Friday , November 24 2017

Kuwait index kicks-off week with modest gain – Ooredoo climbs 32 fils; NAPESCO dips

KUWAIT CITY, July 16: Kuwait stocks headed north on Sunday as it kicked off the week on a cheery note. The price index climbed 20.4 pts in choppy trade to 6,808.88 points after snapping the gaining spree in the last session. The bank shares closed mostly in green while other heavyweights ended mixed.

The KSX 15 gauge rose 2.3 pts to 924.59 points taking the month’s gains to 14 points while weighted index inched 0.22 pct higher. The volume turnover meanwhile was little changed. 50.74 million shares changed hands — a 0.92 pct rise from the last session.

The sectors closed mostly in green. Technology outpaced the rest with 1.69 pct gain whereas oil and gas shed 1.20 pct, the worst performer of the day. Volume wise, financial services clocked the highest market share of 34 pct and real estate trailed with 18.5 percent contribution.

Among the notable movers, Commercial Bank of Kuwait rose 10 fils to 324 fils and AlMutahed followed suit to close at 405 fils. Humansoft Holding, the highest priced stock in the bourse, climbed 50 fils to KD 4.340 extending the previous session’s gains.

Zain slipped 8 fils to 428 fils and Ooredoo jumped 32 fils to KD 1.150 rebounding from last session’s drop. Kuwait Telecommunication Co (VIVA) dipped 10 fils to 812 fils and Agility was up 5 fils at 796 fils.

Kuwait Finance House took in 2 fils extending an identical rise on Thursday and National Bank of Kuwait followed suit. The bank has recorded a profit of KD 79.33 mln in the April-June period, a 10.7% rise from Q2 2016. In the first half, profits grew 9.3 pct to KD 164.69 million.

The market opened on tame note and moved sideways in early trade. The main index edged higher before falling sharply into red and plumbed the day’s lowest level of 6,750.14 pts. It rebounded thereafter as buying picked up and closed with modest gains.

Top gainer of the day, AGHC rallied 19.8 pct to 90.5 fils while Metal and Recycling Co climbed 17.3 percent to stand close behind. Eyas For Higher and Technical Education slipped 5.45 pct, the steepest decliner of the day and Ahli United Bank topped the volume with 14.3 million shares.

Reflecting the day’s gain, the winners outnumbered the losers. 53 stocks advanced whereas 40 closed lower. Of the 117 counters active on Sunday, 24 closed flat. 2093 deals worth KD 9.15 million were transacted — a 1.47 pct rise in value from the day before.

National Industries Group rose 6 fils on back of 6.7 million shares and Gulf Cable inched 1 fil higher to 433 fils. Kuwait Cement Co was down 15 fils at 445 fils while Heavy Engineering Industries and Shipbuilding Co dipped 8 fils.

Jazeera Airways was unchanged at 480 fils and ALAFCO climbed 26 fils extending Thursday’s gain. The company has posted a 83.3% surge in profits to KD 5.59 million for the quarter ending March 31, 2017 from year before period.

Added

NICBM fell 3 fils to 177 fils and ACICO Industries slipped 4 fils. Boubyan Petrochemical Co added 6 fils and Al Qurain gave up 3 fils before closing at 335 fils.

NAPESCO tumbled 45 fils to KD 1.500 and Burgan Well Drilling Co eased 1 fil. OSOS was up 3 fils at 133 fils and AWJ Holding took in 1.5 fils with razor thin trading.

Mezzan Holding climbed 5 fils to 950 fils and Zimah Holding inched 0.1 fil into red. Educational Holding Group clipped 2 fils before settling at 348 fils. Equipment Holding Co dialed up 0.1 fil.

In the banking sector, Gulf Bank dialed up 2 fils whereas Al Ahli Bank was down 5 fils at 322 fils. Kuwait International Bank closed 1 fil higher at 248 fils. Warba Bank stood pat at 263 fils.

Burgan Bank rose 3 fils and Boubyan Bank trimmed 1 fil to wind up at 407 fils. The bank has posted an profit of KD 11.21 mln in the second quarter of 2017, up 14.3 pct year-on-year from same period last year. In the first half period the profits rose 15.7 pct to KD 21.87 million.

KIPCO fell 3 fils to 344 fils while International Financial Advisors and Coast Investment Co trimmed 0.2 fil each. Securities House slipped 0.8 fil while Osoul Investment Co and Arzan were flat at 59 fils and 34 fils respectively.

KAMCO fell 2.6 fils to 70.1 fils with thin trading while KFIC and KMEFIC took in 1 fil each. Sokouk Holding eased 0.9 fil to 46.6 fils and Aayan clipped 0.1 fil. Al Madina added 0.4 fil to end at 47.5 fils.

Noor Financial Investment Co was flat at 52.5 fils and Amwal dialed up 2 fils to close at 47 fils. Warba Insurance Co climbed 12.9 fils to 90 fils and Ektittab Holding erased 36.3 fils.

National Real Estate Co and Kuwait Real Estate Co were unchanged at 120 fils and 57.9 fils respectively whereas United Real Estate Co ticked 0.2 fil into green. Mabanee Co slipped 3 fils and Mazaya Holding was up 3 fils at 117 fils. Remal rose 4.1 fils to 78.1 fils.

The market was largely buoyant during last week. The price index closed higher in four of the five sessions has gained 108 points week-on-week. It has rallied 145 points so far during the month and is trading 18.45 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Aqar Real Estate Investment’s second quarter profits surged 27 pct to KD 350,410 mln from same period last year helped by increase of rent revenues. The revenues rose 23.4 percent to KD 687,320 in the first half while operating revenues climbed 21.6 percent to KD 987,070.

S&P Global Ratings has affirmed “A-/A-2” long- and short-term counterparty credit ratings on Gulf Bank. The rating agency also revised its outlook on the bank to “positive” from “stable”.

National Real Estate’s (NREC) ordinary general meeting has approved raising its capital to KD 150 million, by issuing 1.5 billion shares at a nominal value of 100 fils each. The company’s current capital stands at KD 98.97 million.

KAMCO has sold a controlling stake worth 25.3 million pounds in a British property leased to Amazon UK Services Ltd. The deal will results in a drop of 56 million pounds while and the liabilities will see a 56.5 million dip.

Educational Holding Group has posted a 13 pct drop in profits in the quarter ended 31 May 2017. The profits totaled KD 1.14 million as against KD 1.31 million in the same period last year. In the nine-month period ending May 30, the earnings grew 22 pct to KD 4.32m.

Fitch Ratings upgraded GFH Financial Group’s long-term issuer default rating (IDR) from “B-” to “B”, with a “Positive” outlook.

By John Mathews

Arab Times Staff

Check Also

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

KUWAIT CITY, Feb 15: Kuwait stocks headed north on Wednesday extending the winning spree to …

Translate »