Kuwait gains 36.58 pts amid surge in volume – Americana rallies 100 fils; NBK flat

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KUWAIT CITY, March 6: Kuwait stocks swung higher on Sunday after posting strong gains in the previous week. The bourse climbed 36.58 points to 5,280.58 pts helped by broad buying even banks closed narrowly mixed.

The KSX 15 gauge inched 1.66 pts higher to 856.29 points taking the month’s gains to 30 points while weighted index nudged 1.39 points up. The volume turnover meanwhile surged past the 200 million mark to hit a fresh one-month high. 288.24 million shares changed hands — a 67.8 pct jump from Thursday.

The sectors closed mostly in the green. Consumer goods outshone the rest with 1.84 pct gain whereas technology slumped 2.31 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 41 pct while real estate and banks followed with 27.3 pct and 14.7 percent contributions.

Among the day’s prime movers, Kuwait Food Co (Americana) rallied 100 fils to KD 2.300 rebounding from steep losses in the last session and taking the month’s gains to 540 fils while Kout Food Group climbed 50 fils. Mezzan Holding Co gained 40 fils.

Zain rose 5 fils to KD 0.380 on back of 5.3 million shares while Wataniya Telecom (Ooredoo) climbed 20 fils to KD 1.220 and has added 80 fils so far during the month. Agility was up 5 fils at KD 0.460 and Kuwait Telecommunications Co (VIVA) was down 10 fils at KD 0.970.

KIPCO rose 10 fils to KD 0.560 and National Investment Co took in 2 fils with a volume of 2.8 million. NIC has incurred a net loss of KD 5.57 million and losses per share of 7 fils in the year 2015 as against net profit of KD 6.67 mln and earnings per share 8 fils in the same period last year.

The market opened firm and edged higher in early trade. The main index moved sideways thereafter as investors toed caution and headed higher to peak at 5283.3 points in the final minutes before closing with moderate gains.

Top gainer of the day, Kuwait Cable Vision Co vaulted 10.8 percent to 25.5 fils and Kout Food Group climbed 9 pct to stand next. Burgan Well Drilling Co slid 8 percent, the steepest decliner of the day and Ithmaar Bank topped the volume with 33.12 million shares.

Mirroring the day’s upswing, the winners vastly outnumbered the losers. 74 stocks gained whereas 34 closed lower. Of the 140 counters active on Sunday, 32 closed flat. 5573 deals worth KD 19.8 million were transacted — over 66 pct surge in value from the last session.

National Industries Group took in 2 fils after trading over 1 million shares Gulf Cable added 5 fils to settle at 350 fils. Kuwait Cement Co was unchanged at KD 0.365 whereas RISCO gave up 5 fils to settle at KD 0.320. ACICO Industries Co rose 5 fils to KD 0.290.

Shed

Equipment Holding Co was up 3 fils at 54 fils whereas Kuwait Foundry Company shed 10 fils. The company has posted a net loss of KD 2.94 million and loss per share of 19.17 fils in the year ending December 31, 2015 after logging a net profit of KD 2.42 mln and earnings per share of 15.76 fils in the year before. The Board of Directors has recommended 10 percent cash dividends.

Jazeera Airways climbed 10 fils to KD 0.840 whereas ALAFCO dropped 6 fils. Kuwait and Gulf Link Transport Co inched 0.5 fils higher and KGL Logistics Co closed 1 fils in green. Nafais Holding Co and IFA Hotels and Reorts Co gained 10 fils each whereas United Projects Group dropped 10 fils.

Mashaer Holding Co was unchanged at 100 fils and Zima Holding gave up 5 fils to end at 84 fils after trading 1.9 million shares. Yiaco Medical Co slipped 10 fils to KD 0.840 and Independent Petroleum Group slipped 5 fils to KD 0.380 after trading 5.3 million shares.

In the banking sector, National Bank of Kuwait was flat at KD 0.740 after trading 2.3 million shares and Gulf Bank added 2 fils to settle at 214 fils. Al Ahli Bank of Kuwait and Burgan Bank both slipped 5 fils to close at KD 0.345 each whereas Commercial Bank of Kuwait was not traded during the session.

Kuwait Finance House dropped 10 fils to KD 0.500 after trading 3 million shares and Boubyan Bank stood pat at KD 0.400. Kuwait International Bank took in 2 fils and Warba Bank followed suit to end at 178 fils with a volume of over 2 million.

Kuwait Investment Co slipped 3 fils to 92 fils while First Investment and Bayan Investment added 2 fils each. Osoul Investment inched 0.5 fils higher to 35 fils and Noor Financial Investment Co followed suit.

Securities Group Co and Kuwait Financial Centre closed flat and KFIC inched 0.5 fils into red. Warba Insurance Co nudged 2 fils into red and KMEFIC was down by same measure. Salhia Real Estate gained 10 fils and Al Mazaya Holding rose 8 fils to 114fils.

The market was mixed during last week. The main index closed higher in three of the five sessions and climbed 70 points week-on-week. It had rallied 73 pts so far during the month but is trading 5.96 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Credit Rating and Collection Co. has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

 INOVEST has incurred a net loss of KD 14.37 million and loss per share of 50.48 fils in 2015 as compared to net loss of KD 1.149 million and loss per share of 4.03 fils in the year before.

Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year . The BOD has recommended 5 pct cash dividends.

Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5,14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.

Aqar Real Estate Investments Co. has registered a net profit of KD 2.49 million and earnings per share of 11.07 fils during 2015 as against net profit of KD 2.24 million and earnings per share of 9.81 fils in the year before. Board of Directors recommended 6% cash dividends.

By John Mathews – Arab Times Staff

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