KUWAIT CITY, Nov 10: Kuwait stocks headed north on Thursday to wind up the week on a firm note. The bourse, after weathering the aftershocks of US election results in the previous session, climbed 24.8 pts to 5,480.42 points helped by renewed buying across the board.
The KSX 15 gauge rallied 10.08 pts to 854.82 points taking the month’s gains to 28 points while weighted index added 3.24 points. The volume turnover meanwhile surged past the 200 million mark to hit a fresh multi-month high. 217 million shares changed hands — a 19.9 pct increase from Wednesday.
The sectors closed mostly in the green turf. Telecommunications outshone the rest with 1.46 pct gain whereas consumer goods shed 0.91 percent, the biggest loser of the day. Volume wise, financial services penciled the highest market share of 32 percent while real estate stood next with 31 pct contribution
Among the prime movers, Kuwait Finance House rallied 15 fils on back of 4.9 million shares to end at KD 0.510 while Burgan Bank was up 5 fils at 320 fils. Jazeera Airways gained 20 fils more than recouping the Wednesday’s losses.
Zain was unchanged at 405 fils with a volume of 2.3 million and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.100. Kuwait Telecommunications Co ( VIVA) paused at KD 0.860 and Agility climbed 40 fils on back of KD 0.540.
National Investment Co was unchanged at 104 fils and KIPCO followed suit. The company has logged a net profit of KD 40.02 million and earnings per share of 24.62 fils in the January —Sept period , up from net profit of KD 36.93 million and earnings per share of 22.11 fils.
The market opened on a strong note and stalled briefly in early trading. The price index rose further in a wavy course to peak at 5,487.64 points amid broad buying and retreated thereafter. It moved sideways in the second half before closing with modest gains.
Top gainer of the day, Gulf Finance House rallied 8.47 pct to 128 fils while Agility stood next with 8 pct jump. KPPC tumbled 10.2 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with 13.9 million shares.
Reflecting the day’s upswing, the market spread was skewed towards the winners. 69 stocks advanced whereas 23 closed lower. Of the 131 counters active on Thursday, 39 closed flat. 4,732 deals worth KD 20.9 million were transacted — almost unchanged in value from the day before.
National Industries Group was flat at 114 fils off slight early highs and Gulf Cable gave up 5 fils to settle at 380 fils. Kuwait Cement Co stood pat at 375 fils and Kuwait Portland Cement Co climbed 20 fils to 960 with razor thin trading.
Kuwait Food Co (Americana) was unchanged at KD 2.620 and whereas Kuwait Foundry Co added 4fils before settling at 178 fils. ACICO Industries Co stagnated at 280 fils and Boubyan Petrochemical Co was up 5 fils at 475 fils.
Humansoft Holding tumbled 80 fils to KD 1.780 and Alrai Media Group gained 4 fils. Mezzan Holding Co paused at KD 0.980 and Zimah Holding clipped 2 fils.
NAPESCO rose 10 fils to KD 0.790 and Qurain Petrochemical Industries Co took in 2 fils. The company has registered a net profit of KD 10.48 mln and earnings per share of 10.08 fils in the January-Sept period.
Kuwait Gulf Link Transport Co inched 0.5 fil higher and KGL Logistics closed 1 fil in green. Equipment Holding was unchanged 45.5 fils and NICBM pulled 6 fils into red.
ALAFCO fell 2 fils to 214 fils and Yiaco Medical Co gained 10 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, National Bank of Kuwait was flat at KD 0.610 and Gulf Bank took in 2 fils to settle at 236 fils. Commercial Bank of Kuwait stood pat at KD 0.390 and Al Ahli Bank of Kuwait was not traded during the day.
Kuwait International bank rose 4 fils on back of 1.3 million shares to 395 fils. Boubyan Bank was up 4 fils at 395 fils and Ahli United bank gained 5 fils before settling at 395 fils. Warba Bank was unchanged at 226 fils.
Kuwait Investment Co eased 1 fil to 84 fils and Commercial Facilities Co stalled at 192 fils. International Financial Advisors inched 0.5 fil up on back of 2.3 million shares while Securities House Co and KMEFIC closed flat at 41 fils and 23 fils respectively.
Bayan Investment Co gave up 1 fil to end at 33 fils and KAMCO closed 2 fils in red. Noor Financial Investment Co was up 2.5 fils and Al Deera Holding fell 2 fils to 34 fils.
Sokouk Holding Co inched 0.5 fil higher and Al Madina closed 1 fil up at 43 fils. Ektittab Holding took in 1 fil and Warba Insurance Co closed 2 fils higher.
Kuwait Real Estate Co and National Real Estate Co dialed up 2 fils each and United Real Estate closed 1 fil in green. Mabanee Co stalled at KD 0.820 and Mazaya Holding clipped 2 fils.
The market was largely upbeat during the week. The main index closed in four of the five sessions and has rallied 71 points week-on-week. The price index has climbed 79 points so far during the month but is down 2.4 pct year-to-date. 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