KUWAIT CITY, March 15: Kuwait stocks nudged higher on Sunday after falling sharply in the last session. The main index rose 3.6 points in choppy trade to 5,243.79 points with a mixed board even as oil prices extended its losses.
The KSX 15 gauge climbed 6.4 pts to 851 points taking the month’s gains to 24 points while weighted index rose 1.9 pts. The volume turnover meanwhile shrank after ticking up in the last session. 118.96 million shares changed hands — a 30.23 pct dip from the day before.
The sectors closed mixed. Healthcare outshone the rest with 1.03 pct gain while technology slipped 0.74 percent, he biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 43.9 percent while real estate and oil and gas trailed far behind with 18.6 percent and 11.7 pct contributions respectively.
In the individual shares, sector bellwether National Bank of Kuwait dropped 10 fils to KD 0.730 after trading over 3 million shares and KIPCO was down by same measure to wind up at KD 0.530. Kuwait Food Co (Americana) slid 100 fils to KD 2.360 extending the losses from the day before.
Zain was unchanged at KD 0.375 off early lows and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.200. Kuwait Telecommunications Co ( VIVA) gave up early gains to end unchanged at KD 1.000 and logistics major Agility followed suit.
Mabanee Co stood pat at KD 0.860 and National Investments Company too paused at 86 fils. The company has incurred a net loss of KD 5.57 million and losses per share of 7 fils in 2015 as against net profit of KD 6.67 mln and earnings per share of 8 fils last year.
The market opened flat and inched higher in early trade. The price index retreated thereafter and slipped into red to trough at 5,223.25 points past the mid-session as sentiment turned negative. However it pulled up in the final minutes before closing in the green turf.
Top gainer of the day, Kuwait Medical Services Co vaulted 8.77 pct to 31 fils and Al Deera Holding climbed 8.33 pct to stand close behind. Contracting and Marine Services Co slid 8.7 percent, the steepest decliner of the day and Safat Energy Co topped the volume with 11.3 million shares.
Reflecting the day’s uptick, the winners outnumbered the losers. 47 stocks advanced whereas 36 closed lower. Of the 132 counters active on Tuesday, 49 closed flat. 2,827 deals worth KD 12.54 million were transacted — a 11.23 pct drop in value from the day before.
National Industries Group was flat at 114 fils and Gulf Cable slid 25 fils to KD 0.305. Kuwait Portland Cement Co shed 20 fils and Shuaiba Industrial Co held steady at KD 0.420. Kuwait Foundry Co gave up 4 fils to settle at 200 fils.
Jazeera Airways dropped 10 fils to KD 0.880 partly erasing the gains on Monday and ALAFCO clipped 2 fils to settle at 190 fils. Humansoft Holding Co climbed 20 fils to KD 0.770 whereas City Group swung 25 fils into red.
Equipment Holding was unchanged at 52 fils and United Projects Group closed 10 fils lower. The company has posted a net profit of KD 6.75 million and earnings per share of 86 fils in the year ending Dec 31, 2015 up from net profit of KD 5.65 million and earnings per share of 72.08 fils in the year before. The BOD has proposed 86 pct cash dividends
Kuwait National Cinema Co paused at KD 1.000 and Independent Petroleum Group followed suit to end at 300 fils. Kuwait and Gulf Link Transport Co inched 0.5 fils up and KGL Logistics Co stagnated at 66 fils off early lows.
City Group shed 25 fils and Palms Agro Production Co added 4 fils. The company has logged a net profit of KD 892,487 and earnings per share of 17.06 fils in the last year, surging from net profit of KD 467,113 and earnings per share of 8.93 fils in the previous year. The Board of Directors has recommended 10% cash dividends.
Ikarus Petroleum Industries Co rose 5 fils to 82 fils and Qurain Petroleum Industries inched 2 fils higher. Yiaco Medical CO climbed 8 fils and Zima Holding Co gave up 5 fils to end at 61 fils. Mezzan Holding Co stagnated at KD 1.060 after vacillating in a tight range.
In the banking sector, Gulf Bank was flat at KD 0.212 and Al Ahli Bank too did not budge from its earlier close of KD 0.355. Commercial Bank of Kuwait dropped 10 fils to KD 0.500 and Ahli United Bank closed 5 fils in red.
Kuwait Finance House stood pat at KD 0.495 with a volume of 3.4 million and Kuwait International Bank followed suit. Burgan Bank eased 5 fils to KD 0.335 and Boubyan Bank added 10 fils. Warba Bank clipped 2 fils to close at 172 fils.
Securities House Co added 2.5 fils and Securities Group was flat at 82 fils. Noor Financial Investment Co took in 2 fils whereas Sokouk Holding and KMEFIC stood pat. Kuwait Insurance Co shed 10 fils.
The market has been mixed so far during the week and has rallied 47 points in last three sessions . It has gained 35 pts so far during the month and is trading 6.61 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