KUWAIT CITY, Jan 25: Kuwait stocks headed further north on Wednesday as it continued its bull run to 16th consecutive session . The price index climbed 76.74 pts in choppy trade to 6819.09 pts – a 27-month high, in a broad rally led by banks. Other heavyweights however were mostly subdued.
The KSX 15 gauge rose 6.75 pts to 992.61 pts taking the month’s gains to 107 points while weighted index added 3.27 pts. The volume turnover meanwhile receded for the second day after surging past the 1,000 mln mark on Monday. 717 million shares changed hands – 23.5 pct drop from the day before.
The sectors closed mostly in the positive territory. Technology outshone the rest with 2.75 percent gain whereas healthcare shed 0.88 pct, the biggest loser of the day. In terms of volume, real estate clocked the highest market share of 36.2 pct while financial services stood next with 36.22 percent contribution.
Among the prime movers National Bank of Kuwait continued to rally with a 20 fils jump to 740 fils on back of 5.2 million shares and KIPCO followed suit to wind up at 570 fils. Mabanee Co too was up 10 fils at 910 fils extending an identical rise on Tuesday.
Zain was unchanged at 490 fils after trading 3.5 million shares whereas Wataniya Telecom (Ooredoo) shed 20 fils. Kuwait Telecommunications Co (VIVA) gained 20 fils whereas Agility stood pat at 710 fils.
Jazeeera Airways climbed 20 fils to 690 fils and Kuwait Portland Cement jumped 30 fils. Humansoft Holding and Mezzan Holding scaled 20 fils each to wind up at KD 3.000 and KD 1.000 respectively.
The market opened firm and rose briefly in early trade and reversed direction. The main index dipped to day’s lowest level of 6742.06 pts before heading north again as buying picked up across the board. It continued to rise and peaked at 6827.18 points in the final hour before paring back slightly at close.
Top gainer of the day, Aayan Real Estate Co rallied 8.9 pct to 61 fils while Contracting and Marine Services Co stood next with 8.7 pct jump. Metal and Recycling Co dived 6.25 pct, the steepest decliner of the day and Investors Holding Group topped the volume with 71.9 million shares.
Reflecting the day’s gains, the market spread was heavily skewed towards the winners. 86 stock advanced whereas 33 closed lower. Of the 154 counters active on Wednesday, 35 closed flat. 11900 deals worth KD 61.13 million were transacted – an 18.7 pct drop in value from the day before.
National Industries Group was unchanged at 160 fils off early highs with a volume of over 8 million and Kuwait Cement Co too did not budge from its earlier close of 435 fils. Kuwait Cable Vision Co slipped 5 fils and Shuaiba Industrial Co dropped 10 fils to 290 fils.
Kuwait Foundry Co climbed 10 fils to 246 fils while UPAC tumbled 50 fils to 800 fils. Automatic Services Co gave up 8 fils and YIACO Medical shed 15 fils to close at 270 fils, Kuwait Cinema Co stood pat at KD 1.180.
ACICO Industries Co slipped 10 fils and Qurain Petrochemical Industries Co followed suit. 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.
Zimah Holding added 4 fils and RISCO gave up 5 fils. The company has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016.
NICBM dipped 6 fils to 210 fils whereas Combined Group Contracting Co was flat at 300 fils. Kuwait and Gulf Link Transport Co paused at 69 fils and KGL Logistics Co too did not budge from its earlier close of 82 fils.
Al Rai Media Group rose 4 fils to 146 fils and OSOS climbed 10 fils. Equipment Holding Co inched 1 fil higher on back of 3.9 million shares and ALAFCO was up 4 fils at 248 fils.
In the banking sector, Gulf Bank and Commercial Bank gave up 5 fisl each whereas Al Ahli Bank stood pat at 335 fils. Ahli United Bank was up 5 fils at 425 fils and Burgan Bank paused at 345 fils.
Kuwait Finance House dropped 10 fils 610 fils after trading 5.2 million shares and Kuwait International Bank added 4 fils. Boubyan Bank rose 10 fils to 420 fils and Warba Bank continued to stagnate at 244 fils.
National Investment Co and Kuwait Investment Co took in 2 fils each whereas Securities House Co was unchanged at 67 fils. KMEFIC inched 0.5 fils higher while Kuwait Financial Centre ( Markaz) and Osoul added 4 fils each.
KAMCO dipped 5 fils to 84 fils and Sokouk Holding dialed up 2 fils on back of 16.4 million shares. KFIC was flat at 53 fils whereas Noor Financial Investment Co and Al Madina eased 1 fil each.
Unicap and Ektittab Holding stalled at 59 fils and 54 fils respectively while Tamdeen Investment Co was up 5 fils at 270 fils. Al Imtiaz climbed 8 fils to 142 fils.
Kuwait Real Estate Co rose 4 fils with brisk trading and United Real Estate Co followed suit. Salhiya Real Estate Co jumped 25 fils whereas Mazaya Holding was unchanged at 126 fils.
The market has been markedly upbeat so far during the week and has soared 383 pts in the last four sessions. It has rallied 1069 points from start of the month after gaining 2.37 pct during whole of 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 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