Kuwait index kicks off month on positive note – Americana gains 20 fils; KFH flat

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KUWAIT CITY, June 1: Kuwait stocks extended the winning streak on Thursday as it kicked off the month on a firm note. The bourse climbed 27.82 points in volatile trade to 6,813.19 pts amid buying in select counters even as the sentiment remained fickle.

The KSX 15 benchmark rose 2.85 points to 918.67 pts and has gained 33 points year-to-date while weighted index edged 1.66 pts higher. The volume turnover meanwhile slipped following Wednesday’s rebound. Over 75 million shares changed hands — a 7.37 pct drop from the day before

The sectors closed mostly in the green. Healthcare outshone the rest with a whopping 9.8 pct jump whereas industrials slipped 1.33 percent, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 37 pct and real estate followed with 20.77 percent contribution.

Among the notable performers, National Bank of Kuwait rose 5 fils to 685 fils on back of 1.72 million shares and National Real Estate Co was up 4 fils with a volume of 11.8 million. Kuwait Food Co (Americana) gained 20 fils to close at KD 2.690.

Zain eased 1 fil to 425 fils and Kuwait Telecommunications Co (VIVA) climbed 10 fils to 845 fils. Agility rallied 23 fils to 748 fils on back of 2.8 million shares and Ooredoo was not traded during the session.

Kuwait Finance House was flat at 488 fils after trading 2.5 million shares and Burgan Bank gave up 4 fils. The bank has registered a 24.6 pct year-on-year increase in its profits to KD 17.81 for the first quarter of 2017.

The market opened firm and rose sharply in early trade. The main index dipped briefly and spiked again to scale the day’s highest level of 6,844.25 pts. It retreated thereafter and slipped below the red past the mid-session to bottom at 6,772.56 pts before clawing back to close with modest gains.

Top gainer of the day, Mowasat Hospital Co vaulted 20 pct to 378 fils while Gulf Finance Co jumped 18.18 percent to stand next. Manazel slumped 11.53 pct, the steepest decliner of the day and the counter also saw the highest volume of 11.8 million shares.

Reflecting the day’s gains, the winners outled the losers. 53 stocks advanced whereas 24 stocks closed lower. Of the 114 counters active on Thursday, 24 closed flat. 2632 deals worth KD 11.55 million were transacted — a 30.4 pct dip in value from the day before.

National Industries Group was flat at 111 fil with a volume of 1.9 million and Gulf Cable too did not budge from its earlier close of 428 fils. Heavy Engineering Industries and Shipbuilding Co paused at 217 fils while Contracting and Marine took in 2 fils.

Kuwait Foundry Co fell 5 fils to 290 fils and Humansoft Holding tumbled 180 fils to KD 4.000. Shuaiba Paper Industries Co was unchanged at 305 fils while Metal and Recycling Co gained 14 fils.

NAPESCO dipped 35 fils and Kuwait National Cinema Co soared 190 fils to KD 1.390. The company has registered a 26.17 pct jump in profits to KD 3.23 million during the first quarter of 2017. Mezzan Holding dropped 10 fils to 970 fils and Zimah Holding rose 4.4 pts.

Slid

Jazeera Airways slid 22 fils to 452 fils and Equipment Holding dialed up 2 fils. Kuwait and Gulf Link Transport Co stagnated at 67 fils and Eyas jumped 129 fils to 850 fils.

Kuwait Cement Co rose 5 fils to 450 fils while Kuwait Portland Cement stood pat at 960 fils. Boubyan Petrochemical Co climbed 4 fils and Al Qurain Petrochemical Co stood ground at 336 fils.

Combined Group Contracting Co was flat at 595 fils and Educational Holding Group climbed 15 fils to 350 fils. OSOS gained 10 fils whereas NICBM was down 24 fils at 202 fils.

UPAC dipped 25 fils to 850 fils whereas AWJ Holding added 4 fils before closing at 75.5 pts. Al Rai Media Group clipped 2 fils and Jeeran

Holding dialed up 2.7 fils.

In the banking sector, Gulf Bank and Ahli United Bank dialed up 1 fil each to end at 239 fils and 440 fils respectively while Kuwait International Bank inched 1 fil into red.

Boubyan Bank fell 5 fils to 415 fils and Warba Bank took in 1 fil. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.

KIPCO and National Investment Co were unchanged at 350 fils and 104 fils respectively whereas KFIC eased 1 fil to 42 fils. International Financial Advisors was flat at 37 fils and Kuwait Investment Co followed suit.

Bayan Investment Co took in 1 fil whereas Al Deera Holding and Al Imtiaz paused at 33.5 fils and 156 fils respectively. Securities House Co inched 1 fil higher to 44 fils and Securities Group Co stood ground at 97 fils.

Sokouk Holding edged 0.5 fil into green and Coast Investment Co closed flat. Aayan took in 1.1 fils to wind up at 44.8 fils.

United Real Estate Co fell 4 fils to 84 fils and Kuwait Real Estate Co added 0.4 fils. Mabanee Co and Mazaya Holding dialed up 1 fil each whereas Salhiya Real Estate Co dipped 7 fils.

The market has been largely upbeat during the week. The price indes closed higher in four of the five sessions and has climbed 126 points week-on-week. It had slid 60 points during whole of May and is trading 18.5 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Finance and Investment (KFIC) rebounded to post a net profit of KD 146,350 in the first three months of 2017, from KWD 255,510 loss in first quarter of 2016. Operating income grew 76% year-on-year to reach KD 1.65 million.

Aayan Real Estate has recorded a 164.7 percent jump in its profits to KD 536,890 for the first quarter of 2017 from same period in the year before. During 2016, the profit saw a 1.5% uptick to KD 2.75 million in 2016 from the previous year.

Ooredoo Kuwait has posted 26.6 pct jump in profits during the first quarter of 2017 to KD 12.93 million from KD 10.21 million in same period last year. It had recorded a growth of 75% in profits to KD 46.67 million during 2016.

Mowasat Healthcare has registered a a 40.2% increase in net profits in the first quarter of 2017, to reach KD 1.92 million as compared to KD 1.37 million in the year before period.

Al Ahleia Insurance ‘s first quarter net profit dropped by 14.5% in the first to KD 2.88 million from KD 3.37 million in Q1 of 2016. Operational income dipped 39.6 pct to KD 1.58 million  National Ranges Company’s (Mayadeen) losses shrank by 18.2 pct in the first quarter of 2017 to KD 642,620 from about KWD 785,610 in same period of 2016.

By John Mathews

Arab Times Staff

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