Kuwait index ends up amid tepid sentiment – Americana sheds 20 fils; Zain flat

This news has been read 4972 times!

KUWAIT CITY, Nov 29: Kuwait stocks edged higher on Tuesday extending the gains to third consecutive day. The price index rose 3.83 points in volatile trade to 5,543.59 pts even as sentiment remained skittish amid retreating oil prices. The banks and other heavyweights were mostly subdued.

The KSX 15 benchmark fell 2.4 pts to 859.6 pts paring the month’s gains to 33 points while weighted index inched 0.2 pts lower. The volume turnover meanwhile fell slightly following the strong rebound in the last session. 81.9 million shares changed hands — a 8.6 pct drop from Monday.

The sectors closed mixed. Telecommunications outled the rest with 2.18 percent gain whereas real estate shed 0.56 pct, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 47.36 pct while real estate stood next with 18.4 percent contribution.

In the individual shares, Kuwait Food Co (Americana) dropped 20 fils to KD 2.620 reversing the gains in the day before. While Humansoft Holding soared 60 fils to KD 2.020. Mezzan Holding was down 40 fils at KD 0.900 and Al Kout Industries gained 30 fils.

Zain was unchanged at 405 fils off early lows whereas Wataniya Telecom (Ooredoo) jumped 60 fils to KD 1.160. Kuwait Telecommunications Co (VIVA) climbed 20 fils whereas logistics major Agility stood pat at 560 fils after trading over 1 million shares.

Sector bellwether National Bank of Kuwait was unchanged at KD 0.630 off slight early highs and Boubyan Bank followed suit. The bank 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 headed south in early trading.

The price index continued to drift lower amid selling in select counters and plumbed the day’s lowest level of 5,523.87 points past the mid-session. It clawed back thereafter and traded choppy before closing with marginal gains.

Top gainers of the day, Mubarrad Transport Co and Ooredoo rallied 5.45 pct each while KMEFIC slid 8.7 percent, the steepest decliner of the day. Al Imtiaz Investment Co topped the volume with over 11 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 30 stocks advanced whereas 43 closed lower. Of the 122 counters active on Wednesday, 49 closed flat. 2,359 deals worth KD 9 million were transacted — a 20.8 pct drop in value from the day before.

National Industries Group paused at 116 fils and Gulf Cable too did not budge from its earlier close of 370 fils. Heavy Engineering Industries and Shipbuilding Co eased 2 fils while Metal Recycling Co gave up 5 fil to close at 63 fils.

Kuwait Foundry Co dialed up 2 fils and Boubyan Petrochemical swung 5 fils into red. Gulf Glass Manufacturing Co shed 10 fils and Equipment Holding Co inched 0.5 fils down. Al Rai Media Group clipped 2 fils to settle at 140 fils.

Kuwait National Cinema Co stalled at KD 0.940 with thin trading 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 as compared to net profit of KD 6.61 million and earnings per share of 6.31 fils in 2015, 9M.

Settling

Jazeera Airways was flat at 800 fils while ALAFCO gave up 8 fils before settling at 214 fils. Yiaco stagnated at 405 fils and UPAC too did not budge from its earlier close of 660 fils. ACICO Industries paused at 172 fils.

EK Holding rose 4 fils and RISCO followed suit. 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 as against a net profit of KD 3.22 m and earnings per share of 32.39 fils in the same period of 2015.

Kuwait and Gulf Link Transport Co added 1 fil on back of 4 million shares and KGL Logistics Co stood pat at 67 fils. Energy Holding Co dialed up 2 fils to wind up at 43 fils. AWJ Holding stalled at 60 fils.

In the banking sector, Kuwait Finance House was flat at 510 fils off early lows and Burgan Bank too did not budge from its earlier close 315 fils. Al Ahli Bank and Kuwait International Bank were not traded during the day.

Ahli United Bank dipped 10 fils to 380 fils and Commercial Bank gave up 5 fils to close at 410 fils. Warba Bank stagnated at 216 fils.

Investment major KIPCO was unchanged at 510 fils and National Investment Co followed suit after trading over 3 million shares. Arzan Finance Co eased 0.5 fils and Kuwait Financial Centre ( Markaz) gave up 2 fils to end at 83 fils.

Al Mal Investment Co and Sokouk Holding Co added 0.5 fil each whereas Al Deera Holding Co closed 0.5 fils in red. Housing Finance Co ( Iskan) paused at 45.5 fils and Ektittab Holding Co followed suit. Noor Financial Investment Co climbed 5 fils to 46 fils.

National Real Estate Co eased 1 fils to 89 fils after trading 4 million shares and Salhiya Real Estate Co gave up 5 fil. Mabanee Co was unchanged at KD 0.830 and Mazaya Holding clipped 2 fils.

The market has been positive so far during the week and has climbed 26 pts in last three sessions. It has gained 141 points from start of the month but is down 1.27 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

 

This news has been read 4972 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights