Kuwait price index ends higher in choppy session – KFH rallies 9 fils; KIPCO retreats

KUWAIT CITY, Aug 14 : Kuwait stocks swung higher on Monday after treading water in the last session. The bourse climbed 13.16 pts in choppy trade to 6859.27 points paced by banks. The overall mood however remained cautious as investors await cues before taking up fresh positions.

The KSX 15 benchmark rose 6.83 pts to 973.39 points taking the month’s gains to 30 points while weighted index added 2.24 points. The volume turnover meanwhile slipped after rising in the last two sessions. 71.37 million shares changed hands – a 3.7 pct fall from the day before.

The sectors closed mostly in the green turf. Technology outpaced the rest with 1.55 pct gain whereas oil and gas and basic materials were down 0.46 pct each, the biggest losers of the day. Volume wise, banks topped with 36.3 pct market share and financial services followed with 33 pct contribution.

Among the notable performers, National Bank of Kuwait extended Sunday’s rally with a 10 fils gain on back of 4.9 million shares and Kuwait Finance House climbed 9 fils with brisk trading. KIPCO however reversed last session’s gains with a drop of 5 fils to 369 fils.

Zain rose 3 fils to 489 fils with a volume of 4.9 million shares adding to Sunday’s strong gains and Ooredoo was up 10 fils at KD 1.170. Kuwait Telecommunications Co (VIVA) dipped 7 fils to 802 fils and Agility stood pat at 847 fils.

Boubyan Bank climbed 7 fils on back of 2.4 million shares and Burgan Bank was up 4 fils at 370 fils. The bank has posted a profit of KD 21.07 million in the second quarter, a 24.6 pct year-on-year increase from same period last year. In the first half, earnings rose 23.7 percent to KD 38.88 m.

The market opened marginally weak and slipped briefly in early trade. The main index pulled up in choppy trade before heading south again to plumb the day’s lowest level of 6803 points almost half way into the session. It clawed back thereafter and closed with modest gains.

Top gainer of the day, Noor Financial Investment Co rallied 13.6 pct to 61.8 fils and Future Kid climbed 9.43 percent to stand next. NIH dived 5.6 percent, the steepest decliner of the day and Kuwiat Finance House topped the volume with 5.7 million shares.

Despite the day’s upswing, the losers outnumbered the winners. 43 stocks advanced whereas 51 closed lower. Of the 115 counters active on Monday, 21 closed flat. 3256 deals worth KD 17.2 million were transacted – a 4.5 pct rise in value from the day before.

National Industries Group inched 1 fil higher on volume of 2.2 million and Gulf Cable dipped 6 fils to 481 fils. Heavy Engineering Industries and Shipbuilding Co gave up 2 fils and Shuaiba Industrial Co paused at 280 fils.

Kuwait Portland Cement Co jumped 25 fils to 990 fils and Kuwait Cement Co was down 5 fils at 420 fls. Boubyan Petrochemical Co took in 2 fils and Al Qurain Petrochemical Co gave up 5 fils to settle at 341 fils.

Eased

Humansoft Holding, the highest priced stock in the bourse, was unchanged at KD 4.300 and Napesco eased 1 fil. The company’s second quarter profits slid 26.8 pct to KD 1.73 million from same period in year before. During the first half , profits rose 6.9 percent to KD 4.04 million.

Equipment Holding Co inched 0.2 fil lower and Educational Holding Group took in 1 fil. The company has posted a 13 pct drop in profits in the quarter ended 31 May 2017.

Automated Systems Co climbed 10 fils to 180 fils while Eyas For Higher and Technical Education and Burgan Well Drilling Co paused at 850 fils and 75 fils respectively. NICBM dialed up 1 fil to wind up at 180 fils.

Combined Group Contracting Co eased 1 fil to 567 fils and OSOS held ground at 122 fils. AWJ Holding added 3.7 fils Al Rai Holding gained 5 fils and Mezzan Holding slipped 5 fils to 880 fils.

In the banking sector, Gulf Bank fell 1 fil to 245 fils and Al Mutahed edged 1 fil higher. Commercial Bank and Al Ahli Bank were not traded during the session. Kuwait International Bank inched 1 fil up and Warba Bank closed 1 fil in red, Kuwait Investment Co was flat at 105 fils and National Investment Co took in 1 fil on back of over 2 million shares. International Financial Advisors and KMEFIC were up 0.1 fil each and Coast Investment Co edged 0.5 fil into green.

Kuwait Financial Centre (Markaz) rose 8 fils to 98 fils and Bayan Investment Co added 0.6 fil on back of over 1 million shares. Securities House Co dialed up 1.3 fils and Al Mal Investment clipped 0.1 fil.

Noor Financial Investment Co climbed 7.4 fils to 6.8 fils and Sokouk Holding nudged 0.4 fil up. Amwal Investment rose 2.1 fils and Ektittab Holding clipped 1.5 fils.

Kuwait Insurance Co dipped 6 fils to 254 fils and Gulf Insurance Co extended its gains with 10 fils rise to 720 fils. Warba Insurance Co was up 7 fils at 95.9 fils.

Kuwait Real Estate Co trimmed 0.2 fil while United Real Estate and Mazaya Holding were flat at 88 fils and 114 fils respectively. Mabanee Co dipped 5 fils to 789 fils and Tamdeen Real Estate Co gained 10 fils.

The market has been positive so far during the week and has climbed 14 points in last two sessions. It has added 8 points from the start of the month and is trading 19.3 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Financial Centre (Markaz) has recorded a 51.7 pct decline in second quarter profits to KD 720,000 from same period last year. During the January-June period, the earnings soared by 260.7 pct in profits to KD 2.92 million.

KMEFIC recorded a profit of KD 163,510 in Q2 of 2017, rebounding from a loss of KD 730,370 in same period last year. During the first half of 2017, the losses narrowed by 69.2 percent year-on-year to KD 406,200

Educational Holding Group has posted a 13 pct drop in profits in the quarter ended May 31, 2017. The profits totaled KD 1.14 million as against KD 1.31 million in the same period last year. In the nine-month period ending May 30, the earnings grew 22 pct to KD 4.32m.

Imtiaz Investment Group’s second quarter profits soared by a whopping 1,041 pct to KD 19.97 million from same period in 2016. During the first six months, profits surged 626.3% to KD 32.32 million.

Aqar Real Estate Investment’s second quarter profits surged 27 pct to KD 350,410 mln from same period last year helped by increase of rent revenues. The revenues rose 23.4 percent to KD 687,320 in the first half while operating revenues climbed 21.6 percent to KD 987,070.

By John Mathews – Arab Times Staff

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