Kuwait gains; volume hits multi-month high – Ooredoo rises 20 fils; Mabanee Co drops

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KUWAIT CITY, Dec 7: Kuwait stocks pulled higher on Wednesday to close the holiday-curtailed week on a firm note. The bourse climbed 24.43 points in choppy trade to 5,589.16 pts driven by buying in select counters even as the banks remained mostly muted.

The KSX 15 benchmark eased 2.16 pts to 872.82 points trimming the month’s gains to 18 points while weighted index was little changed at 373.31 pts. Volume turnover meanwhile swelled past 200 million mark to hit a multi-month high. 216 million shares changed hands — a 18.3 percent rise from Tuesday.

The sectors closed mostly in the green turf. Telecommunication out led the rest with 1.19 pct gain whereas insurance and technology slipped 0.43 pct each, the biggest losers of the day. In terms of volume, financials services mustered the highest market share of 47.8 percent while real estate followed with 31.5 pct contribution.

In the individual shares, National Bank of Kuwait dipped 10 fils to 650 fils erasing the gains on Tuesday and Mabanee Co was down by same measure to wind up at 830 fils off early highs. Kuwait Food Co ( Americana) dropped 20 fils to KD 2.600.

Zain climbed 15 fils on back of over 1 million shares to close 420 while Wataniya Telecom (Ooredoo) gained 20 fils. Kuwait Telecommunications Co (VIVA) stood pat at 900 fils and Agility added 10 fils to settle at 580 fils.

Kuwait Finance House slipped 10 fils to 510 fils and Gulf Bank of Kuwait close flat at 234 fils. The bank has recorded a net profit of KD 32.80 million and earnings per share of 11 fils in the January -September period.

The market opened wobbly and pulled higher in early trade. The price index continued to rise amid strong buying in select counters and turned flat almost half way into the session. It revved up in the final minutes before closing with modest gains.

Top gainer of the day, KMEFIC vaulted 12.5 pct to 22.5 fils while AGHC climbed 10 percent to 55 fils. Metal Recycling Co dropped 7.35 pct, the steepest decliner of the day and National Industries Group topped the volume with over 20 million shares.

Mirroring the day’s upswing, the winners outnumbered the losers. 57 stocks advanced whereas 29 closed lower. Of the 133 counters active on Wednesday, 47 closed flat. 4,518 deals worth KD 23 million were transacted — a 33.8 pct surge in value from the day before.

RISCO was unchanged at 325 fils and Gulf Cable too not budge from its earlier close of 375 fils. Heavy Engineering Industries and Shipbuilding Co climbed 6 fils while Contracting and Marine Services Co was up 4 fils at 80 fils.

Kuwait Foundry Co was unchanged at 174 fils and ACICO Industries Co followed suit to wind up at 270 fils. Boubyan Petrochemical Co rose 5 fils and Equipment Holding Co held ground at 43 fils.

Paused

ALAFCO took in 2 fils and Jazeera Airways Co paused at KD 0.770. The company has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016. Combined Group Contracting Co climbed 10 fils and Qurain Petrochemical Industries Co stalled at 228 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 as compared to net profit of KD 6.61 million and earnings per share of 6.31 fils in 2015, 9M.

Educational Holding Group Co and International Petroleum Industries climbed 10 fils each while UPAC gained 20 fils with razor thin trading. Automated Systems Co and IFA Hotels and Resorts stagnated at 244 fils and 154 fils respectively while Al Safat Energy Co inched 0.5 fil into green.

Kuwait and Gulf Link Transport Co gave up 4 fils after trading 1.6 million shares and KGL Logistics Co clipped 2 fils to close at 69 fils. Zimah Holding Co stood pat at 41 fils and Mezzan Holding dropped 10 fils to 970 fils. Al Rai Media Group clipped 2 fils.

In the banking sector, Al Ahli Bank and Ahli United Bank paused at 300 fils and 390 fils respectively whereas Boubyan Bank rose 5 fils to 395 fils. Burgan Bank was unchanged at 300 fils with brisk trading and Kuwait International Bank followed suit. Warba Bank stalled at 218 fils.

Kuwait Investment Co and Osoul Investment Co eased 1 fil each whereas International Financial Advisors was flat at 31 fils. KMEFIC added 2.5 fils and Unicap followed suit to wind up at 44.5 fils. Coast Investment Co inched 0.5 fil into green.

KIPCO was unchanged at 510 fils while National Investment Co and Noor Financial Investment Co took in 1 fil each. Securities House Co gave up 0.5 fil and Bayan Investment Co was down by same measure. Ahleia Insurance Co shed 20 fils.

Sokouk Holding and Aayan Investment Co paused at 35 fils and 20.5 fils respectively whereas Al Mal Investment Co closed 1 fil higher. Ektittab Holding Co edged 0.5 fil into green.

United Real Estate Co and Mazaya Holding Co dialed up2 fils each while Salhiya Real Estate Co was up 5fils at 365 fils. Argan Real Estate Co rose 2 fils and National Real Estate Co climbed 4 fils to 102 fils.

The market has been mixed during the week. It closed higher in two of the four sessions and has gained 20 points week-on-week . It has climbed 35 points from the start of the month but is down 0.46 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 fils 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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