Kuwait notches modest ‘gains’ in volatile trade – Zain drops 15 fils; KIPCO flat

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KUWAIT CITY, Feb 13: Kuwait stocks eked modest gains on Monday helped by fresh buying in select counters. The price index climbed 19.55 pts in volatile trade to 6,656.85 points even as the board remained broadly mixed. The banks were muted while other heavyweights closed mostly in red.

The KSX 15 benchmark slipped 4.17 pts to 952.2 points and weighted index eased 1.36 pts to 419.05 points. The volume turnover meanwhile rebounded after Sunday’s dip. 498.8 million shares changed hands during the session – 19.6 pct rise from Sunday.

The sectors closed mostly in the red. Oil and gas outshone the rest with 1.57 pct gain whereas telecommunications shed 1.86 percent, the worst performer of the day. In terms of volume, real estate mustered the highest market share of 39.7 pct while financial services followed with over 31 pct contribution.

In the individual shares, National Bank of Kuwait gave up early gains to close flat at 720 fils and Kuwait Finance House followed suit after trading over 3 million shares. Investment conglomerate KIPCO too did budge from its earlier close of 510 fils.

Zain dropped 15 fils to 470 fils with a volume of over 8 million and Wataniya Telecom (Ooredoo) skidded 40 fils. Kuwait Telecommunications Co (VIVA) stood pat at 870 fils and Agility was down 10 fils after trading over 15 million shares.

Commercial Bank slid 25 fils and Kuwait International Bank added 4 fils. KIB’s fourth quarter earnings increased to KD 4.72 million in last quarter of 2016 from KD 4.25 million in same period last year.

The market opened firm but slipped into red in early trade. The main index plumbed the day’s lowest level of 6,636.17 pts and rebounded thereafter amid a brief spurt in buying. It peaked at 6,696.99 points and retreated amid profit taking before trading sideways in the second half and closed with modest gains.

Top gainer of the day, Kuwait National Cinema Co soared 8.9 pct to KD 1.220 and Shuaiba Industrial Co climbed 8 percent to stand close behind. Contracting and Marine Services slid 6.35 pct, the steepest decliner of the day and Abyaar topped the volume with over 40 million shares.

Mirroring the day’s upswing, the winners outnumbered the losers. 60 stocks advanced whereas 44 closed lower. Of the 141 counters active on Monday, 37 closed flat. 9917 deals worth KD 51.6 million were transacted – a 21.9 pct rise in value from the day before.

National Industries Group was flat at 144 fils after vacillating earlier in the session while Gulf Cable was down 10 fils at 550 fils. Heavy Engineering Industries and Shipbuilding Co gave up 8 fils to settle at 220 fils. Humansoft Holding erased Sunday’s gains with a 20 fils drop.

Kuwait Cement Co slipped 10 fils to 485 fils and Kuwait Portland Cement shed 20 fils. The company has registered a net profit of KD 1.84 million in fourth quarter of 2016.

Slipped

ACICO Industries slipped 5 fils to 295 fils whereas Boubyan Petrochemical Co while Automated Systems Co and NICBM gave up 4 fils each to wind up at 244 fils and 216 fils respectively. Equipment Holding Co inched 1 fils to 64fils.

Jazeera Airways dropped 20 fils to 640 fils and Humansoft Holding shed 20 fils. Mezzan Holding rose 10 fils to 940 fils while Zimah Holding inched 1 fils into green. Kuwait and Gulf Link Transport Co took in 1 fils and KGL Logistics Co stood pat at 73 fils.

AWJ Holding dialed up 2 fils and Al Rai Media fell 2 fils. The company’s profits dropped 26.4 pct to KD 1.17 m from same period in the previous year and in 2016 fiscal year, the profits dipped 34.9 pct to KD 4.11 mln.

In the banking sector, Gulf Bank was unchanged at 246 fils off slight  early highs and Al Ahli Bank too did not budge from its earlier close of 310 fils. Ahli United Bank held ground at 310 fils.

Burgan Bank seesawed in a tight range before closing flat at 320 fils and Boubyan Bank followed suit. Warba Bank dialed down 2 fils to close at 246 fils.

National Investment Co and Securities House Co took in 2 fils each while International Financial Advisors was up 2.5 fils at 46 fils. Coast Investment Co and Arzan both inched 1 fils higher while KMEFIC close 1 fils into red.

KAMCO climbed 4 fils to 91 fils while Al Deera Holding and Noor Financial Investment Co were up 1.5 fils each at 37.5 fils and 53 fils respectively. Osoul Investment Co clipped 2 fils and and Sokouk Holding was up 1.5 fils with brisk trading.

Tamdeen Investment Co gained 5 fils while Aayan and Bayan Investment Co added 2.5 fils each. Al Imtiaz slipped 10 fils to 186 fils and Unicap paused at 53 fils. Kuwait Investment Co stalled at 98 fils.

Mabanee Co and Kuwait Real Estate Co stood pat at 850 fils and 76 fils respectively while United Real Estate Co gave up 2 fils. National Real Estate Co rallied 4 fils on back of 12.2 million shares . Mazaya Holding Co slipped 6 fils to 126 fils.

The market has been trending higher so far during the week and has gained 74 pts in last two sessions. It has slid 176  points from start of the month but has rallied over 19 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Glass Manufacturing Co’s fourth quarter net profit dipped o 64% in KD 14,000 from KD 39,000 in same period last year. During the fiscal year of 2016, profits was down 48 percent to KD 1.21 million from KD 2.34 mln in the previous year.

Al Mowasat Health Care has posted KD 1.8 million profits during the fourth quarter of 2016 and for the fiscal year of 2016, earnings rose 35.3 pct to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20% or 20 fils per share.

Injazzat Real Estate Development has posted a net profit of KD 550,000 in the last quarter of 2016 and during the fiscal year of 2016, the bank earned KD 3.2 million. The board of Injazzat has recommended a cash dividend of 5% or 5 fils per share for FY 2016, with a total value of KD 2.03 million.

Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 pct to KD 888,620 from KD 1.15 million in Q4 of 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.

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.

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