Kuwait’s bourse swings higher in volatile trade – NBK rallies 25 fils; Ooredoo ends flat

KUWAIT CITY, June 18: Kuwait stocks swung higher on Sunday as it kicked off the week on a firm note. The main index climbed 42.41 points in volatile trade to 6,853.09 pts helped by strong buying in banking shares and other heavyweights.

The KSX 15 benchmark slipped 18.7 pts to 919.97 points while weighted index climbed 5.9 points to 405.72 pts. The volume turnover meanwhile ticked down after rising in last two sessions. 45.4 million shares changed hands — down 2 pct from the previous session.

The sectors closed mixed. Technology outshone the rest with 7.6 pct jump whereas telecommunications shed 0.69 percent, the biggest loser of the day. Volume wise, banks notched the highest market share of 34.4 percent and financial services trailed with 29.7 percent contribution.

Among the notable movers, National Bank of Kuwait rallied 25 fils on back of 4.8 million shares while Kuwait Finance House was up 10 fils at 493 fils with a volume of over 3 million. Tamdeen Real Estate Co gained 30 fils to wind up at 400 fils.

Zain climbed 15 fils to 428 fils and Ooredoo stood pat at KD 1.150 following last session’s slump. Kuwait Telecommunications Co (VIVA) shed 20 fils and Agility jumped 40 fils to 780 fils extending previous session’s gains.

Gulf Bank rose 6 fils to 244 fils while Warba Bank added 5 fils. The bank has posted a 296.3% jump in its profits to KD 1..3 million for the first quarter of 2017 as compared to the same period last year.

The market opened weak and slipped into red in early trade. The main index rode a series of crests and troughs before plumbing the day’s lowest level of 6,801.64 pts past the mid-session. It rebounded thereafter amid brisk buying and wound up with strong gains.

Top gainer of the day, Al Aqaria rallied 11.4 pct to 39 fils while OSOS climbed 11.38 pct to stand close behind. Effect Real Estate Co sank 20 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with 4.9 million shares.

Mirroring the day’s upswing, the market spread was skewed towards the winners. 60 stocks advanced whereas 48 closed lower. Of the 114 counters active on Sunday, 6 closed flat. 1986 deals worth KD 12.2 million were transacted — a 28.6 pct surge in value from the day before.

National Industries Group took in 2 fils while Gulf Cable gave up 5 fils before closing at 415 fils. Heavy Engineering Industries and Shipbuilding Co was flat at 216 fils and Metal and Recycling Co too did not budge from its earlier close of 90 fils.

Kuwait Cement Co dipped 30 fils and Shuaiba Industrial paused at 270 fils. The company has logged a Q1 profit of KD 632,050 up 0.4% from KWD 629,560 in the same period a year ago.

Jazeera Airways eased 1 fil to 469 fils while ALAFCO gave up 7 fils to settle at 315 fils. Educational Holding Co was unchanged at 350 fils whereas Automated Systems Co clipped 2 fils. NICBM held ground unchanged at 190 fils.

Climbed

Humansoft Holding climbed 40 fils to KD4.040 , the bourse’s highest priced stock  while Gulf Finance Co and Combined Group Co added 4 fils each to close at 64 fils and 604 fils respectively. KPPC dialed up 1.5 fils.

PAPCO was unchanged at 100 fils while OSOS climbed 14 fils to 137 fils. Yiaco gained 16 fils and Al Rai Media Group gave up 3 fils to close at 116 fils.

NAPESCO took in 2 fils and Al Qurain Petrochemical Co inched 1 fil lower. Mezzan Holding gained 20 fils whereas Zimah Holding inched 0.2 fils into green.

In the banking sector, Commercial Bank fell 5 fils to 310 fils taking the month’s losses to 35 fils whereas Al Ahli Bank stood pat at 340 fils. Kuwait International Bank dialed up 2 fils to end at 252 fils.

Burgan Bank rose 5 fils to 329 fils and Al Mutahed rallied 12 fils to close at 442 fils. Boubyan Bank was up 4 fils at 410 fils and Warba Bank was up 5 fils at 251 fil

KIPCO was flat at 336 fils after trading 1.3 million shares whereas KAMCO dialed up 2.5 fils. The company’s profits surged by 111.6% in the first quarter of 2017 to KD 285,990 from KD 135,150 in same period of 2016.

Kuwait Investment Co and Osoul Investment Co were unchanged at 96.5 fils and 59 fils respectively while Bayan Investment Co took in 2 fils to close at 51.6 fils. Coast Investment Co inched 0.2 fils into red. And Ahleia Insurance Co shed 15 fils.

International Financial Investment Co eased 0.6 fils to 35.9 fils and Sokouk Holding inched 0.1 fil up. Ektittab Holding and Al Madina Investment Co clipped 1 fil each whereas Noor Financial Investment Co added 0.7 fils.

Mabanee Co rose 4 fils to 783 fils while National Real Estate Co was up 3 fils at 114 fils. Kuwait Real Estate Co dialed up 1 fil while Salhiya Real Estate Co stood pat at 380 fils. Kuwait Real Estate Co took in 1 fil to end at 55 fils.

The market was largely positive during last week. The main index closed higher in four of the five sessions and gained 27 pts week-on-week. It has climbed 67 points from start of the month and is trading 19.22 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 KWD 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 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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