KUWAIT CITY, Oct 25: Kuwait stocks headed north on Sunday after clocking modest gains in the previous week. The bourse climbed 27.19 points in a largely flat trading to 5,807.95 pts led by some of the mid and small caps. Banking majors too shone on renewed buying.
The KSX 15 benchmark jumped 6.95 pts to 936 points and is down 125 points from start of the year while weighted index edged 1.97 points up. The volume turnover meanwhile rebounded after a pullback in the last session. 146.52 million shares changed hands – an 18.11 pct increase from Thursday.
The sectors closed mostly in the positive turf. Financial services outshone the rest with over 1 pct gain whereas oil and gas dropped 1.2 percent, the steepest decliner of the day. In terms of volume, real estate mustered the highest market share of 28.53 percent while financial services and industrials followed with 22.6 percent and 19.9 pct contributions respectively.
Among the notable advancers, National Bank of Kuwait rose 10 fils on back of 1.17 million shares to KD 0.830 and Kuwait Finance House too was up by same measure to close at KD 0.570. National Investment Co climbed 4 fils and Tamdeen Investment Co soared 25 flls to KD 0.325.
Bourse heavyweight Zain gained 5 fils trimming the month’s losses to 10 fils while Wataniya Telecom (Ooredoo) tumbled 40 fils to KD 1.020. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.870 off early lows and logistics major Agility was up 10 fils at KD 0.570.
Gulf Bank held steady at KD 0.270 and Boubyan Bank pulled 5 fils lower. The bank has posted a net profit of KD 25.15 million and earning per share of 12.20 fils in the nine-month period ending September 30,2015 as compared to a profit of KD 20.26 million and EPS of 9.83 fils in the same period in 2014.
The market opened firm and nudged higher in early trade. The main gauge slipped briefly before pulling up and moved sideways thereafter as investors toed caution. However, it revved up in the final minutes and closed with modest gains.
Top gainer of the day, Real Estate Trade Centers Co (Marakez) jumped 8.93 pct to 30.5 fils while Hits Telecom rallied 8.62 percent to stand close behind. Independent Petroleum Group dived 11.11 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 15 million shares.
Mirroring the day’s gain, the market spread was skewed towards the losers. 61 stocks advanced while 34 closed lower. Of the 138 counters active on Sunday, 43 closed flat. 3451 deals worth KD 12.18 million were transacted – a 12.18 pct increase in value from the day before.
National Industries Group was flat at KD 0.146 while Kuwait Cement Co and RISCO gave up 5 fils each. The company has won the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months.
Jazeera Airways gave up 5 fils to close at KD 0.485 and ALAFCO ended 4 fils higher at KD 0.222. The company has clocked a net profit of KD 13.4 million for the nine-month period ending June 30, 2015. The earnings per share came in at 16.3 fils and company’s total revenues reached KD 47.7 million.
Combined Group Contracting Co was steady at KD 0.780 off steep early lows whereas Burgan Well Drilling Co slipped 4 fils. Humansoft Holding paused at KD 1.000 and Equipment Holding Co ticked 1 fils higher. Kuwait and Gulf Link Transport Co eased 0.5 fils and KGL Logistics Co dialed up 1 fils.
Gulf Cable added 5 fils while Heavy Engineering Industries and Shipbuilding Co rose 8 fils to KD 0.140. Kuwait Foundry Co was flat at KD 0.248 whereas Shuaiba Industrial Co pulled 15 fils lower to KD 0.375. Boubyan Petrochemicals Co added 10 fils.
Gulf Glass Manufacturing Co plunged 50 fils and City Group Company closed flat. The company has posted a net profit of KD 3.56 million and earnings per share of 31.51 fils in the January-June period of 2015 as against net profit of KD 2.85 million and earnings per share of 25.29 fils in the same period last year.
Independent Petroleum Group dived 35 fils and Kuwait National Cinema Co was unchanged at KD 0.950. Zima Holding Co dialed up 3 fils. Mezzan Holding Co stagnated at KD 1.080.
In the banking sector, Al Ahli Bank was flat at KD 0.370 and Kuwait International Bank clipped 2 fils. Commercial Bank of Kuwait was not traded during the session. The bank has clocked a net profit of KD 25.40 million and earnings per share of 18 fils in the nine-month period ending Sept 30, 2015.
Burgan Bank held the ground unchanged at KD 0.395 and Ahli United Bank followed suit to end at KD 0.395. Ithmaar Bank inched 1 fils down and Warba Bank closed flat.
Investment major KIPCO paused at KD 0.580 and Securities Group Co too stagnated at KD 0.112. Bayan Investment Co and Kuwait Financial Centre were steady at 41 fils and 106 fils respectively
The bourse was largely upbeat during last week. The main index closed higher in three of the five sessions and gained 50 points week-on-week. It has climbed 80 points from start of the month and is trading 11.14 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Independent Petroleum Group Co has posted a net profit of KD 1.599 million in the nine-month period ended Sept 30, 2015 while earnings per share came in at 11.05 fils. This compares with net profit of KD 3.627 million and earnings per share of last 25.08 fils in the same period last year.
Kuwait Real Estate Company has registered a net profit of KD 2.39 million and earnings per share of 2.64 fils in the first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year.
Gulf Cement Company has posted a net profit of KD 2.45 million and earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.
Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.
Aayan Leasing and Investment Company has clocked a net profit of KD 5.42 million and earnings per share of 6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014.
By John Mathews
Arab Times Staff