KUWAIT CITY, Jan 16: Kuwait stocks took a breather on Monday after the eight day long rally. The price index was little changed after a volatile session with a 1.17 pct uptick to close at 6,224 points even as the shares closed mixed amid brisk trading.
The KSX 15 benchmark rose 3.39 pts to 929.8 pts taking the month’s gains to 44 pts while weighted index edged 0.98 pt into green. The volume turnover meanwhile receded slightly but managed to hold above the 700 million mark. Over 702 mln shares changed hands — a 4.6 pct fall from Sunday.
The sectors performances diverged. Basic materials outshone the rest with 1.65 pct gain whereas consumer services shed 1.25 percent, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 46.35 percent and real estate followed with 28.8 pct contribution.
In the individual shares, National Bank of Kuwait was down 10 fils at 670 fils erasing half of Sunday’s gains while National Investment Co climbed 4 fils on back of 22.4 million shares. Kuwait Food Co (Americana) rose 20 fils to KD 2.620.
Zain climbed 20 fils on back of 13.3 million shares extending the last session’s gains while Wataniya Telecom (Ooredoo) jumped 20 fils. Kuwait Telecommunications Co (VIVA) gave up 10 fils to settle at 890 fils and Agility closed 10 fils up.
Kuwait Finance House seesawed before closing unchanged at 590 fils and Boubyan Bank slipped 5 fils to 405 fils. 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 a firm note and rose further in early trade on buying in select counters. The main index peaked at 6,268.18 pts before falling sharply amid brief bout of profit taking and bottomed at 6,200 pts almost half way into the session. It clawed back thereafter and managed to close in the green territory.
Top gainer of the day, Massaleh vaulted 7.84 pct to 55 fils while Manazel rallied 7 pct to stand close behind. Contracting and Marine Services Co slid 8.33 pct, the steepest decliner of the day and Investors Holding Group topped the volume with over 49 million shares.
Despite the uptick, market spread was slightly skewed towards the losers. 54 stocks advanced whereas 61 closed lower. Of the 152 counters active on Monday, 37 closed flat. 1,1669 deals worth over KD 60 mln were transacted — a 12.3 pct rise in value from the day before.
National Industries Group took in 2 fils on back of 5.6 million shares after an identical rise in day before while Gulf Cable climbed 15 fils to 435 fils. Automated Systems Co added 4 fils to close at 248 fils.
Jazeera Airways extended Sunday’s losses with a 10 fils drop to 670 fils while ALAFCO dialed up 2 fils. Kuwait and Gulf Links Transport Co fell 2 fils to 64 fils and KGL Logistics Co inched 1 fil into red.
Kuwait Cement Co added 5 fils and Kuwait Portland Cement Co jumped 30 fils to 980 fils. UPAC dropped 20 fils to 730 fils and Alrai Media Group Co added 4 fils. Combined Group Contracting Co shed 20 fils and RISCO stood pat at 315 fils.
Independent Petroluem Group rose 5 fils to 395 fils whereas YIACO gave up 5 fils. Equipment Holding Co and NICBM stood pat at 62 fils and 212 fils respectively whereas Boubyan Petrochemical Co gained 20 fils.
Mezzan Holding Co climbed 10 fils to 960 fils and Zimah Holding Co clipped 2 fils. Heavy Engineering Industries and Shipbuilding Co fell 2 fils to 192 fils while Contracting and Marine Services Co was down 5 fils at 55 fils. In the banking sector, Gulf Bank rose 4 fils with a volume of 2.7 million to 248 fils whereas Al Ahli Bank and Kuwait International Bank paused at 305 fils and 214 fils respectively. Commercial Bank of Kuwait was not traded during the session.
Burgan Bank fell 5 fils to 305 fils erasing Sunday’s gains and Boubyan Bank followed suit to wind up at 405 fils. Ahli United Bank stood pat at 410 fils and Warba Bank rallied 8 fils with brisk trading.
Kuwait Investment Co slipped 3 fils to 92 fils and Commercial Facilities Co was up 4 fils at 174 fils. International Financial Advisors eased 1 fil and Coast Investment Co closed 2.5 fils higher at 50 fils. Securities House Co inched 1 fil up to settle at 55 fils.
KIPCO was flat at 510 fils while KMEFIC and Arzan Financial Investment Co clipped 1 fil each. Osoul Investment Co dialed up 2 fils and Sokouk Holding Co followed suit. ALOLA fell 3 fils to 56 fils. Kuwait Financial Centre ( Markaz) gained 5 fils.
KAMCO fell 3 fils to 90 fils and KFIC inched 0.5 fil into red. Unicap and Noor Financial Investment Co were flat at 52 fils 54 fils respectively whereas Bayan Investment Co added 2.5 fils on back of 12.2 million shares.
Tamdeen Real Estate Co and Mabanee Co were flat at 445 fils and 890 fils respectively whereas National Real Estate Co gave up 4 fils to wind up at 118 fils. Mazaya Holding clipped 2 fils.
The market has been upbeat so far during the week and has climbed 117 points in last two sessions. It had gained 475 points from start of the month and had added 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