KUWAIT CITY, Jan 22: Kuwait’s bourse soared in a broad rally on Sunday led by financial shares. The price index surged 206.03 pts — to 6,641.78 points — the biggest single day gain in 23 months. The market mood was markedly bullish even as liquidity breached fresh multi-year highs.
The KSX 15 gauge vaulted 25 pts to 969.8 points taking the month’s gains to 84 points while weighted index jumped 10.7 pts. The volume turnover meanwhile surged closer to 900 million mark. 891 million shares changed hands — a 8.5 pct rise from the day before.
All sectors barring one closed in green zone. Financial sector outshone the rest with 4.99 pct surge whereas parallel market slipped 0.10 percent, the only loser of the day. In terms of volume, financial services garnered the highest market share of 38.2 percent while real estate stood next with 31 pct contribution.
Among the prime movers, Kuwait Finance House rallied 30 fils to 610 fils on back of 11.6 million shares while Burgan Bank gained 20 fils. Investment major KIPCO surged 20 fils with a volume of 4.8 million while UPAC zoomed 50 fils.
Zain climbed 20 fils on back of 26.3 million shares while Wataniya Telecom (Ooredoo) stood pat at KD 1.180. Kuwait Telecommunications Co (VIVA) rose 10 fils to 910 fils and Agility vacillated in a narrow range before ending flat at 690 fils.
Kuwait Food Co (Americana) shed 20 fils and Jazeera Airways paused at 680 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 headed north in early trade. The main index continued to rally amid brisk trading across the sectors to peak at 6,644.77 pts before closing with whopping gains.
Top gainers of the day, Gulf Bank and GIH surged 9.8 pct each to close at 280 fils and 56 fils respectively whereas Hilal Cement Co slid 8.33 pct, the steepest decliner of the day. Investors Holding Group topped the volume with 78 million shares.
Mirroring the day’s strong performance, the winners led the losers 14 to 1. 133 shares advanced whereas 9 closed lower. Of the 156 counters active on Sunday, 14 closed flat. 14,265 deals worth KD 94.26 million were transacted — 49.68 pct increase in value from the day before.
National Industries Group rallied 10 fils to 150 fils in brisk trading and Gulf Cable gained 25 fils. Contracting and Marine Services Co fell 4 fils while Heavy Industries and Shipbuilding Co added 10 fils. Boubyan Petrochemical Co was up 20 fils.
Kuwait Foundry Co rose 8 fils to 238 fils and Kuwait National Cinema Co gained 20 fils. NICBM and Equipment Holding Co added 4 fils each whereas Humansoft Holding Co shed 20 fils.
KCPC and Yiaco climbed 10 fils each to close at 188 fils and 270 fils respectively while OSOS gained 10 fils. Kuwait and Gulf Transport Co rose 3 fils on back of 12.4 million shares and KGL Logistics Co added 5 fils with a volume of over 12 million shares.
Mezzan Holding climbed 20 fils to 960 fils recouping last session’s losses and Zimah Holding Co was up 5 fils at 63 fils. Independent Group Co was up 5 fils and PAPCO followed suit.
Al Rai Media Group rose 6 fils to 140 fils and Shuaiba Industrial Co gained 10 fils The company has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M.
Kuwait Cement Co was flat at 980 fils and RISCO followed suit. The company has posted a net profit of KD 4.64m and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016.
In the banking sector, National Bank of Kuwait was unchanged at 680 fils off slight early highs while Commercial Bank of Kuwait and Al Ahli Bank climbed 5 fils each to close at 425 fils and 330 fils. Ahli United Bank paused at 330 fils. Boubyan Bank added 5 fils before settling at 415 fils and Kuwait International Bank dialed up 2 fils. Warba Bank rallied 4 fils on back of 13.7 million shares.
Kuwait Investment Co climbed 7 fils while Kuwait Financial Centre (Markaz) and Commercial Facilities Co took in 2 fils each. Securities House Co was up 5 fils on back of 16.3 million shares and Securities Group Co followed suit.
Bayan Investment Co and Osoul Investment Co added 3 fils each while KMEFIC closed 2.5 fils in green. KAMCO inched 1 fil higher whereas Al Madina For Finance and Investment stalled at 60 fils. KFIC took in 2.5 fils and Al Mal followed suit.
KAMCO inched 1 fil up to 92 fils and Sokouk Holding closed 5 fils in green. Noor Financial Investment Co and UNICAP gained 4 fils each while Tamdeen Investment Co jumped 5 fils.
National Real Estate Co dialed up 2 fils on back of over 14 million shares and United Real Estate Co followed suit. Mabanee Co and Salhiya Real Estate Co gained 10 fils while Kuwait Real Estate Co closed 3 fils higher. Mazaya Holding was up 8 fils at 128 fils.
The market was bullish during last week. The price index closed higher in all the five sessions and rallied 534 pts week-on-week. It has soared 687 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, 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