Kuwait extends rally; volume turnover drops – KFH gains 10 fils; Ooredoo dips

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KUWAIT CITY, Dec 13 : Kuwait stocks swung higher on Tuesday as it extended the winning spree to fifth consecutive session. The price index, after a tame start, climbed 34.63 points to 5,671.62 pts helped by speculative interest in select counters. The banks were muted whereas other heavyweights closed mostly in red.

The KSX 15 gauge rose 4.45 points to 895.53 pts taking the year’s gains to 11 points while weighted index closed 1.65 pts up. The volume turnover meanwhile shrank after hitting a multi-month high on Monday. 201 million shares changed hands — a 18 percent fall from the last session.

The sectors closed mostly in the positive territory. Real estate outshone the rest with 1.27 pct gain whereas parallel market dropped 0.37 percent, the worst performer of the day. In terms of volume, real estate mustered the highest market share of 44.2 percent and financial services stood next with 35.5 pct contribution.

Among the notable movers, Kuwait Finance House rose 10 fils to 540 fils extending an identical gain in the last session and Mabanee Co too followed suit to wind up at KD 0.840. Humansoft Holding vaulted 100 fils to KD 2.260 continuing Monday’s strong rally.

Zain was up 5 fils at 435 fils on back of over 1 million shares and Wataniya Telecom (Ooredoo) shed 20 fils with thin volume. Kuwait Telecommunications Co (VIVA) climbed 10 fils to 920 fils while Agility gave up 10 fils to end at 630 fils.

Sector bellwether National Bank of Kuwait was unchanged at 660 fils after gyrating in a tight range and Ahli United Bank too did not budge from its earlier close of 400 fils. 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 on a dull note and slipped briefly in early trade. It bottomed at 5,628.63 points and moved sideways almost half way into the session before heading north amid buying in select counters. It drifted range bound in the final hour and closed with moderate gains.

Top gainer of the day, Remal rallied 9 percent to 54 fils and Amwal Investment Co climbed 7.5 pct to stand next. Contracting and Marine Services Co slid 7 percent, the steepest decliner of the day and Investors Holding Group topped the volume with 33.9 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the winners. 45 stocks advanced whereas 29 closed lower. Of the 132 counters active on Tuesday, 58 closed flat. 3,818 deals worth KD 14.25 million were transacted — a 44.44 pct drop in value from the day before.

National Industries Group eased 2 fils to 126 fils after trading over 3 million shares and Heavy Engineering Industries and Shipbuilding Co followed suit. Gulf Cable stood pat at 385 fils and Boubyan Petrochemical Co too did not budge from its earlier close of 480 fils.

Kuwait Foundry Co took in 2 fils and Equipment Holding Co was up 2.5 fils at 45 fils. ACICO Industries Co paused at 270 fils whereas Contracting and Marine Services Co gave up 5 fils. Salbookh Trading Co vacillated in a tight range before stagnating at 58 fils.

Slipped

Kuwait National Cinema Co slipped 10 fils and Qurain Petrochemical Industries Co closed flat at 228 fils. ALAFCO eased 2 fils to 220 fils and Gulf Glass Manufacturing Co dropped 10 fils.

Nafais Holding Co fell 6 fils to 206 fils and KCPC was down 4 fils at 168 fils. Automated Systems Co dialed up 2 fils while Energy House Co and Jeeran Holding Co took in 2 fils each. IFA Hotels and Resorts stalled at 152 fils.

Kuwait Gulf Link Transport Co eased 1 fil to 53 fils and KGL Logistics added 2 fils before settling at 72 fils. OSOS Holding Co and AWJ Holding were unchanged at 130 fils and 66 fils respectively whereas Al Rai Media Group dialed up 2 fils.

In the banking sector, Gulf Bank and Commercial Bank were unchanged at 236 fils and 415 fils respectively and Kuwait International Bank followed suit to wind up at 206 fils. Al Ahli Bank was not traded during the session.

Burgan Bank seesawed in a narrow range before closing flat at 300 fils with a volume of 2.5 million and Boubyan Bank too did not budge from its earlier close of 400 fils. Warba Bank held ground at 218 fils.

Investment major KIPCO was unchanged at 510 fils and Kuwait Investment followed suit to end at 81 fils. National Investment Co inched 1 fil up to 99 fils whereas Securities House Co and Bayan Investment Co added 0.5 fil each.

KAMCO rose 4 fils and Sokouk Holding Co closed 2.5 fils in green. Unicap added 1 fil on back of over 1 million shares while Noor Financial Investment Co paused at 47 fils. Al Deera Holding Co stalled at 32 fils.

Aayan Finance and Investment Co dialed up 0.5 fil with a volume of 3.2 million shares and Tamdeen Investment Co gave up 5 fils. Kuwait Insurance Co climbed 6 fils to 246 fils.

National Real Estate Co dialed up 2 fils on back of 3.5 million shares and Salhiya Real Estate Co was down 5 fils at 360 fils. Mazaya Holding Co was up 2 fils at 114 fils and Argan gained 8 fils.

The market has been buoyant so far during the week and has gained 81 points in last three sessions. It has rallied 116 points from the start of the month and is up 1 pct year-to-date. 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

 

 

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