Kuwait index extends advance to third day – KFH gains 5 fils; KIPCO flat

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KUWAIT CITY, June 8: Kuwait stocks eked modest advance on Wednesday extending the gains to third straight session. The bourse, after a tame start, closed 13.1 points higher helped by some banks and select mid-caps. The sentiment was cautiously positive even as oil prices held above the $ 50 mark.

The KSX 15 benchmark rose 3.39 points to 819.47 pts trimming the month’s losses to 8 points while weighted index edged 1.45 pts higher. The volume turnover meanwhile eased slightly after rebounding in the last session. 77.03 million shares changed hands – a 2.55 pct rise from Tuesday.

The sectors closed mostly in the green turf. Basic materials outshone the rest with 1.05 pct gain whereas consumer goods slipped 0.26 percent, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 38.8 pct while real estate stood next with 30.3 percent contributions.

Among notable movers, Kuwait Finance House rose 5 fils on back of 1.3 million shares to KD 0.470 and Burgan Bank followed suit to end at KD 0.330. Mabanee Co climbed 10 fils to KD 0.800 and Gulf Insurance Group jumped 30 fils with thin trading.

Zain was unchanged at KD 0.345 off early lows whereas Wataniya Telecom (Ooredoo) was not traded during the session. Kuwait Telecommunications Co (VIVA) was up 10 fils at KD 0.940 and logistics major Agility stood pat at KD 0.480.

KIPCO was unchanged at KD 0.510 and Bayan Investment Co followed suit to end at 35 fils. The company has incurred a first quarter net loss of KD 199,725 and loss per share of 0.55 fils.

The market opened on tame note and moved sideways in early trade. The price index slipped briefly into red past the mid-session to plumb the day’s lowest level of 5379.67 points. However it clawed back in the final minutes to close with modest gains.

Top gainer of the day, City Group vaulted 8.62 pct to KD 0.630 and Gulf Finance Co climbed 7.8 percent to stand next. Ekttitab Holding dropped 4.17 percent, the steepest decliner of the day and Coast Investment and Development Co topped the volume with 8.1 million shares.

 Reflecting the day’s gains, the winners outnumbered the losers. 38 stocks advanced whereas 23 closed lower. Of the 111 counters active on Wednesday, 50 closed flat. 1718 deals worth KD 7.57 million were transacted – a 30.3 pct surge in value from the day before.

National Industries Group took in 2 fils to close at 114 fils while Gulf Cable climbed 5 fils to KD 0.405. RISCO was flat at KD 0.300 and Kuwait Portland Cement Co was up 10 fils at KD 1.000. HEISC rose 4 fils to 170 fils and ACICO Industries Co s pulled up from early losses to close flat at KD 0.300.

Jazeera Airways gained 20 fils whereas ALAFCO gave up 6 fils to settle at 200 fils. Kuwait Food Co ( Americana) surrendered early gains to close flat at KD 2.040.

Paused

Boubyan Petrochemical Co paused at KD 0.520 and Kuwait Foundry Company dialed up 2 fils. The company has penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January- March period.

 NICBM was unchanged at 210 fils and QPIC climbed 6fils to 208 fils. Automated Systems Co and Humansoft Holding Co were steady at KD 0.370 and KD 1.360 respectively while Qurain Petrochemical closed 6 fils in green.

PAPCO paused at 106 fils and KGL Logistics Company followed suit. The company has logged a net profit of KD 1.83 million and earnings per share of 3.11 fils in the 3-month period ending March 31, 2016 .

Zima Holding inched 0.5 pts lower whereas Mezzan Holding Co closed flat at KD 1.1060. The company has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

In the banking sector, bellwether National Bank of Kuwait was unchanged at KD 0.620 and Gulf Bank too did not budge from its earlier close of 220 fils. Commercial Bank and Al Ahli Bank of Kuwait stagnated at KD 0.430 and KD 0.330 respectively.

Kuwait International Bank took in 2 fils on back of 3.6 million shares and Boubyan Bank added 5 fils. Warba Bank clipped 2 fils whereas Ahli United Bank was not traded during the session.

National Investment Co and International Financial Advisers were up 1 fils each and Kuwait Financial Centre (Markaz) too paused at 83 fils. Securities House Co stagnated at 41 fils while First Investment Co and Sokouk Holding Co both inched 0.5 fils higher.

Noor Financial Investment Co was flat at 39 fils and Al Mal Investment Co followed suit with a volume of 2.8 million. Al Imitiaz Investment Group Co eased 1 fils.

Kuwait Real Estate Co and National Real Estate Co fell 1 fils each whereas United Real Estate Co stood pat at 91 fils. Mazaya Holding Co dialed up 2 fils while Salhia Real Estate held the ground steady at KD 0.350.

The market has been largely upbeat so far during the week and has gained 28 points in last four sessions. It has added 5 points so far during the month and is down 3.72 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news , Sanam Real Estate Company has announced a net profit of KD 9,856 and earnings per share of 0.08 fils in the first quarter of 2016 rebounding from net loss of KD 111,398 and losses per share of 0.92 fils in the same period last year.

The Energy House Co haa recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016

rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year.

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co. has posted a net profit of KD 629,557 and earnings per share of 7.93 f ils in the first quarter of 2016 as compared to net profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews

Arab Times Staff

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