Kuwait index breaches 6,000 pts; volume soars – KFH climbs 10 fils; Zain slips

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KUWAIT CITY, Jan 10: Kuwait stocks soared further on Monday to breach the 6000 points benchmark as it extended the rally to fifth straight session. The price index, after a wobbly start, jumped 62.52 points in a broad rally to 6,014.36 point — a 14-month high. The banks were mostly muted whereas other blue chips closed mixed.

The KSX 15 gauge eased 1.79 pts to 9,013.73 pts while weighted index inched 0.28 pts higher to 388.71 points. The volume turnover meanwhile surged past the 600 million mark to hit a fresh multi-year high. 601.4 million shares changed hands — a 17 percent rise from Monday.

The sectors closed mostly in the positive territory. Technology outshone the rest with a whopping 6 pct gain whereas healthcare shed 1.48 percent, the weakest performer of the day. In terms of volume, financial services mustered the highest market share of 42.3 pct while real estate followed with 37.59 percent contribution.

Among the prime movers, Kuwait Finance House rose 10 fils to 560 fils on back of 8.5 million shares whereas KIPCO was down 10 fils at 500 fils. National Bank of Kuwait dipped 10 fils to 670 fils after trading over 2 million shares.

Zain fell 5 fils to 420 fils with a volume of over 2 million and Wataniya Telecom (Ooredoo) shed 20 fils. Kuwait Telecommunications Co (VIVA) was unchanged at 890 fils and logistics major Agility gained 20 fils.

Burgan Bank fell 5 fils to 300 fils and Boubyan Bank too did not budge from its earlier close of 400 fils. The bank has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending Sept 30, 2016.

The market opened firm but slipped into red in early trading amid brief bout of profit taking. The main index plumbed the day’s lowest level of 5,940.7 pts and rebounded thereafter amid brisk buying across the sectors. It peaked at 6,014.73 points in the final minutes and managed to hold on to the gains till close.

Top gainer of the day, Al Mal Investment Co vaulted 12.2 pct to 23 fils while Taamer jumped 10.4 percent to stand next. Contracting and Marine Services Co slid 7.94 pct, the steepest decliner of the day and Abyaar topped the volume with over 89.9 million shares.

Mirroring the day’s upswing, the market spread was heavily skewed towards the winners. 82 stocks advanced whereas 29 closed lower. Of the 146 counters active on Tuesday, 35 closed flat. 9,885 deals worth KD 48.23 million were transacted — a 11.9 pct increase in value from the day before.

National Industries Group rose 4 fils to 134 fils on back of 10.6 million shares while Kuwait Cement Co climbed 10 fils to 420 fils. Gulf Cable was unchanged at 415 fils and Boubyan Petrochemical Co gained 10 fils.

Kuwait Food Co (Americana) was flat at KD 2.600 and Humansoft Holding Co followed suit after the long winning spree. Jazeera Airways dropped 10 fils to 700 fils and ALAFCO clipped 2 fils with thin trading.

Kuwait Foundry Co rose 4 fils to 198 fils while ACICO Industries gained 10 fils. Hilal Cement Co took in 2 fils and NICBM was up 4 fils at 214 fils.

Combined Group Contracting Co rose 10 fils to 560 fils and Qurain Petrochemical Industries Co dialed up 2 fils. Kuwait and Gulf Link Transport Co was flat at 65 fils and KGL Logistics Co followed suit.

Automated Systms Co climbed 6 fils to 248 fils and KCPC followed suit to settle at 174 fils. Equipment Holding Co eased 1 fil whereas OSOS and UPAC gained 10 fils each.

NAPESCO was flat at KD 0.820 and Yiaco Medical Co dipped 25 fils. The company has logged a nine-month net loss of KD 2.40 million and loss per share of 13.24 fils as compared to net profit of KD 751,920 and EPS of 4.13 fils in 9M of 2015.

Mezzan Holding Co dropped 10 fils to KD 0.940 while Zimah Holding inched 0.5 fil higher. AWJ Holding clipped 2 fils before settling at 77 fils and Kuwait Cement Co was up 10 fils at KD 0.920.

Gulf Bank and Al Ahli Bank were unchanged at 238 fils and 300 fils whereas Kuwait International Bank took in 2 fils to close at 208 fils. Warba Bank paused at 220 fils and Commercial Bank was not traded during the session.

Kuwait Investment Co and National Investment Co dialed up 2 fils each while International Financial Advisors added 2.5 fils on back of over 10 million shares, Commercial Facilities Co gained 6 fils.

KAMCO and Gulf Investment House were flat at 95 fils and 36.5 fils respectively whereas Bayan Investment Co closed 2.5 fils in green. KMEFIC and KFIC rose 1.5 fils each whereas Kuwait Financial Centre (Markaz) gave up 2 fils.

Securities House Co rose 2 fils with a volume of over 19 million whereas Unicap and Al Salam eased 1 fil each. Noor Financial Investment Co inched 1 fil up and Ektittab Holding followed suit.

National Real Estate Co added 2 fils on back of 7.4 million shares whereas Tamdeen Real Estate Co and Mazaya Holding Co stood pat at 445 fils and 114 fils respectively. Salhiya Real Estate Co was up 5 fils at 360 fils.

The market has been buoyant so far during the week and has soared 185 points in last three sessions. It had gained 193 points during whole of December and rose 2.37 pct in 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 ninemonths 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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