KUWAIT CITY, Jan 29: Kuwait bourse rally picked up momentum again after losing some steam in the last session. The price index soared 90.94 pts in a broad advance to 6,934.24 pts led by some of the heavyweights. The market sentiment was markedly positive even as investors await more corporate results.
The KSX 15 benchmark jumped 18.47 pts to 1,006.17 points — a multi-year high, while weighted index was up 5.9 pts at 434.4 points. The volume turnover meanwhile shrank slightly following Thursday’s rebound. Over 770 million shares changed hands — down by a marginal 1.74 pct from previous session.
The sectors closed mostly higher. Basic materials outshone the rest with 6 pct surge while telecommunications shed 1 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 42.4 percent an real estate trailed with 31.9 percent contribution.
Among the standout performers, National Bank of Kuwait rallied 10 fils to 750 fils while Kuwait Finance House climbed 20 fils on back of 7.5 million shares. Gulf Cable vaulted 50 fils to 550 fils and Kuwait Foundry Co gained 25 fils.
Zain rallied 25 fils to 510 fils on back of 14.7 million shares and is up 100 fils during the month while Wataniya Telecom (Ooredoo) tumbled 40 fils. Kuwait Telecommunications Co ( VIVA) shed 20 fils and logistics major Agility gained 40 fils with a volume of 6.6 million.
Ahli United Bank rose 10 fils and Kuwait International Bank gave up 2 fils. The bank’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 and rose sharply in early trade amid brisk buying across the sectors. The price index sagged briefly before resuming the climb to peak at 6,846.05 pts. It moved sideways in the final hour and close with hefty gains.
Top gainer of the day, Nafais Holding spiked 11.49 pct to 194 fils while Gulf Cable stood next with 10 pct jump. Al Mudon slid 7.46 percent, the steepest decliner of the day and Al Mal topped the volume with 45.5 million shares.
Mirroring the day’s gains, the market spread was skewed towards the losers. 77 stocks advanced whereas 34 closed lower. Of the 153 counters active on Sunday, 34 closed flat. 12,942 deals worth KD 75.45 million were transacted — a 22.32 pct increase in value from the day before.
National Industries Group, the flagship company of the Kharafi Group, rose 4 fils to 164 fils with a volume of 17.3 million while Kuwait Cement Co and RISCO gained 15 fils each to settle at 450 fils and 330 fils respectively.
Jazeera Airways rose 10 fils to 700 fils and ALAFCO followed suit to end at 242 fils. Heavy Engineering Industries and Shipbuilding Co rose 10 fils whereas Contracting and Marine Services Co stood pat at 67 fils.
Metal and Recycling Co added 5 fils and Kuwait Portland Cement was flat at KD 1.080. The company has registered a net profit of KD 1.84 million in fourth quarter of 2016 and the company’s board has recommended distributing 80 pct cash dividends or 80 fils per share for FY16.
Al Rai Media Group’s was up 10 fils at 154 fils. The company’s Q4 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 million.
Al Kout Industries Co jumped 30 fils to 700 fils and Combined GrouP Contracting Co closed 10 fils in red with thin trading. OSOS rose 10 fils to 220 fils and Hilal Cement Co was up 6 fils at 120 fils. ACICO Industries stood pat at 300 fils.
Mezzan Holding slipped 10 fils to 990 fils and Zimah Holding dialed down 2 fils before settling at 64 fils. Humansoft Holding was unchanged at KD 3.000 while NICBM and Equipment Holding took in 2 fils each.
Al Qurain Petrochemical Co gained 20 fils and Shuiba Industrial Co paused at 310 fils. Kuwait and Gulf Link Transport Co inched 1 fil higher to 70 fils and KGL Logistics Co was unchanged at 81 fils. Boubyan Petrochemical Co climbed 20 fils to 580 fils.
In the banking sector, Gulf Bank rose 5 fils to 275 fils while Al Ahli Bank was down 10 fils at 325 fils. Burgan Bank took in 2 fils and Boubyan Bank closed 5 fils in red. Warba Bank was flat at 242 fils whereas Commercial Bank of Kuwait was not traded during the session.
Kuwait Investment Co and International Financial Advisors dialed down 2 fils each whereas National Investment Co gained 10 fils. KIPCO was flat at 570 fils and Securities House Co followed suit. Securities Group closed 5 fls up at 99 fils.
Kuwait Financial Centre (Markaz) climbed 4 fils with thin trading while Osoul Investment Co and KFIC took in 2 fils each. KAMCO vacillated in a narrow range before closing unchanged at 86 fils and Sokouk Holding followed suit.
Tamdeen Investment Co rallied 20 fils and Noor Financial Investment Co added 4 fils with brisk trading. Bayan Investment Co rose 3 fils on back of over 12 million shares and KMEFIC was up 2.5 fils at 41.5 fils.
Kuwait Real Estate Co rose 3 fils on back of over 16 million shares while United Real Estate Co climbed 6 fils. Mazaya Holding gained 10 fils whereas Mabanee Co and Tamdeen Real Estate Co closed flat at 900 fils and 450 fils respectively.
The market was bullish during last week. The main index closed higher in all the five sessions and soared 417 points week-on-week. It has rallied 1,192 points from start of the month after gaining 2.37 pct during whole of 2016. KSE, with 208 listed companies, is the second largest bourse in the region.
In the bourse related news, Boubyan Bank’s fourth quarter profit rose 13.5 pct year-on-year to KD 11.44 million from KD 10.08 million in Q4- of 2015. For the fill year the period, profit was up 16.6 pct to KD 41.07 mln from KD 35.24 million in 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