Kuwaiti stock market ends 26.31 pts higher – KFH gains 10 fils; KIPCO flat

This news has been read 4920 times!

KUWAIT CITY, Nov 8: Kuwait stocks swung higher on Tuesday extending the gains to fourth consecutive day tracking the regional peers. The key index, after a wobbly start, rallied 26.31 pts to 5,469.55 points led by strong buying in some of the heavyweights.

The KSX 15 benchmark climbed 4.87 pts to 8,46.58 pts taking the month’s gains to 20 points while weighted index edged 1.27 pts higher. The volume turnover meanwhile rose for the fourth straight session driven mostly by speculative trading. 171 million shares changed hands — a 3.43 pct rise from the day before.

The sectors closed mostly in the green turf. Healthcare outperformed the rest with 2 pct gain whereas consumer goods slipped 0.66 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 30.8 percent and financial sector stood next with 29 pct contribution.

Among the standout performers, Kuwait Finance House rallied 10 fils on back of 6.5 million shares and Boubyan Bank was up 5 fils at 400 fils. National Investment Co took in 2 fils to settle at 108 fils and International Financial Advisers inched 1 fils higher with a volume of 4.4 million shares.

Zain rose 5 fils to 410 fils after trading 5.6 million shares while Kuwait Telecommunications Co (VIVA) stood pat at KD 0.860 off early highs. Logistics major Agility gained 10 fils whereas Wataniya Telecom (Ooredoo) was not traded during the session.

National Bank of Kuwait gave up slight early gains to close unchanged at KD 0.600 and Ahli United Bank slipped 5 fils to 310 fils. The bank has registered a nine-month net profit of KD 39.13 mln and earnings per share of 25.1 fils.

The market opened weak and edged lower in early trade. The price index plumbed the day’s lowest level of 5,434.57 pts before rebounding back to green territory. It continued to climb thereafter amid brisk buying in select counters and closed with modest gains.

Top gainer of the day, KMEFIC vaulted 12.2 pct to 23 fils and First Dubai rallied 10 pct to stand next. KPPC slid 7.5 percent, the steepest decliner of the day and Al Mudon topped the volume with 11.2 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the winners. 66 stocks advanced whereas 29 closed lower. Of the 130 counters active on Tuesday, 35 closed flat. 4,174 deals worth KD 22 million were transacted — a 21 pct rise in value from the day before.

National Industries Group was unchanged at 112 fils off early highs with a volume of 3.9 million and Gulf Cable added 5 fils to settle at 385 fils. Kuwait Cement Co too rose 5 fils whereas Kuwait Portland Cement stood pat at KD 0.960 with razor thin trading.

Jazeera Airways was flat at KD 0.820 whereas Kuwait Food Co (Americana) shed 20 fils. Jazeera has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016 a s against net profit of KD 14.47 million and earnings per share of year 34.45 fils in the year before period.

Stalled

Kuwait Gulf Link Transport Co stalled at 47.5 fils and KGL Logistics inched 1 fils into green. Al Kout slid 30 fils whereas Boubyan Petrochemical Co and Gulf Glass Manufacturing Co gave up 5fils each.

Mezzan Holding Co tumbled 40 fils to KD 1.000 and Zimah Holding Co dialed up 1.5 fils. Equipment Holding Co inched 0.5 fils up and Kuwait National Cinema Co scaled 10 fils.

NAPESCO and Humansoft Holding Co paused at KD 0.780 and KD 1.840 respectively whereas IFA Hotels and Resorts dropped 10 fils to 150 fils. Mowasat Hospital Co gained 10 fils and Yiaco followed suit to wind up at 226 fils.

Kuwait Foundry Co climbed 6 fils and Al Qurain Petrochemical Industries Co was up 6fils at 216 fils has registered a net profit of KD 10.48 mln and earnings per share of 10.08 fils in the January-September period as compared to net profit of KD 6.61 million and earnings per share of 6.31 fils in 2015, 9M.

In the banking sector, Gulf Bank took in 2 fils on back of over 1 million shares and Ahli United Bank stalled at 390 fils. Kuwait International Bank gained 6 fils and Commercial Bank of Kuwait was not traded during the session.

Warba Bank added 4 fils after trading 7.5 million shares and Ithmaar Bank stood pat at 34.5 fils.

Investment conglomerate KIPCO was unchanged at KD 0.500 and Kuwait Investment Co closed 1 fils in green. Coast Investment and Finance Co and Al Mal took in 0.5 fils each while Osoul dialed up 2 fils before settling at 43.5 fils.

KAMCO rose 2 fils to 114 fils while Al Deera Holding abd Sokouk Holding were up 1 fils each. Noor Financial Investment Co added 2.5 fils whereas Al Madina paused at 44 fils.

Kuwait Real Estate Co took in 2 fils and National Real Estate Co closed 2 fils in green. Salhiya Real Estate Co gained 5 fils whereas Tamdeen Real Estate Co closed flat.

The market has been buoyant so far during the week and has rallied 60 points in last three sessions. The price index has climbed 68 points so far during the month but is down 2.59 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 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

This news has been read 4920 times!