Kuwait slightly up in lackluster trade – NBK climbs 10 fils; KIPCO flat

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KUWAIT CITY, Feb 17: Kuwait stocks swung slightly higher on Wednesday as it continues its mixed course amid uptick in oil prices. The price index rose 11.32 pts in lackluster trade to 5,146.28 points even as investors turned cautious in absence of fresh cues.

The KSX 15 slipped 4.73 pts to 831.3 points taking the year’s losses to 53 points while weighted index edged 0.93 pts lower to 352.11 points. The volume turnover meanwhile fell slightly after surging in the last session. 128.9 million shares changed hands — a 9.7 percent drop from Tuesday.

The sectors closed mixed. Healthcare outled the rest with 2.36 percent gain whereas consumer goods shed 1 pct, the biggest loser of the day. In terms of volume financial services notched the highest market share of 47.57 percent while real estate followed with 34.14 pct. Industrials trailed far behind with 5.77 percent contribution.

In the individual shares, National Bank of Kuwait rose 10 fils to KD 0.720 whereas Kuwait Finance House held steady at KD 0.485 off early lows. Kuwait Food Co (Americana) slid 60 fils to KD 2.280 but has rallied 530 fils so far during the month.

Zain was unchanged at KD 0.355 after trading 1.3 million shares and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.060. Kuwait Telecommunications Co (VIVA) climbed 20 fils to KD 0.890 whereas Agility stood pat at KD 0.430.

National Investment Co inched 1 fils lower and KIPCO paused at KD 0.550. The company has posted a net profit of KD 53.02 million and earnings per share of 34.05 fils in 2015 as compared to net profit of KD 46.086 mln and earnings per share of 33 fils in the same period last year. The BOD has recommended 25 percent cash dividends.

The market opened flat and edged lower in early trade. The price index troughed at 5,123.97 points and clawed back on buying in select counters.

It moved sideways thereafter and managed to wind up with modest gains.

Top gainer of the day Nafais Holding Co spiked 13.33 pct to 136 fils while Contracting and Marine Services Co climbed 9.6 percent to stand next. Sultan Centre dropped 7.8 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 24.76 million shares.

Mirroring the day’s uptick, the winners outnumbered the losers. 49 stocks advanced whereas 36 closed lower. Of the 131 counters active on Wednesday, 46 closed flat. 3053 deals worth KD 9.9 million were transacted — a 22.9 percent drop in value from the day before.

National Industries Group fell 2 fils to KD 0.112 whereas Kuwait Foundry Co and Gulf Cable were flat at KD 0.210 and KD 0.345 respectively. ACICO Industries Co shed 15 fils and Boubyan Petrochemicals Co gave up 5 fils to settle at KD 0.460.

Jazeera Airways jumped 30 fils to KD 0.820 taking the month’s gain to 50 fils while ALAFCO stood pat at KD 0.180. Mezzan Holding tumbled 60 fils and Humansoft Holding slid 50 fils to KD 0.850. Equipment Holding Co took in 1 fils.

Recorded

Hilal Cement was unchanged at 132 fils and Kuwait National Cinema Co followed suit. The company has recorded a net profit of KD 9.83 million and earnings per share of 102.19 fils in 2015 as against net profit of KD 8.71 million and earnings per share of 88.04 fils during last year. The BOD has recommended 53 percent cash dividends.

Kuwait and Gulf Link Transport Co eased 1 fils and KGL Logistics Co followed suit. Kuwait Portland Cement was steady at KD 1.020. The company has posted a net profit of KD 4.82 mln and earnings per share of 50.50 fils during the full year of 2015 and the Board of Directors has recommended 50 percent cash dividends in addition to 5 percent bonus shares.

Nafais Holding Co jumped 16 fils to 136 fils and Yiaco Medical Co added 10 fils to settle at KD 0.178. Mushrif Trading and Contracting Co clipped 2 fils and Mashaer Holding Co was unchanged at 96 fils. In the banking sector, Gulf Bank of Kuwait stagnated at KD 0.206 and Commercial Bank of Kuwait followed suit. Ahli United Bank and Kuwait International Bank paused at KD 0.450 and 192 fils respectively. Boubyan Bank stood pat at KD 0.390.

Burgan Bank was unchanged at KD 0.325 and Al-Ahli Bank of Kuwait closed 5 fils in red. The bank has logged a net profit of KD 30.36 million and earnings per share of 19 fils in the year ending Dec 31, 2015, down from net profit of KD 37.58 million and earnings per share of 23 fils in 2014. The BOD has recommended 10 pct cash dividends

Securities House Co inched 0.5 fils up to 31 fils while Arzan Financial Group and KFIC eased 0.5 fils each. First Investment Co and Al Mal Investment Co took in 1 fils each and Al Madina For Finance and Investment Co added 2.5 fils.

Kuwait Financial Centre was flat at 84 fils while Bayan Investment Co and Gulf Investment Co rose 1 fils each. Sokouk Holding stood pat at 34 fils and Ektittab Holding Co nudged 1.5 fils up. Noor Financial Investment slipped 2.5 fils while Tamdeen Investment Co pulled 5 fils higher.

Mabanee Co gained 10 fils and National Real Estate Co inched 1 fils higher. Al Mazaya Co and Tamdeen Real Estate Co stagnated at KD 0.106 and KD 0.580 respectively.

The market has been mixed so far during the week and has added 15 pts in last four sessions. It has gained 32 points from start of the month but is down 8.35 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, INOVEST has incurred a net loss of KD 14.37 million and loss per share of 50.48 fils in 2015 as compared to net loss of KD 1.149 million and loss per share of 4.03 fils in the year before.

 Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5,14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.

Burgan Well Drilling Co has logged a net profit of KD 1.94 million and earnings per share of 9.32 fils in the nine-month period ended on 31/12/2015 as compared to net profit of KD 221,983 and earnings per share of 1.06 fils in the same period last year.

Hilal Cement Company has recorded a net profit of KD 308,586 and earnings per share of 4 fils in 2015 bouncing from net loss of KD 374,037 and loss per share of 5 fils in the year before. The BOD has recommended 10 percent bonus shares.

By John Mathews

Arab Times Staff

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