Kuwait market edges up in choppy trading – Ooredoo jumps 60 fils; NBK slips

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KUWAIT CITY, Dec 21: Kuwait stocks edged higher on Wednesday extending the gains to third consecutive session. The price index rose 4.74 points in choppy trade to 5672.49 pts even as the board remained broadly mixed in absence of strong catalysts.

The KSX 15 gauge ticked 0.97 pts up to 884.2 points to clock the level at the start of the year while weighted index inched 0.8 pts higher . The volume turnover meanwhile rose further mostly on speculative trading. 160.4 million shares changed hands — a 5.6 pct rise from Tuesday.

The sectors closed mostly in the green turf. Real estate outpaced the rest with 0.89 percent gain whereas consumer goods shed 0.73 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 39.9 pct while real estate followed with 30.4 percent contribution.

In the individual shares, Kuwait Finance House rallied 10 fils on back of over 2 million shares recouping Tuesday’s drop whereas Mabanee Co was down 10 fils at KD 0.830. Humansoft Holding slid 60 fils reversing the strong gains in the last session.

Zain added 5 fils with a volume of 1.7 million and Wataniya Telecom (Ooredoo) jumped 60 fils with thin trading. Kuwait Telecommunications Co ( VIVA) slipped 10 fils to KD 0.910 whereas logistics major Agility gained 20 fils to settle at 630 fils.

Sector bellwether National Bank of Kuwait dropped 10 fils to KD 0.640 and Gulf Bank of Kuwait gave up 4 fils to wind up at 240 fils. The bank has recorded a net profit of KD 32.80 million and earnings per share of 11 fils in the January-September period.

The market opened on tame note and limped higher in early trade. The main index continued to rise amid moderate buying in select counters to peak at 5,677.77 pts and moved sideways . It drifted lower in the final hour and bottomed at 5,664.11 points before clawing back into the positive territory at close.

Top gainer of the day, Argan Real Estate Co rallied 6 pct to 176 fils and Equipment Holding Co climbed 5.3 percent to stand next. Contracting and Marine Services Co slid 6.4 pct, the steepest decliner of the day and GPI topped the volume with over 17 million shares.

Reflecting the day’s gains, the winners outnumbered the losers. 54 stocks advanced whereas 31 closed lower. Of the 129 counters active on Wednesday, 44 closed flat. 3,653 deals worth KD 13.4 million were transacted — a 17.6 percent increase in value from the day before.

National Industries Group was unchanged at 122 fils after trading 3.8 million shares while Gulf Cable rose 5 fils to 380 fils. Heavy Engineering Industries and Shipbuilding Co dipped 4 fils erasing Tuesday’s uptick whereas Equipment Holding Co added 2.5 fils.

Dived

Kuwait Food Co (Americana) was flat at KD 2.600 and and Kuwait National Cinema Co dived 40 fils to KD 1.020. Energy House and KPPC were flat at 46 fils and 44 fils respectively whereas PAPCO gave up 5 fils to wind up at 95 fils.

Jazeera Airways dipped 20 fils to 740 fils and ALAFCO was down 10 fils at 236 fils. Kuwait and Gulf Link Transport Co took in 2 fils to settle at 62 fils and KGL Logistics shed 20 fils. IFA Hotels and Resorts Co eased 2 fils to 158 fils.

Kuwait Foundry Co took in 2 fils and Gulf Glass Manufacturing Co was up 5 fils at 305 fils. Kuwait Portland Cement dropped 10 fils to 900 fils and Qurain Petrochemical Industries Co dialed up 2 fils.

Automated Systems Co rose 4 fils to 240 fils and AWJ Holding inched 1 fil lower. Zimah Holding was unchanged at 42.5 fils and Mezzan Holding dropped 10 fils to 920 fils. Al Rai Media Group stagnated at 146 fils and OSOS followed suit.

In the banking sector, Burgan Bank climbed 5 fils to 305 fils on back of 1.2 million shares and Al Ahli Bank followed suit to close at 300 fils. Kuwait International Bank stood pat at 208 fils off slight early highs.

Boubyan Bank slipped 5 fils to 395 fils and Warba bank dialed up 2 fils. Commercial Bank of Kuwait and Ahli United Bank were not traded during the session.

National Investment Co eased 1 fil to 98 fils while KIPCO paused at 510 fils off early lows. Securities House Co inched 0.5 up with a whopping volume of over 10 million and Arzan closed 1 fil in red. Kuwait Financial Centre ( Markaz) was up1 fils at 83 fils.

Bayan Investment Co and Osoul Investment Co were flat at 33 fils and 59 fils respectively whereas KMEFIC gave up 0.5. Al Aman added 1.5 fils whereas Al Mal fell 0.5 after trading 3.2 million shares. KFIC stalled at 39.5 fils.

Noor Financial Investment Co and Al Madina Investment Co took in 0.5 each while Al Deera Holding stagnated at 32 fils. Kuwait Investment Co ticked 1 fil up and Warba Insurance Co rose 2 fils to 102 fils.

Kuwait Real Estate Co edged 1 fil up and United Real Estate Co was up 2 fils with thin trading. National Real Estate Co added 3 fils on back of 2.5 million shares.

The market has been largely positive so far during the week and has climbed 24 pts in last four sessions. It has rallied 120 points from the start of the month and is up 1 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.

Aqar Real Estate Investments Co. has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

Jeeran Holding Co. has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fils in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.

By John Mathews

Arab Times Staff

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