Kuwait index logs modest gains as volume rebounds – KFH climbs 7 fils; Americana slides

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KUWAIT CITY, Aug 20: Kuwait stocks headed north on Sunday as it kicked off the week on a firm note. The price index rose 14.74 points in choppy trade to 6,900.58 pts helped by buying spurt in select counters. The overall sentiment however was mixed.

The KSX 15 gauge fell 2.46 pts to 965.3 pts trimming the month’s gains to 22 points and weighted index edged 0.39 pct higher. The volume turnover meanwhile rose past the 100 million mark to scale a 10-day high. 104.3 million shares changed hands – up 9.9 pct from last session.

The sectors closed mostly in the green turf. Banks outshone the rest with 0.90 pct gain and consumer goods shed 0.76 percent, the worst performer of the day. In terms of volume, financial services mustered the highest market share of 40.9 percent while real estate stood next with 27.8 pct contribution.

Among notable movers. Kuwait Finance House rallied 7 fils on back of 2.4 million shares while Commercial Bank climbed 5 fils to 365 fils. Tamdeen Investment Co rose 10 fils to 310 fils and Tamdeen Real Estate Co gained 15 fils.

Zain inched 1 fil up to 509 fils with a volume of 2.8 million and Ooredoo dipped 25 fils to KD 1.160 extending last session’s downtick. Kuwait Telecommunications Co (VIVA) took in 2 fils and Agility edged 1 fil into green.

National Bank of Kuwait eased 1 fil to 731 fils and Warba Bank took in 1 fil. The bank’s second quarter profit soared 860.6% year-on-year to KD 1.22 million from Q2 OF 2016.

The market opened on tame note and moved sideways in early trade. The main index charted a volatile course thereafter before plumbing the day’s lowest level of 6,877 pts past the mid-session. It clawed back in the final minutes amid renewed buying and closed with modest gains.

Top gainer of the day Burgan Well Drilling Co rallied 14.6 pct to 86 fils and Nafais climbed 12.8 percent to stand next. Kuwait Food Co (Americana) slumped 8.5 pct, the steepest decliner of the day and Al Imtiaz topped the volume with 11.3 million shares.

Mirroring the day’s gains, the winners outnumbered the losers. 56 stocks advanced whereas 43 closed lower. Of the 129 counters active on Sunday, 30 closed flat. 3,728 deals worth KD 13.25 were transacted – a 16.6 pc drop in value from the day before.

National Industries Group was flat at 147 fils and Heavy Engineering Industries and Shipbuilding Co too did not budge from its earlier close of 214 fils. Gulf Cable inched 1 fil higher and NICBM was up 3 fils at 190 fils.

Kuwait Foundry Co and Equipment Holding Co dialed up 1 fil each and Automated Systems Co gave up 4 fils. Al Qurrain Petrochemical Co paused at 336 fils and Eyas For Higher and Technical Education gained 20 fils.

Humansoft Holding slid 50 fils to KD 4.300 erasing last session’s gains while NAPESCO clipped 2 fils. Kuwait and Gulf Link Transport Co fell 1.5 fils to 58.5 fils and KGL Logistics added 1.1 fils. OSOS was up 2 fils at 126 fils.

Combined Group Contracting Co rose 5 fils and ALAFCO climbed 4 fils. The company’s earnings surged 49 pct to KD 5.78 million in third quarter ended 30 June from same period last year. During the nine-month period ended 30 June 2017, the profits soared 66.7% to KD 16.57 m.

Dipped

Mezzzan Holding dipped 18 flls to 126 fils and Alrai Media Group trimmed 1 fil. The company has recorded a 25.2 percent year-on-year drop in profits for the second quarter. In the first half, the profits dived 44.2 pct to KD 1.64 million.

In the banking sector, Gulf Bank eased 1 fil to 244 fils and Al Mutahed slipped 3 fils to 415 fils. Al Ahli Bank dialed down 2 fils before closing at 314 fils.

Burgan Bank and Boubyan Bank took in 1 fil each to close at 366 fils and 430 fils respectively whereas Kuwait International Bank stood pat at 244 fils.

KIPCO and National Investment Co were flat at 365 fils and 115 fils respectively whereas Kuwait Investment Co took in 2 fils. Securities House Co added 1.5 fils whereas International Financial Advisors and Kuwait Financial Centre (Markaz) paused at 36 fils and `109 fils respectively.

KAMCO dropped 4.9 fils to 75 fils whereas Bayan Investment Co and Osoul Investment Co held ground at 48.5 fils and 59 fils respectively. Unicap inched 0.3 fil into green and Ektittab Holding closed flat.

Al Deera Holding gave up 2.8 fils while Al Madina For Finance and Investment and Noor Financial Investment Co were unchanged at 45.1 fils and 62.5 fils respectively.

Amwal Investment stood pat at 44.5 fils and KFIC was down 3.5 fils at 41.5 fils. Kuwait Insurance Co rose 5 fils to 260 fils and Sokouk Holding ticked 0.1 fil higher.

United Real Estate Co and National Real Estate Co were flat at 88 fils and 122 fils respectively whereas Salhiya Real Estate Co took in 1 fil. Mabanee Co added 3 fils and Mazaya Holding held ground at 114 fils.

The market was largely upbeat during last wee . The price index closed higher in four of the five sessions and gained 40 points week-on-week. It has climbed 48 points from the start of the month and is trading 20 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Mabanee Company posted a 1.55 pct rise in profits to KD 12.55 million for the second quarter from Q2 of previous year. In the first half , profits ticked 1 pct up to KD 24.61 million from corresponding period of 2016.

Kuwait Investment Co profits soared 158.3 percent to KD 2.97 million in the second quarter of 2017 from same period last year. In the January- June

period, profits surged 283.6 pct year-on-year to KD 7.71 million.

Kuwait Real Estate Co’s net profits surged 51.2 pct year-on-year in the second quarter of 2017 to KD 1.49 million. In the first half , profits rose 10.5 percent to KD 3.16 million.

Imtiaz Investment Group’s second quarter profits soared by a whopping 1,041 pct to KD 19.97 million from same period in 2016. During the first six months, profits surged 626.3% to KD 32.32 million.

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.

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.

By John Mathews

Arab Times Staff

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