Kuwait ‘rallies’; volume reaches multi-year high – Humansoft Holding soars 100 fils; Americana dips

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KUWAIT CITY, Jan 9: Kuwait stocks logged strong gains on Monday, extending its rally to fourth straight session. The bourse jumped 55.35 pts to 5951.84 pts led by select counters while the blue chips closed mixed.

The trading floor sentiment was upbeat even as the investors await the annual earnings.

The KSX 15 benchmark rose 2.14 points to 905.52 pts taking the month’s gains to 20 points while weighted index edged 1.48 pts higher. The volume turnover meanwhile surged to a multi-year high driven mostly by speculative trading. Over 574 million shares changed hands – a 43 pct spike from Sunday.

The sectors closed mostly in green. Technology outshone the rest with 2.18 pct gain whereas healthcare dropped 1.82 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 40.7 pct and real estate stood next with 35.8 pct contribution.

Among the prime movers, National Bank of Kuwait climbed 10 fils on back of 2.5 million shares and Mabanee Co rallied 30 fils to 890 fils. Humansoft Holding extended its winning spree with a solid 100 fils jump to KD 2.880.

Zain was unchanged at 425 fils after trading 1.8 million shares and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.160. Kuwait Telecommunications Co (VIVA) slipped 10 fils to 890 fils and logistics major Agility too was down by same measure.

Kuwait Food Co (Americana) shed 20 fils and Jazeera Airways Co dipped 30 fils. The airline has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016.

The market opened firm and moved sideways in early trade. The main index revved up almost an hour into the session amid brisk buying in select counters. It sagged briefly before peaking at 5855.37 pts in the final minutes and closed with strong gains.

Top gainer of the day, MENA Holding rallied 11.63 pct to 24 fils while Abyaar Real Estate soared 10.64 pct to stand next. Aqar Real Estate Co slid 7.25 pct, the steepest decliner of the day and Abyaar also topped the volume with 47.8 million shares.

Reflecting the day’s rally, the winner vastly outnumbered the losers. 82 stocks advanced whereas 33 closed lower.

Of the 146 counters active on Monday, 31 closed flat. 9252 deals worth over KD 43 million were transacted – a 43.8 pct surge in value from the day before.

National Industries Group rose 4 fils to 130 fils whereas RISCO gave up 5 fils to wind up at 315 fils. Gulf Cablle gained 10 fils whereas Heavy Engineering Industries and Shipbuilding Co paused at 186 fils. Contracting and Marine Services Co fell 3 fils to 63 fils.

Kuwait Foundry Co rose 4 fils to 192 fils and OSOS followed suit to wind up at 138 fils. ALAFCO took in 2 fils before settling at 242 fils and AWJ Holding followed suit. Equipment Holding Co was unchanged at 62 fils.

Kuwait Portland Cement Co was flat at 910 fils and Al Rai Media Group clipped 2 fils. Kuwait and Gulf Link Transport Co eased 2 fils to 65 fils and KGL Logistics Co inched 1 fil higher.

Dropped

Automated Systems Co dropped 8 fils and Al Qurain Petrochemical Co stood pat at 230 fils. ACICO Industries Co was down 5 fils at 275 fils and Shuaiba Industrial Co closed 5 fils higher.

Mezzan Holding Co was unchanged at 950 fils and Zimah Holding inched 1 fil into green after trading over 9 million shares. Al Kout Industries gained 10 fils and Mowasat Hospital Co shed 10 fils.

In the banking sector, Gulf Bank fell 2 fils to 238 fils and Kuwait International Bank followed suit. Al Ahli Bank stalled at 300 fils and Ahli United Bank was up 5 fils with thin trading. Commercial Bank of Kuwait was not traded during the day.

Kuwait Finance House and Burgan Bank were flat at 550 fils and 305 fils respectively whereas Boubyan Bank slipped 5 fils to 400 fils.

Warba Bank clipped 2 fils before settling at 220 fils.

Investment major KIPCO was flat at 510 fils and Kuwait Financial Centre (Markaz) held ground at 91 fils.

International Financial Advisors rose 1.5 fils on back of 11.4 million shares while National Investment Co dialed up 2 fils. Kuwait Investment Co inched 1 fil into red.

KMEFIC and KFIC rose 1 fil each to close at 27 fils and 39.5 fils respectively whereas Osoul Investment Co slipped 4 fils to 55 fils. Al Mal Investment and Coast Investment Co were up 0.5 fil each while Securities Group Co was down 5 fils at 80 fils.

KAMCO climbed 3 fils and Al Salam rose 4 fils on back of over 11 million shares. Securities House Co added 2.5 fils and Noor Financial Investment Co inched 1 fil higher. Bayan Investment Co edged 1.5 fils higher. Warba Insurance Co rose 3 fils to 102 fils.

Tamdeen Real Estate Co slumped 25 fils whereas United Real Estate Co stood pat at 98 fils. Salhiya Real Estate Co slipped 10 fils and National Real Estate Co gave up 2 fils. Kuwait Real Estate Co was up 1 fils at 69 fils.

The market has been upbeat so far during the week and has soared 120 points in last two sessions. It had gained 193 points during whole of December and rose 2.37 pct in 2016. 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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