KUWAIT CITY, Sept 10: Kuwait stocks swung higher on Sunday as it opened the week on a buoyant note. The price index climbed 28.9 pts in volatile session to 6,926.32 points paced by strong buying in banking majors .
The KSX 15 benchmark jumped 23.76 pts to hit the year’s highest level of 1,023 points while weighted index was up 5.88 pts at 440.57 points. The volume turnover meanwhile rose past the 100 million mark. 120.13 million shares changed hands – a 29.66 pct increase from the previous session.
The sectors closed mostly in the green turf. Technology outled the rest with 1.24 pct gain whereas consumer goods dipped 2.65 percent, the worst performer of the day. In terms of volume, financial services mustered the highest market share of 37.7 pct and banks followed with 32.98 pct contribution.
Among the prime movers, National Bank of Kuwait rallied 21 fils on back of 4.5 million shares and Kuwait Finance House soared 35 fils with a volume of 7.4 million. KIPCO was up 5 fils at 365 fils taking the month’s gains to 13 fils.
Zain rose 3 fils to 501 fils after trading 5.6 million shares whereas Ooredoo shed 20 fils. Kuwait Telecommunication Co climbed 7 fils to 809 fils and Agility jumped 28 fils 918 fils extending last session’s modest gains.
Boubyan Bank gained 20 fils and Burgan Bank was up 3 fils at 376 fils. The bank has posted a profit of KD 21.07 million in the second quarter, a 24.6 pct increase from same period last year.
The market opened on a tame note and turned choppy in early trade.
The main index slipped into red to plumb the day’s lowest level of 6879.98 points and pulled higher thereafter. It drifted sideways before resuming its climb in the second half and closed with modest gains.
Top gainer of the day, Mowasat Hospital vaulted 20 pct to 480 fils and Jiyad climbed 8.79 percent to stand next. First Takaful Insurance Co slid 7.57 pct, the steepest decliner of the day and Al Imtiaz topped the volume with 16.7 million shares.
Mirroring the day’s upswing, the winners outnumbered the losers. 58 stocks advanced whereas 49 closed lower. Of the 123 counters active on Sunday, 16 closed flat. 4410 deals worth KD 26.39 million were transacted – a 42.5 percent surge in value from the day before
National Industries Group rose 3 fils to 147 fils and Gulf Cable took in 2 fils. NIG bounced back to post a profit of KD 2.09 million in Q2 against a loss of KD 4.75 million in the same period last year. In the first half it logged a profit of KD 5.23 million.
Kuwait Food Co (Americana) slumped 149 fils to KD 1.850 with thin trading and Shuaiba Industries was down 10 fils at 290 fils. Boubyan Petrochemical Co gained 20 fils and Al Qurain Petrochemical Co clipped 2 fils to settle at 350 fils.
Jazeera Airways slipped 4 fils to 600 fils and ALAFCO followed suit to close at 378 fils. Equipment Holding Co eased 0.4 fils to 47.5 fils and Educational Holding Group dialed down 2 fils. KCPC ticked 1 fils up.
Humansoft Holding dropped 12 fils to KD 4.000 and Napesco gave up 4 fils. The company’s second quarter profits slid 26.8 pct to KD 1.73 million from same period in year before.
Kuwait Foundry Co and ACICO Industries were unchanged at 300 fils and 270 fils respectively whereas Eyas For Higher and Technical Education dipped 10 fils. OSOS took in 2 fils to end at 122 fils.
Combined Group Contracting Co rose 6 fils to 545 fils and AWJ Holding eased 0.9 fils. Kuwait and Gulf Links Transport Co trimmed 0.9 fil and KGL Logistics gave up 1.6 fil. Mezzan Holding fell 4 fils to 861 fils and Al Rai Media Group clipped 2 fils.
In the banking sector, Gulf Bank was flat at 238 fils after trading 3.7 million shares and Al Ahli Bank too did not budge from its earlier cloee of 309 fils. Commercial Bank inched 1 fil into green.
Kuwait International Bank dialed up 1 fil on back of 4.3 million shares and Al Mutahed stood pat at 430 fils. Warba Bank eased 1 fil to 264 fils.
National Investment Co was unchanged at 112 fil and Kuwait Investment Co ticked 1 fil higher. International Financial Advisors trimmed 0.8 fil after trading over 1 million shares and Coast Investment Bank paused at 45 fils.
KFIC and Securities House Co gave up 0.8 fil each while Arzan edged 1.3 fils higher. Unicap and Sokouk Holding were unchanged at 44.9 fils and 49 fils respectively whereas Ektittab Holding fell 1.5 fils. Ahleia Insurance Co fell 5 fils to 420 fils.
Osoul Investment eased 0.1 fils to 61.7 fils and Bayan Investment Co added 1.7 fils. Noor Financial Investment Co trimmed 0.9 fils and Amwal took in 1 fils. KAMCO ticked 0.1 fils higher to 80 fils. and Kuwait Insurance Co stalled at 290 fils.
Mabanee Co rose 6 fils to 796 fils while National Real Estate Co and Mazaya Holding took in 1 fils each. AREEC gained 10 fils and Kuwait Real Estate Co added 1.3 fils.
The market was mixed during last week. The main index closed lower in two of the three sessions and rose 6 points week-on-week. It has gained 34 pts so far during the month and is trading 20.5 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, Aayan Leasing and Investment posted losses of KD 390,000 during the second quarter as against a loss of KD 235,000 in the same period last year. During the first half , the company’s earnings soared 544.2 percent year-on-year to KD 4.67 million.
Kuwait Hotels’ second quarter profits jumped by 72.5 pct to KD 15,370 in as compared to KD 55,820 in the same period a year ago. During the first half of 2017, the earnings slid by 71.5 percent to KD 152,870 from the same period last year.
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.
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
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.
By John Mathews – Arab Times Staff