Wednesday , September 19 2018

Kuwait winds up week in green; volume dips – NAPESCO jumps 60 fils; Ooredoo dips

KUWAIT CITY, July 6: Kuwait stocks eked modest gains to wind up the week on a positive note. The bourse rose 9.2 points in volatile trade to 6,680.3 pts helped by strong gains in select counters even as the broader market sentiment remained mixed.

The KSX 15 gauge fell 2.56 pts to 907.32 points trimming the year’s gains to 22 pts while weighted index eased 1.44 points to 397.21 points. The volume turnover meanwhile dipped after hitting a one-month high in the last session. 47.3 million shares changed hands — a 13.14 pct drop from Wednesday.

The sectors closed mixed. Healthcare outshone the rest with 5.14 percent surge whereas insurance shed 2.46 pct, the biggest loser of the day. Volume wise, financial services garnered the highest market share of 42.39 pct and insurance trailed with 23 pct contribution.

In the individual shares, National Bank of Kuwait gave up nearly all of last session’s gains with a 5 fils drop to 689 fils with a volume of 1.2 own 7 fils at 745 fils. NAPESCO soared 60 fils to KD 1.490 after hitting a shallow trough in the day before.

Zain was fell 3 fils to 410 fils and after trading 1.5 million shares while Ooredoo sank 90 fils to KD 1.010 taking the year’s losses to 190 fils. Kuwait Telecommunications Co dipped 20 fils to 800 fils and Agility inched 1 fil into red.

Commercial Bank of Kuwait took in 2 fils and Burgan Bank clipped fils. The bank has registered a 24.6% year-on-year increase in its profits to KD 17.81 for the first quarter of 2017. The net operating profit however saw a drop of 3.4 pct to KD 29.16 million during the quarter.

The market opened wobbly and edged lower in early trade. The main index drifted sideways and jumped briefly half way into the session before retreating again into the red.

It bottomed at 6,594.09 pts and rebounded thereafter to close with modest gains.

Top gainer of the day, Ream jumped 12.9 pct to 350 fils and International Resorts Co climbed 10.37 pct to stand next. Warba Insurance Co tumbled 19.79 percent, the steepest decliner of the day and Al Imtiaz topped the volume with over 7 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 32 stocks advanced whereas 54 closed lower. Of the 113 counters active on Sunday 27 closed flat. 2,345 deals worth KD 8.3 million were transacted — down 18.6 pct in value from the day before

National Industries Group took in 1 fil and Gulf Cable gained 28 fils to close at 435 fils. Metal and Recycling Co was unchanged at 87 fils and Educational Holding Group gave up 3 fils to settle at 367 fils. Kuwait Portland Cement Co shed 20 fils.

Kuwait Food Co (Americana) took in 1 fil with thin trading and Mowasat Hospital leapt 42 fils to 495 fils. Al Rai Media Group slipped 3 fils to 119 fils and Yiaco was down 7 fils at at 177 fils.

Kuwait Foundry Co was unchanged at 270 fils off early lows and Shuaiba Industrial too did not budge from its earlier close of 300 fils. The company has logged a Q1 profit of KD 632,050 up 0.4% from KD 629,560 in the same period a year ago.

Jazeera Airways was flat at 470 fils and Alafco followed suit. The company has posted a 83.3% surge in profits to KD 5.59 million for the quarter ending 31 March 2017 from year before period .

Humansoft Holding paused at KD 4.196 and Equipment Holding Co edged 0.9 fil higher. Eyas For Higher and Technical Education dropped 16 fils to 750 fils and Burgan Well Drilling Co gave up 4.3 fils.

In the banking sector, Commercial Bank of Kuwait dialed up 2 fils whereas Gulf Bank stood pat at 238 fils.

Al Ahli Bank was not traded during the session.

Kuwait Finance House added 1 fil on back of 1.2 million shares and Boubyan Bank held ground at 405 fils. Warba Bank too was unchanged at 253 fils.

KIPCO fell 1 fil to 334 fils and International Financial Advisors edged 0.6 fil into red. National Investment Co added 0.9 fil and Coast Investment Co clipped 1.8 fils. Securities House Co closed 0.4 fil in red.

Bayan Investment Co eased 0.6 fil to 48.7 fils whereas KFIC stood pat at 40 fils. Noor Financial Investment Co gave up 1 fil and Amwal Investment rose 3.9 fils to 48.9 fils.

Arzan edged 1.6 fils higher and Aayan Investment was little changed at 38.2 fils.Kuwait Reinsurance Co dialed down 2 fils and First Takaful Insurance Co trimmed 2.5 fils to close at 47 fils.

United Real Estate Co rose 3 fils to 88 fils and National Real Estate Co stalled at 108 fils. Salhiya Real Estate Co inched 1 fil higher and Kuwait Real Estate Co took in 0.5 fil.

The market was mixed during the week. The main index closed higher in three of the five sessions but has dived 82 points week-on-week. It had shed 26 points during whole of June and is trading 16.21 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Finance and Investment (KFIC) rebounded to post a net profit of KD 146,350 in the first three months of 2017, from KD 255,510 loss in first quarter of 2016. Operating income grew 76% year-on-year to reach KD 1.65 million.

Aayan Real Estate has recorded a 164.7 percent jump in its profits to KD 536,890 for the first quarter of 2017 from same period in the year before. During 2016, the profit saw a 1.5% uptick to KD 2.75 million in 2016 from the previous year.

Ooredoo Kuwait has posted 26.6 pct jump in profits during the first quarter of 2017 to KD 12.93 million from KD 10.21 million in same period last year. It had recorded a growth of 75% in profits to KD 46.67 million during 2016.

Mowasat Healthcare has registered a 40.2% increase in net profits in the first quarter of 2017, to reach KD 1.92 million as compared to KD 1.37 million in the year before period.

Al Ahleia Insurance’s first quarter net profit dropped by 14.5% in the first to KD 2.88 million from KD 3.37 million in Q1 of 2016. Operational income dipped 39.6 pct to KD 1.58 million

National Ranges Company’s (Mayadeen) losses shrank by 18.2 pct in the first quarter of 2017 to KD 642,620 from about KWD 785,610 in same period of 2016.

By John Mathews

Arab Times Staff



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