KUWAIT CITY, June 14: Kuwait stocks ticked up on Wednesday extending the gains to third consecutive session. The bourse was up 2.72 points to 6,779.44 pts even as shares swayed in both directions amid speculative trading.
The KSX 15 gauge rose 2.69 points to 898.48 pts trimming the month’s losses to 17 points while weighted index inched 0.43 points higher. The volume turnover meanwhile rebounded from Tuesday’s multi-month low. 37.2 million shares changed hands — a 91.4 pct surge from Tuesday.
The sectors diverged. Consumer services outpaced the rest with 3.1 pct gain whereas basic materials tumbled 4.34 percent, the worst performer of the day. Volume wise, financial services notched the highest market share of 45 pct while real estate trailed with 25.48 percent contribution.
Among notable performers, Burgan Bank rose 10 fils to 330 fils while Automated Systems Co climbed 30 fils. Kuwait Food Co (Americana) extended last session’s heavy losses with 40 fils drop to KD 2.460 taking the month’s losses to 230 fils.
Zain took in 2 fils to settle at 411 fils while Kuwait Telecommunications Co (VIVA) rallied 36 fils to 859 fils. Logistics major Agility added 5 fils recouping Tuesday’s fall whereas Ooredoo was not traded during the session.
National Bank of Kuwait took in 1 fil while Ahli Bank of Kuwait gave up 5 fils. The bank’s first quarter profit rose 9.7 percent to KD 8.51 million from K D 7.76 mln in the same period of last year.
The market opened firm and headed south in early trade. The main index continued to sink deeper into red as selling weighed on sentiment and plumbed the day’s lowest level of 6,744 points. However it rebounded sharply in the final minutes to close in the green zone.
Top gainer of the day, Al Madina rallied 20 fils to 50.4 fils while Automated Systems Co soared 13.9 percent to stand next. Jeeran Holding tumbled 18.37 pct, the steepest decliner of the day and Al Imtiaz topped the volume with 7.5 million shares.
Despite the day’s uptick, the losers slightly outnumbered the winners. 43 stocks advanced whereas 47 closed lower. Of the 110 counters active on Wednesday, 20 closed flat. 1,613 deals worth KD 6.2 million were transacted — a 62.9 pct surge in value from the day before.
National Industries Group took in 1 fil and Gulf Cable pared back some of the Tuesday’s losses with 10 fils gain. Heavy Engineering Industries and Shipbuilding Co dipped 7 fils erasing last session’s gains while Contracting and Marine Services Co was down 5 fils at 85 fils.
Jazeera Airways climbed 12 fils to 470 fils and ALAFCO dialed up 2 fils to end at 320 fils, Boubyan Petrochemical Co stood pat at 582 fils and Al Qurain Petrochemical Co clipped 2 fils before closing at 335 fils.
Kuwait Foundry Co dropped 10 fils to 280 fils and Acico Industries rose 5 fils . The company’s first quarter profits rose by 0.78 pct to KD 3.88 mln as compared to KD 3.85 million in Q1 of 2016.
Independent Petroleum Group rose 4 fils to 349 fils and Educational Holding Group dipped 9 fils to 356 fils. Metal and Recycling Co paused at 90 fils and Energy Holding Co was up 3 fils at 40 fils.
Combined Group Contracting Co climbed 8 fils to 598 fils whereas Jeeran Holding and OSOS slipped 9 fils each to close at 40 fils and 123 fils respectively. UPAC was unchanged at 740 fils.
Humansoft Holding, the bourse’s highest priced stock, dialed up 1 fil and GPI took in 0.5 fils. Gulf Finance Co added 2.3 fils and AWJ Holding was up 3.2 fils at 76.2 fils. Equipment Holding Co closed 1.9 fils higher.
Mezzan Holding was flat at 950 fils and Zimah Holding eased 0.5 fil to settle at 50.5 fils. Yiaco Medical slipped 7 fils to 185 fils and Al Rai Media Group held ground at 119 fils.
In the banking sector, Gulf Bank was unchanged at 238 fils and Commercial Bank inched 1 fil into green after eking modest rise in the last session . AlMutahed was not traded during the day.
Kuwait Finance House was flat at 481 fils and Kuwait International Bank climbed 4 fils to 249 fils. Boubyan Bank gave up 2 fils and Warba Bank stood pat at 243 fils.
National Investment Co fell 3.7 fils to 100.3 fils whereas International Financial Advisors dialed up 2.2 fils. Arzan and Alaman trimmed 0.5 fils each whereas KIPCO paused at 340 fils.
Bayan Investment Co dialed down 0.5 fil and KFIC gave up 1 fil. Al Salam eased 0.9 fil to 53 fils after trading 3.4 million shares and KAMCO inched 0.4 fil into red.
Tamdeen Investment Co dropped 10 fils to 300 fils and Al Madina climbed 8.4 fils to 50.4 fils. Noor Financial Investment Co fell 0.7 fil and Sokouk Holding closed 0.4 fil in red.
National Real Estate Co took in1 fils and Mabanee Co added 3 fils to end at 775 fils. Kuwait Real Estate Co eased 1.2 fils and Tamdeen Real Estate Co stalled at 360 fils. Remal fell 3 fils and Salhiya Real Estate Co was down 5 fils at 375 fils.
The market has been mixed so far during the week and has given up 5 points in the last four sessions . It has slipped 7 points from start of the month and is trading 17.9 pct higher year-to-date. KSE, with 188 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 KD 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 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 KD 785,610 in same period of 2016
By John Mathews
Arab Times Staff