KUWAIT CITY, July 31: Kuwait stocks rebounded on Monday, stemming the two-day pull back. The price index climbed 53.38 points in volatile trade to 6,851.62 points helped by renewed buying in select counters. The heavyweights however closed mostly in red.
The KSX 15 gauge fell 5.77 pts to 943.17 points trimming the month’s losses to 33 points while weighted index edged 2.27 pts higher. The volume turnover meanwhile rose after Sunday’s sharp drop 63.39 million shares changed hands — a 9.3 percent rise from the day before
The sectors closed mostly in green turf. Healthcare outshone the rest with 11.48 percent leap while telecommunications fell 0.92 pct, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 30.4 pct and banks followed with 28.8 pct contribution.
Among the day’s prime movers, Kuwait Food Co (Americana) recouped last session’s losses with 200 fils jump to KD 2.100 on thin volume while NAPESCO soared 100 fils as it continued to winning streak. Humansoft Holding climbed 50 fils .
Zain dropped 10 fils to 444 fils after trading 2.5 million shares and Ooredoo was up 4 fils at KD 1.164. Kuwait Telecommunications Co (VIVA) fell 5 fils to 801 fils and Agility gave up 10 fils to settle at 840 fils.
National Bank of Kuwait slipped 6 fils and Boubyan Bank was down 3 fils at 414 fils. The bank has posted a profit of KD 11.21 mln in the second quarter, up 14.3 pct from same period last year. In the first half . the profits rose 15.7 pct to KD 21.87 m.
The market opened on firm note and ticked up briefly in early trade. The main index headed south as sentiment turned negative and plumbed the day’s lowest level of 6,768.43 points ahead of the mid-session. It clawed back thereafter amid fresh buying in select counters and closed with hefty gains.
Top gainer of the day, Mowasat Hospital Co surged 20 percent to 480 fils and Sanam Real Estate Co soared 19.44 pct to stand close behind. Al Deera Holding slumped 12.12 percent, the steepest decliner of the day and Ahli United Bank topped the volume with 6.9 million shares.
Despite the day’s upswing, the losers outnumbered the winners. 50 stocks advanced whereas 57 closed lower. Of the 130 counters active on Monday, 23 closed flat. 2,465 deals worth KD 12.2 million were transacted — a 46.2 pct surge in value from the day before.
National Industries Group fell 1 fil to 140 fils after trading over 1 million shares and Gulf Cable clipped 2 fils. Heavy Engineering Industries and Shipbuilding Co was flat at 206 fils and Shuaiba Industrial Co too did not budge from its earlier close of 290 fils.
Jazeera Airways rose 10 fils to 500 fils and ALAFCO clipped 2 fils. The company’s earnings surged 49 pct year-on-year to KD 5.78 million in third quarter ended 30 June 2017.
Metal and Recycling Co took in 2 fils and NICBM surged 25 fils to 185 fils . Boubyan Petrochemical Co and Al Qurain Petrochemical Co stood pat at 570 fils and 347 fils respectively.
Kuwait Cement Co fell 10 fils to 425 fils and Eyas For Higher and Technical Education shed 20 fils. PAPCO rose 9.9 fils to 89.9 fils whereas Equipment Holding Co inched 0.1 fil into red.
Burgan Well Drilling Co and Combined Group Contracting Co gained 3 fils each whereas Mezzan Holding shed 13 fils. Educational Holding Group was up 15 fils extending last session’s gains.
In the banking sector, Kuwait Finance House dipped 13 fils to 535 fils with brisk trading and Gulf Bank paused at 247 fils. Al Ahli Bank trimmed 1 fil whereas Commercial Bank was not traded during the session.
Burgan Bank dropped 10 fils to 351 fils and AlMutahed gave up 7 fils to end at 420 fils. Kuwait International Bank slipped 3 fils to 247 fils and Warba Bank dialed up 2 fils.
KIPCO fell 6 fils to 364 fils and National Investments Co clipped 2 fils. The company has posted a 78.4 pct jump in profits to KD 1.17 million during the second quarter from same period last year. During H1, the earnings swelled by 192.1% to KD 5.17 million
International Financial Advisors paused at 38.6 fils. Coast Investment Co took in 0.7 fil and Securities House Co inched 0.3 fil higher to 45.2 fils. Kuwait Investment Co fell 1.2 fils to 535 fils.
KAMCO dropped 3 fils to 72 fils and National Investment House climbed 6 fils. KMEFIC dialed up 1 fil while Noor Financial Investment Co and Sokouk Holding trimmed 0.3 fil each.
Bayan Investment Co eased 0.1 fil to 50 fils and Osoul Investment clipped 0.2 fil. Unicap and Tamdeen Investment Co paused at 42 fils and 300 fils respectively whereas KFIC fell 0.5 fil.
Amwal Investment Co and Aayan Investment Co took in 0.2 fil each while Al Imtiaz added 2 fils. Warba Insurance Co climbed 10.7 fils and Wethaq Takaful Insurance Co closed 2 fils up at 54 fils.
National Real Estate Co rose 2 fils to 127 fils on back of 1.2 million shares and Kuwait Real Estate Co gave up 0.5 fil. Mabanee Co shed 15 fils and AREEC was down 9 fils at 317 fils. Tamdeen Real Estate Co dropped 10 fils and Mazaya Holding ticked 1 fil up.
The market has been mixed so far during the week and has gained 46 points in last two sessions. The main index has rallied 91 points from start of the month and is trading 19.20 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, Munshaat Real Estate Projects’s losses narrowed by 80.3 pct to KD 240,000 in the second quarter of 2017. In the first half, the losses was down by 52 percent to KD 1.3 million.
Aayan Real Estate’s profit soared 84.9 pct year-on-year in the second quarter to KD 357,600. During the first half of 2017, profits jumped 125.7 percent to KD 894,490.
Ekttitab Holding ‘s profits dropped 16.8 pct during the second quarter to KD 439,200 from same period last year. In the January-June period the earnings was down 26.5 percent to KD 201,700 .
Gulf Insurance Group’s earnings dived 27.6 pct year-on-year during the second quarter to KD 2.77 million . During the first six months of 2017, the profits dropped 21.6% to KD 5.59 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 International Holding Co recorded a 66.2 percent dip in the second quarter profit to KD 828,500 from same period last year. In the first half of 2017, the profits tumbled 56 percent to KD 1.2 million.
By John Mathews
Arab Times Staff