KUWAIT CITY, July 3: Kuwait stocks nudged higher on Sunday to kick off month on a firm note but investors stood on the sidelines ahead of Eid al Fitr holidays. The price index rose 4.46 points in thin trade to close at 5,369.03 points.
The KSX-15 index shed 3.53 points to 802.18 points. The weighted index lost 0.73 points. The volume turnover meanwhile remained subdued ahead of the Eid al Fitr holidays. 46 million shares changed hands, a drop of 34.52 percent from the previous session.
The sectors remained mixed during the session. Consumer goods outshone with 0.70 percent gain while technology slipped 2.48 percent to end the day as the worst performer. In terms of volume, financial services mustered the highest market share of 40.52 percent while consumer services and banks trailed far behind with 17.4 percent and 12.13 percent contributions respectively.
Among the notable movers, National Bank of Kuwait eased 10 fils whereas Kuwait Food Co (Americana) plummeted 20 fils. However, Mezzan Holding Co spiked 20 fils to settle at KD 1.100 erasing the losses in the last session and Mabanee Co rose by 10 fils to KD 0.760 in thin trading.
Boubyan Petrochemicals Co plunged 25 fils while Qurain Petrochemicals Industries Co shed 2 fils and Agility stood pat at KD 0.470. Gulf Cable and Electricals Co and Gulf Glass Manufacturing Co gained 10 fils each.
The market opened firm and ticked higher in early trade. The price index slipped into negative territory and hit the day’s low level of 5,357.53 points in slightly volatile trade before clawing back in the final moments to close with slight gains.
Top gainer of the day, Gulf Franchising Holding Co spiked 6.45 percent to 33 fils and Al-Mal Investment Co stood next with 5.56 percent gain after trading over 4 million shares. Flex Resort & Real Estate Co eroded 9.78 percent, the steepest decliner of the day and Zima Holding Co topped the volume with 7.8 million shares.
Livestock Transport & Trading Co rose 5.32 percent whereas National Investments Co was up 5.26 percent and Ajwan Gulf Real Estate Co gained 5.17 percent in thin trading.
The market was skewed toward the winners as 39 stocks advanced whereas 23 closed lower. Of the 94 counters active on Sunday, 32 closed flat. 1439 deals worth KD 5.6 million were transacted, a drop of 55.03 percent in value from the last session.
The banks closed mostly flat as Gulf Bank and Commercial Bank of Kuwait were unchanged at KD 0.232 and KD 0.415 respectively whereas Warba Bank gained 2 fils to stand at 170 fils. Kuwait Finance House, Burgan Bank and Al Ahli Bank of Kuwait were unchanged.
United Foodstuff Industries Group shed 7.14 percent while Automated Systems Co lost 6.94 percent to KD 0.335. Amwal International Investment Co slipped 6.82 percent and Kuwait Resorts Co was down 5.56 percent.
ACICO Industries Co was up 5 fils to close at 300 fils. ACICO Industries Co has clocked a net profit of KD 3.85 million and earnings per share of 14.11 fils in the first quarter of 2016 as compared to net profit of KD 3.94 million and earnings per share of 14.46 fils in same period of 2015.
In the telecommunication sector, Mobile Telecommunications Co (Zain) and Kuwait Telecommunications Co (VIVA) did not budge from their earlier close of KD 0.335 and KD 0.930 respectively. National Mobile Telecommunications Co (Ooredoo) shares were not traded in this session.
Commercial Facilities Co and Osoul Investment Co gave up 2 fils each whereas Kuwait Projects Co and First Investment Co closed flat in this session. Hits Telecom Holding Co barely moved. Hayat Communications Co and Jazeera Airways Co held steady at 47 fils and 900 fils respectively.
AWJ Holding Co gave up 3 fils whereas Mishrif Trading and Contracting Co inched 1 fil up. Oula Fuel was unchanged and Sour Fuel added 2 fils. Gulf Cement Co rose 2 fils and Noor Financial Investment was up by the same amonut.
Kuwait & Gulf Link Transport Co added 1.5 fils. Kuwait & Gulf Link Transport Co has recorded a net profit of KD 494,405 and earnings per share of 1.87 fils in the quarter ending March 31, 2016 rebounding from net loss of KD 721,250 and losses per share of 2.73 fils in the same period last year.
Kuwait Insurance Co added 5 fils whereas Warba Insurance Co slipped 2 fils and Gulf Insurance Group shares were not traded. Al Mazaya Holding Co gave up 2 fils and United Real Estate Co was down by the same amount.
Tijara & Real Estate Investment Co gained 3 fils and Munshaat Real Estate Projects Co rose 2 fils to 55 fils. National Real Estate Co edged 2 fils up. National Real Estate Co announced the financial results of period ended on March 31, 2016 as follows: Net profit KD 3,615,655 Earnings per share 4.05 fils Net profit KD 3,292,430 same period last year Earnings per share 3.68 fils same period last year.
By Iliasu Abubakari
Arab Times Staff