KUWAIT CITY, Jan 18: Kuwait stocks pulled higher on Wednesday as it continued the winning spree to the tenth session. The price index jumped 50.65 pts in volatile trade to 6,351.77 pts helped by strong buying in mid and small caps even as the banks remained subdued after Tuesday’s rally.
The KSX 15 benchmark slid 8.45 pts to 949.5 points partly reversing previous session’s gains while weighted index inched 1.17 pts higher. The volume turnover meanwhile soared past the 800 million mark to hit a fresh multi-year high. Over 839 million shares changed hands — a 19.7 pct rise from the day before.
The sectors closed mostly in the green territory. Basic materials outshone the rest with 1.78 pct gain whereas consumer goods dipped 1.66 percent, the weakest performer of the day. Volume wise, financial services accounted for the highest market share of 36.22 pct and real estate was the close second with 35.8 percent contribution.
In the individual shares, Kuwait Finance House shed 20 fils after trading 4.8 million shares and Mabanee Co too was down by same measure to wind up at 880 fils. Investment major KIPCO however held ground at 520 fils off slight early highs.
Zain fell 5 fils to 460 fils whereas Wataniya Telecom (Ooredoo) stood pat at KD 1.180. Kuwait Telecommunications Co (VIVA) rose 10 fils to 900 fils and Agility was unchanged at 690 fils after gyrating in a tight range.
Sector bellwether National Bank of Kuwait vacillated narrowly before closing flat at 700 fils and Ahli United Bank gave up 5 fls. The bank has registered a nine-month net profit of KD 39.13 mln and earnings per share of 25.1 fils. The market opened firm and headed north in early trade. The main index retreated sharply to plumb the day’s lowest level of 6,298.79 points amid brief bout of profit taking and rebounded thereafter. It peaked at 6,359.05 pts amid brisk renewed buying before closing with strong gains.
Top gainer of the day, Shuaiba Industrial Co vaulted 9 pct to 300 fils while Sultan Centre climbed 7.5 percent to stand next. Massaleh slid 8.77 percent, the steepest decliner of the day and Abyaar Holding topped the volume with 99.33 million shares.
Reflecting the day’s gains, the winners outnumbered the losers. 68 stocks advanced whereas 44 closed lower. Of the 152 counters active on Wednesday, 40 closed flat. 12,733 deals worth KD 65.2 mln were transacted — a 13.8 pct drop in value from the day before.
National Industries Group fell 2 fils to 142 fils after trading 2.6 million shares and Gulf Cable shed 15 fils. Contracting and Marine Services Co eased 1 fil to 59 fils whereas Heavy Engineering Industries and Shipbuilding Co took in 2 fils.
Jazeera Airways dropped 20 fils to 670 fils erasing Tuesday’s gains and ALAFCO was up 4 fils at 250 fils. Kuwait Portland Cement Co paused at KD 0.980 while Metal and Recylcing Co inched 1 fil into red. Boubyan Petrochemical Co climbed 10 fils to 560 fils.
Kuwait Food Co (Americana) stalled at KD 2.620 and RISCO added 5 fils to wind up at 310 fils. The company has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016.
Humansoft Holding Co soared 60 fils and Qurain Petrochemical Industries Co gained 10 fils. The company has registered a net profit of KD 10,48 mln and earnings per share of 10.08 fils in the January-September period.
NAPESCO rose 10 fils to 860 fils whereas Automated Systems Co was unchanged at 248 fils. Kuwait and Gulf Link Transport Co stagnated at 68 fils and KGL Logistics Co was up 5 fils at 68 fils. Combined Group and Contracting Co paused at 550 fils.
Mezzan Holding dipped 20 fils to 960 fils and Zimah Holding dialed up 2 fils. Nafais Holding gave up 6 fils and KCPS gained 4 fils. OSOS took in 2 fils and Al Rai Media Group stood pat at 136 fils.
In the banking sector, Gulf Bank and Commercial Bank of Kuwait fell 5 fils each whereas Al Ahli Bank was unchanged at 320 fils off early lows. Kuwait International Bank stagnated at 220 fils after trading 3.7 mn shares.
Burgan Bank was flat at 325 fils and Boubyan Bank followed suit to wind up at 410 fils. Warba Bank climbed 10 fils to 900 fils on back of 1.7 million shares.
National Investment Co and Commercial Facilities Co gave up 2 fils each while International Financial Advisors added 2.5 fils. Coast Investment Co eased 1 fil to 52 fils whereas Securities House Co closed flat. Securities Group Co inched 1 fil into red.
KAMCO dropped 4 fils to 90 fils whereas Unicap added 4 fils on back of over 20 million shares. KFIC took in 0.5 fil and Al Mal Investment Co followed suit. Sokouk Holding Co rose 2.5 fils to 49.5 fils.
Bayan Investment Co and KMEFIC dialed up 1 fil each while Ektittab Holding closed 1.5 fils higher. Noor Financial Investment Co climbed 3 fils to 58 fils and Tamdeen Investment Co slipped 5fils.
National Real Estate Co rose 6 fils on back of 11.2 million shares while Salhiya Real Estate and Tamdeen Real Estate Co closed flat. Mazaya Holding Co was down 4 fils at 120 fils.
The market has been upbeat so far during the week and has rallied 244 points in last four sessions. It had jumped 602 points from start of the month after gaining 2.37 pct during whole of 2016. KSE, with 208 listed companies, is the second largest bourse in the region. In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.
Aqar Real Estate Investments Co has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.
Jeeran Holding Co has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.
Kuwait Building Materials Mfg has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year. Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fil in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.
By John Mathews
Arab Times Staff