 0.1 fil each. Commercial Facilities Co rose 5 fils to 167 fils and International Financial Advisors closed 0.7 fil higher. Securities House Co eased 0.6 fil to 48.8 fils
Bayan Investment added 2 fils whereas Al Deera Holding and Ektittab Holding were up 0.5 fil each. Osoul stalled at 56.9 fils and Unicap gave up 0.5 fil. Sokouk Holding eased 0.7 fil to 48 fils and Noor Financial Investment Co added 0.9 fil.
United Real Estate Co climbed 6.8 fils to 75 fils while Mazaya Holding and National Real Estate Co dialed up 2 fils each. Kuwait Real Estate Co gave up 1.1 fils and Salhiya Real Estate eased 1 fils to 353 fils. Al Aqaria was down 2 fils at 30 fils.
The bourse trended lower during last week. The main index closed lower in three of the four sessions and shed 43 points week-on-week . It had dived 317 points during whole of November and is trading over 8.11 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, Mezzan Holding Company posted a 10.5 pct year-on-year drop in profits to KD 2.8 million for the third quarter of 2017, in the first nine months of the year, earnings dipped by 23.1 percent to KD 10.1 million. Revenues grew 4.3 pct to KD 49.8 million in Q3 , while in 9M period was almost unchanged at KD 157.6 million
NAPESCO posted a 104.4 percent surge to KD 3.96 million in the third quarter profits of 2017 from the same period last year. The company earned KD 8 mln in the first three quarters – a 39.9 pct rise from KD 5.72 m in the same period last year.
Zain’s third quarter earnings dropped 7 percent to nearly KD 40 million , compared to KD 43 million for the same period last year. Revenues amounted to KD 259 million and EBITDA stood at KD 104 million. In the 9M period, profits slipped by 1.6 pct to KD 122 million.
Aqar Real Estate Investments Co’s earnings was down 6.42 pct year-on-year during the third quarter of 2017 to KD 345,140 .In the January-September period, profits rose 11.5 percent to KD 1.03 million. The operating revenues rose 14.6 pct to KD 1.48 million in nine-month period.
By John Mathews – Arab Times Staff