Kuwait stocks resume uptrend; volume swells – Ooredoo gains 20 fils; Americana drops
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KUWAIT CITY, Jan 4: Kuwait stocks resumed its uptrend on Wednesday after pausing in the last session. The price index climbed 12.81 pts in volatile trade to 5,787.84 points helped by select blue chips and mid-caps even as banks remained muted.
The KSX 15 benchmark climbed 4.73 points to 898 pts while weighted index was up 1.43 points at 383.63 pts. The volume turnover meanwhile rebounded for second day to hit a multi-month high. 271.9 million shares changed hands – a 44 pct jump from the previous session.
Among the day’s prime movers, Kuwait Food Co (Americana) was down 20 fils at KD 2.600 while Humansoft slumped 100 fils to KD 2.600 after notching solid gains during last month. Mezzan Holding gained 20 fils and Salhiya Real Estate was up 10 fils at 365 fils.
Zain rose 10 fils to 425 fils extending the modest rise on Tuesday while Wataniya Telecom (Ooredoo) climbed 20 fils. Kuwait Telecommunications Co (VIVA) recouped last session’s fall with a 10 fils gain and Agility rallied 20 fils on back of 4.5 million shares.
Sector bellwether National Bank of Kuwait seesawed before closing unchanged at 660 fils with a volume of 3.9 million and Boubyan Bank added 5 fils. The bank has recorded a net profit of KD 29.62 million and EPS of 13.68 fils in the nine-month period ending Sept 30, 2016.
The market opened firm but drifted into red in early trade. The main index slid further to plumb the day’s lowest level of 5,760.64 pts ahead of the half–way mark and headed north thereafter. It continued to rise amid buying in select counters to peak at 5,787.84 before paring back some of the losses at close.
Top gainer of the day, Ajwan rallied 8.7 pct to 62 fils and Mubarrad climbed 8.47 percent to stand next. Humansoft Holding slid 3.7 pct, the steepest decliner of the day and Securities House Co topped the volume with 21.6 million shares.
National Industries Group took in 2 fils before settling at 126 fils while Gulf Cable was up 5 fils at 385 fils. Heavy Engineering Industries and Shipbuilding Co gained 10 fils on back of over 1 million shares whereas Contracting and Marine Services Co paused at 67 fils.
ALAFCO dipped 8 fils to 236 fils and Jazeera Airways Co was down 10 fils at 740 fils. The airline has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the 9M of 2016 as against net profit of KD 14.47 million and EPS of year 34.45 fils in the year before period.
Kuwait Foundry Co was flat at 182 fils and Equipment Co too did not budge from its earlier close of 61 fils off earlier highs. Kuwait and Gulf Link Transport Co dialed up 2 fils and KGL Logistics stalled at 73 fils.
AWJ Holding added 2 fils on back of 1.7 million shares to end at 67 fils and Salbookh Trading followed suit. Al Rai Media Group climbed 6 fils to 142 fils recouping Tuesday’s losses.
Ikarus and Zimah Holding took in 1 fil each to end at 42 fils and 43 fils respectively whereas Al Qurain Petrochemical Co held ground at 230 fils off slight early lows.
UPAC stood pat at 700 fils and Yiaco Medical Co was up 5 fils at 335 fils. The company has logged a nine-month net loss of KD 2.40 million and loss per share of 13.24 fils as compared to net profit of KD 751,920 and earnings per of 4.13 fils in 9M of 2015.
In the banking sector, Kuwait Finance House was flat at 550 fils after trading 4.4 million shares and Burgan Bank too did not budge from its earlier close of 305 fils. Warba Bank added 2 fils whereas Ahli United Bank was not traded during the day.
Gulf Bank and Commercial Bank were unchanged at 238 fils and 410 fils respectively whereas Al Ahli Bank slipped 5 fils to 295 fils. Kuwait International Bank dialed down 2 fils after trading over 3 million shares.
KIPCO was unchanged at 500 fils and National Investment Co followed suit. Coast Investment Co and KMEFIC took in 0.5 fil each whereas Kuwait Financial Centre (Markaz) inched 1 fils gave up 1 fil to settle at 91 fils.
KAMCO rose 3 fils to 97 fils whereas Osoul Investment Co and Al Mal Investment Co paused at 60 fils and 19.5 fils respectively. International Financial Advisors eased 0.5 fil while Kuwait Investment Co stalled at 85 fils,
Bayan Investment Co rose 0.5 fil to 34 fils and Unicap was up 2 fils on back of 15.3 million shares. Al Deera Holding and Noor Financial Investment Co clipped 0.5 fil each while Sokouk paused at 36 fils. Wethaq Takaful closed 1 fils higher at 31.5 fils.
Securities House Co rose 2 fils on back of 2.6 million shares and Aayan Investment Co added 2.5 fils with a volume of 12.3 million shares. Al Madina Finance inched 42.5 fils up while Al Imitiaz and Warba Insurance Co clipped 2 fils each.
Kuwait Real Estate Co took in1 fil and National Real Estate Co was up 4 fils after trading 6.8 million shares. Salhiya Real Estate Co gained 10 fils whereas United Real Estate Co edged 2 fils down to 94 fils. Mabanee Co stood pat at KD 0.860.
The market has been upbeat so far during the week and has climbed 27 pts in last two sessions. It had 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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