Kuwait stocks ‘kick off’ 2017 with modest gains – KFH rallies 10 fils; Zain flat

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KUWAIT CITY, Jan 2: Kuwait stocks swung higher on Monday as it kicked off new year on a firm note. The bourse climbed 27.26 pts in volatile trade to 5,775.4 points helped by some of the mid and small caps. The banks and other heavyweights closed mixed.

The KSX 15 benchmark edged 0.73 points higher to 885.75 points while weighted index was up by a marginal 0.23 pts. The volume turnover meanwhile shrank for the second consecutive session. 102 million shares changed hands — a 39.48 pct drop from previous session.

The sectors closed mostly in the green turf. Parallel market outshone the rest with 1.18 pct gain whereas telecommunications shed 0.83 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 42.33 pct while real estate trailed with 27 percent contribution.

Among the day’s notable performers, Kuwait Finance House rallied 10 fils and KIPCO followed suit to close at 510 fils with thin volume. Jazeera Airways climbed 20 fils to 750 fils and UPAC soared 50 fils.

Zain was unchanged at 410 fils whereas Wataniya Telecom (Ooredoo) slid 60 fils to KD 1.140 wiping off last session’s gains. Kuwait Telecommunications Co (VIVA) slipped 10 fils and Agility rose 10 fils to 630 fils.

Sector bellwether National Bank of Kuwait dropped 10 fils to 640 fils after trading over 1 million shares and Boubyan Bank closed flat. The bank has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending Sept 30, 2016.

The market opened on tame note and drifted sideways in early trade. The price index fell briefly into red to bottom at 5,748.43 pts almost an hour into the session before heading north. It continued to rise amid a spurt in buying in select counters and peaked at 5,775.6 points ahead of the mid-session. It retreated thereafter and close with modest gains.

Top gainer of the day, Marakez spiked 9.43 pct to 29 fils and GFC climbed 8.33 percent to stand next. Amar Financing Co slid 8.3 pct, the steepest decliner of the day and Al Imtiaz topped the volume with 3.92 million shares.

Mirroring the day’s gains, the winners outpaced the loser 2 to 1. 52 stocks advanced whereas 25 closed lower. Of the 126 counters active on Monday, 49 closed flat. 2,426 deals worth over KD 9 million were transacted — a 50.4 pct surge in value from the last session.

National Industries Group took in 2 fils to settle at 124 fils while Gulf Cable was up 5 fils at 380 fils. Heavy Engineering Industries and Shipbuilding Co stood pat at 168 fils while Contracting and Marine Services Co added 4 fils to close at 68 fils.

Kuwait Food Co (Americana) was flat at KD 2.600 while IFA Hotels and Resorts gained 10 fils. ALAFCO rose 4 fils to 244 fils and Burgan Well Drilling Co inched 1 fils up. Humansoft Holding Co paused at KD 2.700 after last month’s winning streak and NAPESCO followed suit.

Down

Kuwait and Gulf Link Transport Co and KGL Logistics Co were unchanged at 64 fils and 73 fils respectively whereas Yiaco gave up 5 fils before winding up at 355 fils. AWJ Holding dialed down 1 fils to end at 64 fils.

Kuwait Portland Cement stalled at 910 fils and Qurain Petrochemical Industries Co clipped 2 fils. The compant has registered a net profit of KD 10.48 million and earnings per share of 10.08 fils in the January-September period.

Equipment Holding Co eased 2 fils and Alrai Media Group Co took in 2 fils to close at 140 fils. The compant has logged nine-month net profit of KD 2.94 million and earnings per share of 12.701 fils.

Zimah Holding Co and Mezzan Holding stagnated at 42.5 fils and 930 fils respectively while BPCC climbed 5 fils to 500 fils. NICBM stood pat at 210 fils.

In the banking sector, Gulf Bank fell 2 fils to 238 fils whereas Commercial Bank of Kuwait and Ahli United Bank were both flat at 410 fils each. Al Ahli Bank was not traded during the session.

Burgan Bank stagnated at 305 fils and Kuwait International Bank dialed down 2 fils after trading over 1 million shares. Warba Bank paused at 222 fils.

Kuwait Investment Co and Osoul Investment Co eased 1 fil each while International Financial Advisors inched 0.5 fils higher. National Investment Co took in 1 fil and KMEFIC stood pat at 23.5 fil. Securities House Co was up 0.5 fils at 44.5 fils.  KFIC and Al Madina Finance clipped 1 fils each while Bayan Investment Co paused at 33.5 fils. Aayan Investment Co and Al Mal added 0.5 fils each with brisk trading while KAMCO gave up 1 fils before settling at 96 fils.

Kuwait Financial Centre ( Markaz) rose 5 fils to 93 fils and Noor Financial Investment Co inched 1 fil into green. Ektittab Holding was unchanged at 37 fils and Warba Insurance Co dialed up 2 fils.

United Real Estate Co and Mazaya Holding added 2 fils each whereas National Real Estate Co stalled at 104 fils. Mabanee Co was unchanged at 850 fils and Kuwait Real Estate Co inched 1 fil up on back of 3.8 million shares.

The market was upbeat during last week. The main index closed higher in four of the five sessions and gained 72 pts week-on-week. It has rallied 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 fils 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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