Kuwait market swings up in choppy trading – NBK gains 10 fils; KIPCO flat

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KUWAIT CITY, Dec 6 : Kuwait stocks swung higher on Tuesday, stemming the two-day decline. The price index climbed 18.56 pts in choppy trade to 5,564.73 points led by some of the mid and small caps even as the blue chips remained mostly muted.

The KSX 15 benchmark rose 2.58 pts t0 874.9 points taking the month’s gains to 19 points and weighted index edged 1.19 points into green. The volume turnover meanwhile rose further helped mostly by speculative buying in select counters. 182.9 million shares changed hands — a 19.4 percent rise from the day before.

The sectors closed mostly in the green turf. Real estate outshone the rest with 1.36 pct gain whereas technology slid 4.4 percent, the biggest loser of the day. In terms of volume, real estate garnered the highest market share of 48.2 percent and financial services stood next with 29.6 pct contribution.

In the individual shares, National Bank of Kuwait rose 10 fils on the back of 1.3 million shares and Mabanee Co followed suit to close at 840 fils. Kuwait Food Co (Americana) stood pat at KD 2.620 off early lows and has rallied 620 fils year-to-date.

Zain was unchanged at 405 fils after trading 2.9 million shares and Wataniya Telecom ( Ooredoo) too did not budge from its earlier close of KD 1.100. Kuwait Telecommunications Co ( VIVA) paused at 900 fils and Agility followed suit to close at 570 fils.

National Investment Co took in 1 fil while KIPCO closed flat. The company has logged a net profit of KD 40,02 million and earnings per share of 24.62 fils in the January – Sept period .

The market opened flat and slipped briefly into red in early trade. The main index plumbed the day’s lowest level of 5,545.53 pts and clawed back above the opening mark amid buying in select counters. It moved sideways thereafter before revving up in the final minutes to close with modest gains.

Top gainer of the day, Amwal Investment Co vaulted 14.2 pct to 20 fils and Metal and Recycling Co climbed 7.94 pct to stand next. Contracting and Marine Services Co skidded 11.6 percent, the steepest decliner of the day and Sokouk Holding Co topped the volume with over 25 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the losers. 52 stocks advanced whereas 23 closed lower. Of the 130 counters active on Tuesday, 55 closed flat. 3,651 deals worth KD 17.21 mln were transacted — a 31 pct increase in value from the a day before.

National Industries Group was unchanged at 122 fils off slight early highs and RISCO too did not budge from its earlier close of 325 fils. Gulf Cable rose 5 fils to 375 fils while Heavy Engineering Industries and Shipbuilding Co took in 2 fils.

Jazeera Airways see-sawed before holding ground at 770 fils and ALAFCO gave up 4 fils to close at 220 fils. Metal and Recycling Co added 5 fils with razor thin trade and Boubyan Petrochemical Co stagnated at 465 fils.

Jumped

Kuwait Portland Cement gained 20 fils and Gulf Glass Manufacturing Co jumped 15 fils to 315 fils. Kuwait National Cinema Co climbed 10 fils to 960 fils and Qurain Petrochemical Industries Co stalled at 228 fils.

Kuwait and Gulf Link Transport Co was unchanged at 56 fils whereas KGL Logistics Co inched 1 fil up to 71 fils. Zimah Holding Co paused at 41 fils and Mezzan Holding Co too did not budge from its earlier close of 980 fils.

ACICO Industries Co and Combined Group Contracting Co paused at 270 fils and 610 fils respectively whereas Automated Systems Co shed 11 fils before settling at 244 fils.

OSOS dropped 10 fils to 134 fils whereas AWJ Holding clipped 2 fils.

Equipment Holding Co dialed up 0.5 fil with volume of over 1 million whereas Al Rai Media Group was unchanged at 150 fils.

In the banking sector, Gulf Bank and Commercial Bank were flat at 234 fils and 425 fils respectively. Al Ahli Bank paused at 300 fils off slight early lows and Ahli United Bank gave up 5 fils to close at 390 fils. Kuwait International Bank stagnated at 206 fils.

Kuwait Finance House was unchanged at 520 fils after trading 2.2 million shares and Burgan Bank followed suit with a volume of 2.7 million. Boubyan Bank slipped 5 fils and Warba Bank stood pat at 218 fils.

Kuwait Investment Co eased 1 fil to 80 fils and Commercial Facilities Co dialed up 2 fils. International Financial Advisors and Al Mal Investment Co paused at 31 fils and 19.5 fils respectively while Securities House Co closed 0.5 fil in green.

Bayan Investment Co rose 1.5 fils on back of 4 million shares whereas KAMCO and Unicap were flat at 112 fils and 42 fils respectively. Osoul Investment Co climbed 4 fils and KFIC edged 0.5 fil higher.

Al Deera Holding paused at 31 fils and Al Madina Finance and Investment Co followed suit. Al Imtiaz Investment Co dropped 5 fils and Ektittab Holding took in 1 fil. Mazaya Holding Co rose 10 fils to 112 fils.

Salhiya Real Estate and United Real Estate Co were flat at 360 fils and 94 fils respectively while Kuwait Real Estate Co inched 1 fil up on back of over 2 million shares.

The market has been mixed so far during the week and is up 2 pts in the last three sessions. It has gained 20 points from the start of the month but is down 0.9 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 fil 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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