Kuwait index extends rally in volatile trade – NBK gains 10 fils; Jazeera Airways dips

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KUWAIT CITY, Feb 15: Kuwait stocks headed north on Wednesday extending the winning spree to fourth consecutive day. The price index climbed 63.44 pts in volatile trade to 6,814.81 pts led strong buying in banks. Some of the mid and small caps too shone even investors eyed next batch of corporate earnings.

The KSX 15 benchmark jumped 10.99 pts to 974.67 points while weighted index was up 4.8 pts at 428.9 points. The volume turnover meanwhile soared past the 700 million mark to hit a fresh month’s high. Over 736 million shares changed hands — a 20.9 pct surge from Tuesday.

The sectors closed mostly in the positive territory. Banks outpaced the rest with 2.72 pct gain whereas basic materials dipped 1.38 percent, the worst performer of the day. Volume wise, financial services accounted for the highest market share of 34.27 pct while real estate stood close behind with 34.19 percent contribution.

In the individual shares, National Bank of Kuwait gained 10 fils to 740 fils extending an identical rise in the previous session and Kuwait Finance House followed suit to end at 620 fils with a volume of 16.3 million. Kuwait National Cinema Co extended its strong rally with 60 fils jump.

Zain climbed 10 fils to 495 fils on back of over 9 million shares and Kuwait Telecommunications Co (VIVA) stood pat at 870 fils off early lows. Agility paused at 660 fils and Wataniya Telecom (Ooredoo) was not traded during the session.

Gulf Bank rose 12 fils to 260 fils and Commercial Bank of Kuwait closed flat. The bank’s Q4 earnings rose 10.8 pct year-on-year to KD 22.91 m from and during the 2016, profits was up 9.13 pct at KD 50.4 mln.

The market opened firm and ticked up in early trade. The main index slipped briefly into red to plumb the day’s lowest level of 6,747.16 pts and rebounding amid renewed buying. It drifted sideways in the second half before closing with strong gains.

Top gainer of the day, Kuwait Insuarnce Co vaulted 9.26 pts to 295 fils while International Financial Advisors climbed 7.22 pct to stand next. Amar Financing Co slid 8.7 pts, the steepest decliner of the day and Ithmaar Bank topped the volume with over 81 million shares.

Reflecting Wednesday’s upswing, the winners vastly outnumbered the losers. 78 stocks advanced whereas 31 closed lower. Of the 147 counters active on Wednesday, 38 closed flat. 12,223 deals worth KD 71.35 million were transacted – a 18.3 pct jump in value from the day before.

National Industries Group rallied 6 fils on back of 6.4 million shares extending Tuesday’s gains while Gulf Cable climbed 20 fils. Contracting and Marine Services Co added 3 fils while Heavy Engineering Industries and Shipbuilding Co was up 6 fils at 230 fils.

Kuwait Portland Cement Co jumped 40 fils to KD 1.080 and Kuwait Cement Co closed 5 fils higher at 490 fils. Al Qurain Petrochemical Co and Boubyan Petrochemical Co were down 10 fils each and NICBM stalled at 218 fils.

Added

ACICO Industries fell 5 fils to 300 fils while Metal and Recyling Co added 5 fils. Equipment Holding Co inched 1 fils up whereas Automated Systems Co gave up 4 fils. NAPESCO stood pat at 820 fils with razor thin trading.

Jazeera Airways shed 20 fils and ALAFCO was unchanged at 255 fils. Jazeera has incurred KD 1.2 million losses during the fourth quarter of 2016 while for the full year 2016 net profit stood at KD 10.8 million.

Zimah Holding paused at 68 fils and Mezzan Holding gained 20 fils. Kuwait and Gulf Link Transport Co rose 3 fils to 67 fils and KGL Logistics Co inched 1 fils lower. Burgan Well Drilling Co gave up 2 fils and AWJ Holding Co followed suit. Al Rai Media Group was unchanged at 178 fils.

In the banking sector, Kuwait International Bank rallied 8 fils on back of over 5 million shares whereas Burgan Bank and Boubyan Bank stood pat at 320 fils and 410 fils respectively.

Al Ahli Bank climbed 5 fils to 305 fils partly recouping Tuesday’s losses while Ahli United Bank was flat at 440 fisl off slight early lows. Warba Bank gained 15 fils with brisk trading.

Kuwait Investment Co and National Investment Co took in 2 fils each whereas KIPCO dropped 10 fils to 510 fils. International Financial Advisors added 3.5 fils on back of over 15 million shares while Coast Investment Co and Securities House Co dialed up 1 fils each.

KAMCO eased 1 fils to 89 fils whereas Bayan Investment Co and KMEFIC bumped up 1 fils each. Noor Financial Investment Co stagnated at 58 fils and KFIC followed suit. Al Aman added 3 fils to end at 61 fils.

Securities Group Co and Osoul Investment Co stalled at 100 fils and 73 fils respectively while Bayan Investment Co inched 1 fils into green.

National Real Estate Co and Kuwait Real Estate Co dialed up 2 fils each whereas Tamdeen Investment Co shed 15 fils. Salhiya Real Estate Co climbed 10 fils whereas Mazaya Holding gained 6 fils.

The market has been bullish so far during the week and has gained 232 pts in last four sessions. It has slipped 18 points from start of the month but is trading 18.56 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Al Mazaya Holding net profits soared 31.7 pct to KD 2.59 million in last quarter of 2016 while profits rose 10 pct to KD 10.25 million during the fiscal year of 2016. The board has recommended an annual cash dividend of 8% or 8 fls per share.

Gulf Glass Manufacturing Co’s fourth quarter net profit dipped o 64% in KD 14,000 from KD 39,000 in same period last year. During the fiscal year of 2016, profits was down 48 percent to KD 1.21 million from KD 2.34 mln in the previous year.

Al Mowasat Health Care has posted KD 1.8 million profit during the fourth quarter of 2016 and for the fiscal year of 2016, earnings rose 35.3 pct to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20% or 20 fils per share.

Injazzat Real Estate Development has posted a net profit of KD 550,000 in the last quarter of 2016 and during the fiscal year of 2016, the bank earned KD 3.2 million. The board of Injazzat has recommended a cash dividend of 5% or 5 fils per share for FY 2016, with a total value of KD 2.03 million.

Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 pct to KD 888,620 from KD 1.15 million in Q4 of 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.

By John Mathews

Arab Times Staff

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