Kuwait extends gains; volume little changed – Humansoft Holding vaults 200 fils; Ooredoo flat

Kuwait City, Nov 9 : Kuwait stocks swung higher on Thursday  to wind up the week on  a bright note.  The  price index, after a sluggish start, soared 78.4 pts to  6258.47 points  amid value buying  in  select  counters  following steep reverses earlier in the week

The KSX 15 benchmark jumped  22.52 pts  to 910.13 points while  weighted index climbed  7.26 points to 387.67 pts. The volume turnover meanwhile  was little  changed following last session’s dip. 98.47 million shares changed hands – a 1.21 pct downtick from the day before

The sectors closed mostly in green. Insurance  outpaced the rest with 2.8 pct gain whereas  oil and gas eased 0.21 percent, the worst performer of  the day. In terms of volume,  financial services  mustered the highest market  share of  34 pct and real estate trailed with 25.4 percent contribution.

Among  prominent gainers, National Bank of Kuwait extended  Wednesday’s rebound with a 11 fils  rise  to 727 fils and Kuwait Finance House rallied 22 fils  on back of over 9 million shares. Mabanee Co  scaled 70 fils and Humansoft Holding  vaulted 200 fils to  KD 3.700.

Zain  was up a  robust 18 fils with a  volume of over 7 million  whereas Ooredoo  stood pat at  KD 1.150. Kuwait Telecommunication Co  paused at  760 fils  after vacillating earlier in the session while  Agility  added 5 fils on back of 2.6 million shares.

Gulf Bank took in 2  fils and Warba Bank’ added 3 fils. The bank’s third quarter  earnings soared 428.4 pct year-on-year to KD 2.23 million.  During the first nine months,  the profits jumped  442 percent  to KD 4.75 million.

The  market  opened  on a  tame note and slipped into  red in early  trade. The main index  plumbed  the day’s lowest level of  6121 pts past the mid-session and headed north thereafter. It continued to rise amid fresh buying in select counters and closed  with  impressive gains.

Top gainer of the day, KMEFIC  spiked 20 pct to 24 fils and Gulf Insurance Co  climbed 19 pct  to stand close  behind. Mashaer slid 20 percent, the steepest decliner of the day and Kuwait Finance House topped the volume with over 9 million shares.

Mirroring the day’s  upswing, the winners outnumbered the losers by  almost two to one. 68 stocks advanced whereas 36 closed lower. Of the 126 counters active on Thursday, 22 closed flat. 4238 deals worth KD  18.7 million were  transacted – a down 11.4 pct in value from the day before.

National  Industries Group  and Kuwait Cement Co were unchanged at  140 fils and 456 fils respectively whereas Gulf  Cable  climbed 18 fils to  430 fils.  Heavy Engineering and Shipbuilding Co  was up  6 fils at 193 fls.

Jazeera Airways  fell 2 fils to 642 fils  partly paring last session’s gains while ALAFCO  held  ground at  355 fils.  Boubyan Petrochemical Co  gained 8 fils and  Al Qurain Petrochemical  Co  scaled 15 fils to wind up at  330 fils.

Shed

Kuwait Foundry Co  shed 20 fils  while Metal and Recycling Co and  NICBM  were up 5 fils each at  76 fils and  185 fils.  ACICO  rose  5 fils to  245 fils and  Equipment Holding Co  stood pat at  35.5 fils.  Kuwait  Hotels dialed  down 5 fils to  end at  175 fils.

NAPESCO  fell 4 fils to  785 fils and  Kuwait Portland Cement  was unchanged  at  920 fils. Kuwait  and Gulf  Link Transport Co  clipped 2 fils and KGL Logistics Co dialed up 2.8 fils.

Mezzan Holding climbed 10 fils and  Alrai Media Group closed flat. The company has  incurred loss of KD 143,000  in the  third quarter  of 2017.  During the first nine months , the  profits dipped 49%  to KD 1.5 million.

Al Ahli Bank  slipped 7 fils to 305 fils  whereas  Al Mutahed and Commercial Bank were unchanged at  370 fils and  400 fils respectively.  Burgan Bank dialed up 2 fils  to end at  315 fils.

Boubyan Bank  rose 6 fils to 424 fils  extending last session’s  gains while Kuwait International Bank and Warba Bank were  up  3  fils at 220 fils and 214 fils respectively.

KIPCO  dropped  15fils  after eking  feeble rebound  in the day before  while National Investment Co dialed up 2 fils. International Financial Advisors  took in 1.5 fils and  Coast Investment Co closed 2.5 fils in green.

Bayan Investment and Amwal Investment ticked up 0.5 fil each whereas  Osoul Investment gave  up 2 fils, KFIC  inched 0.8 fil higher  and  Unicap dialed up  1.5 fils.

Sokouk Holding  rose 1.8 fils and  Ekttitab Holding  closed 1.7 fils higher.  Kuwait Investment Co  climbed 6 fils to  112 fils and Seurities House edged 0.9 fil into green

Noor Financial Investment Co ticked 0.7 fils up  and  KAMCO  shed 10.5 fils. The company has  recorded  Q3 profit of KD 621,320, a  273.3 pct surge  from KD 166,430 . For the first nine months of  the  year,  earnings rose  11.93 percent to  KD 996,680.

National Real Estate Co rose 2 fils to  110 fils and Salhiya Real Estate  added 5 fils. AREEC  was up 4 fils at  167 fils and Mazaya Holding  closed 3 fils in green.

The bourse has been mixed during the week. The main index closed  lower in two of the five sessions and  has  dived 210  points week-on-week. It  has  tumbled  255  points  from start of the month  and is  trading over  8.88 pct higher  year-to-date. KSE, with 188  listed companies, is the second largest bourse in the  region.

In the  bourse related news,  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.

Aayan Real Estate’s third quarter profits slid 79.9 percent to KD 124,510 compared to KD 620,740  in same period  last year.  In the first nine months of 2017,  was  up 0.2 pct to  KD 1.019 million.

Gulf Bank of Kuwait’s  total shareholders’ equity stood at KD 591.2 million by the end of September 2017. The  net revenue from interest totaled KD 97.2 mln  in January – September  period  while  operating profits stood at KD 89.7 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.

Credit Rating and Collection Co’s  (Tahssilat) losses widened to KD 269,840 in the third quarter of 2017 from  KD 61,020  in the same period  last year. During the nine-month period,  it logged a  profit  of  KD 830,200  against a loss of  KD 291,200 in the same period in 2016.

By John Mathews – Arab Times Staff

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