Kuwait index winds up week 19.23 pts higher – Gulf Cable jumps 25 fils; NBK slips

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KUWAIT CITY, May 12: Kuwait stocks headed north on Thursday to end the week on a high note. The bourse climbed 19.23 pts in lackluster trade to 5395.51 points helped by speculative buying in some of the small and mid-caps. The banks and telecom services providers mostly sagged even as the board remained broadly mixed.

The KSX 15 gauge dipped 5.28 pts to 844.99 points taking the month’s losses to 21 pts while weighted index inched 1.19 points into red . Volume turnover meanwhile ticked up after Wednesday’s surge. 157.07 million shares changed hands – a 7 pct rise from the last session.

The sectors closed mixed . Consumer services outpaced the rest with 1.47 percent gain whereas healthcare shed 1.47 percent, the biggest loser of the day. . In terms of volume, real estate accounted for the highest market share of 35.4 pct and financial services stood next with 31.8 percent contribution.

Among the day’s movers, Kuwait Food Co (Americana) climbed 40 fils to KD 2.420 extending an identical gain from the last session while Kuwait Cement Co and Gulf Cable jumped 25 fils each to close at KD 0.390 and KD 0.425 respectively.

Zain was unchanged at KD 0.345 off early highs whereas Wataniya Telecom (Ooredoo) tumbled 100 fils erasing the gains in the day before. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.970 and Agility gyrated in tight range before closing flat at KD 0.500.

KIPCO held steady at KD 0.530 and is down 20 fils during the month and National Investments Co followed suit. The company has logged a first quarter net profit of KD 1.11 million and earnings per share of 1.3 fils.

The market opened on a tame note and moved sideways in early trade. The price index continued its tepid course past the mid-session amid mixed board before ticking up in the second half to close with modest gains.

Top gainer of the day, Al Dar National Real Estate Co (ADNC) rallied 18.5 pct to 16 fils while Shuaiba Industrial Co spiked 9.6 pct to stand next. Marakez slid 9.26 percent, the steepest decliner of the day and ADNC also topped the volume with over 34 million shares.

Mirroring the day’s upswing, the winners outnumbered the losers. 49 stocks advanced whereas 31 closed lower. Of the 132 counters active on Thursday 52 closed flat. 3591 deals worth KD 9.9 million were transacted – a 23.6 percent drop in value from the day before.

National Industries Group took in 2 fils to settle at 126 fils while Kuwait Portland Cement Co and ACICO Industries Co stood pat at KD 1.020 and 295 fils respectively. HEISC was up 10 fils at 162 whereas Boubyan Petrochemical Co pulled 10 fils into red.

Jazeera Airways rose 10 fils to KD 0.880 and ALAFCO held steady at KD 0.208. Gulf Glass Manufacturing Co shed 25 fils and Safwan Trading and Contracting Co was up by same measure to close at 255 fils. Kuwait National Cinema Co jumped 80 fils to KD 1.300.

Added

Automated Systems Co added 5 fils whereas Kuwait Foundry Company closed flat. The company has penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January- March period bouncing from a net loss of KD 469,119 and losses per share of 3.05 fils in the same period last year

Combined Group Contracting Co slipped 10 fils whereas Yiaco Medical Co. swung 10 fils higher. The company has logged a net profit of KD 277,732 and earnings per share of 1.53 fils in the first quarter of 2016 as against net profit of KD 611,126 and earnings per share of 3.36 fils in the same period last year

NAPESCO and Zina Holding staganated at KD 0.730 and 43 fils respectively while Nafais Holding Co gained 10 fils. PAPCO fell 5 fils to 94 fils whereas Mezzan Holding and Humansoft Holding paused at KD 1.080 and KD 1.060 respectively.

Kuwait and Gulf Links Transport Co dialed up 2.5 fils and Hits Telecom took in 2 fils on back of 6.2 million shares. Equipmemt Holding Co inched 1 fils higher and Qurain Petrochemical Industries Co was unchanged at 52 fils.

In the banking sector, National Bank of Kuwait dropped 10 fils to KD 0.660 whereas Gulf Bank and Ahli United Bank were flat at KD 0.236 and KD 0.420 respectively. Commercial Bank and Al Ahli Bank were not traded during the session.

Burgan bank fell 5 fils to KD 0.400 taking the month’s losses to 55 fils and Kuwait Finance House followed suit to close at KD 0.475 with a volume of 1.2 million. Boubyan Bank too gave up 5 fils to end at KD 0.400 and Warba Bank took in 2 fils.

Bayan Investment Co was flat at 35 fils while Aayan Leasing and Investment Co and Noor Financial Investment Co both closed 1 fils in green. Securities Group eased 0.5 fils after trading 6.6 million shares and Sokouk Holding Co added 0.5 fils on back of 2.5 million shares.

National Real Estate Co clipped 2 fils while Al Mazaya Holding Co dialed up 2 fils to settle at 122 fils. Mabanee Co closed flat at KD 0.830.

The market was mixed so during the week. The price index closed higher in two of the five sessions and has climbed 22 points week-on-week. It is up 4 points so far during the month but has shed 3.91pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news , Hilal Cement Company has registered a net profit of KD 415,000 and earnings per share of 5.4 fils in the first quarter of 2016 rebounding from a net loss of KD 78,685 and losses per share of 1.0 fils in 2015 Q1.

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 f ils in the first quarter of 2016 as compared tonet profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.

Aqar Real Estate Investments Co as penciled a net profit of KD 278,860 and earnings per share 1.30 fils in the first three months of 2016 as against a net profit of KD 506,241 and earnings per share of 2.22 fils in the same period last year.

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews

Arab Times Staff

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