Kuwait’s stock market ends 14.66 pts higher – CBK climbs 20 fils; Americana drops

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KUWAIT CITY, Oct 19: Kuwait stocks pulled higher on Monday extending the gains to second straight day. The bourse climbed 14.66 points in a tame session to 5,784.37 pts helped by buying in select counters. The trading floor sentiment was cautiously positive even as investors await more third quarter results.

The KSX 15 was up 3.29 points to 927.79 pts trimming the month’s losses to 8 points while weighted index edged 1.34 pts higher. The volume turnover meanwhile rose further helped by spurt in speculative trading. 180.29 million shares changed hands – a 16.46 pct increase from Sunday.

The sectors closed mostly in the green zone. Basic materials outpaced the rest with 2.48 percent gain whereas technology shed 2.16 pct, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 39.95 pct while real estate stood next with 21.54 percent contribution.

Among the notable gainers, Commercial Bank of Kuwait climbed 20 fil to KD 0.530 paring the month’s losses to 70 fil and Al Ahli Bank added 5 fil to settle at KD 0.365. Mezzan Holding Co rose 20 fil and Boubyan Petrochemical Co was up by same measure.

Zain rose 5 fils to KD 0.390 on back of 2.83 million shares and Wataniya Telecom (Ooredoo) gained 20 fils to settle at KD 1.040. Kuwait Telecommunications Co (VIVA) oscillated in tight range before closing unchanged at KD 0.880 and Agility rallied 10 fil with a volume of 2.24 million shares.

Kuwait Finance House held steady at KD 0.560 off early lows and National Bank of Kuwait closed followed suit. The bank has logged a net profit of KD 227.92 million and earning per share of of 46 fil in the January-September period – up from KD 203.92 million and 41 fil EPS in the first nine-months of 2014.

The market opened firm and edged higher in early trade. The price index continued to rise and peaked at 5,786.73 points half way into the session amid moderate buying in select counters. It drifted lower thereafter before clawing back in the final minutes to close with modest gains.

Top gainer of the day, Ikarus Petroleum Co rallied 8 pct to 108 fils and International Resorts Co climbed 7.81 percent to stand next. Bareeq Holding slid 9 percent, the steepest decliner of the day and Equipment Holding Co topped the volume with over 11 million shares.

Mirroring the day’s upswing, the winners outnumbered the losers. 51 stocks advanced while 34 closed lower. Of the 139 counters active on  Monday, 54 closed flat. 4,282 deals worth KD 17.29 million were transacted – a 33.85 pct surge in value from the day before.

National Industries Group took in 2 fil to close at KD 0.142 whereas Kuwait Cement Co and RISCO paused at KD 0.365 and KD 0.320 respectively. Gulf Cable was flat at KD 0.420 and Kuwait Portland Cement followed suit. Heavy Engineering and Shipbuilding Co rose 10 fil to KD 0.140.

Dropped

Kuwait Food Co (Americana) dropped 20 fil to KD 2.260 whereas Kout Food Group gained 10 fil. Kuwait Gulf Link Transport Co inched 0.5 fils higher and KGL Logistics close flat.

ACICO Industries Co slipped 10 fil and Automated Systems Co followed suit. The company has recorded a net profit of KD 503,093 and

earnings per share of 10.05 fils in the first six months of 2015.

ALAFCO was unchanged at KD 0.222 while Jazeera Airways shed 20 fil. The company  has posted a 27.1 pct  year-on-year surge in H1 net profit to KD 6.2 million while  second quarter net profit reached KD 3.2 million – an increase of 14.2 percent from the same period last year.

Qurain Petrochemicals Co rose 6 fil to KD 0.186 and Ikarus Petroleum Industries Co swung 8 fil up on back of 4.7 million shares. Burgan Well Drilling Co inched 1 fil higher.

Humansoft Holding Co was flat at KD 1.100 and Combined Group Contracting followed suit. Mashaer Holding Co was up 4 fil at 112 fils. Kuwait National Cinema Co slid 30 fil to KD 0.950.

Kuwait Investment Co paused at 112 fils and National Investment Co too did not budge from its earlier close of 110 fils. Ekttitab Holding Co and Noor Financial Investment Co dialed up 1 fil each and Sokouk Holding closed 1.5 fils higher.

In the banking sector, Gulf Bank was flat at KD 0.270 and Ahli United Bank too held steady at KD 0.540. Kuwait International Bank and Burgan Bank were unchanged at KD 0.232 and KD 0.400 and Boubyan Bank followed suit.

Kuwait Financial Centre (Markaz)  held steady at 100 fils and KIPCO followed suit . The company has recorded a first half profit of  KD 25.4 million- a 17 pct increase from same period of the previous year. In the second quarter, it posted KD 13.4 million in net profits – up 17.5 percent from for Q2, 2014.

Bayan Investment Co nudged 0.5 fils higher on back of 1.3 million shares and KFIC stagnated at 45 fil. National Real Estate Co added 4 fil whereas Mabanee Co was unchanged at KD 0.880.

The bourse has been upbeat so far during the week and has gained 53 points in last two sessions. It has climbed 56 points from start of the month and is trading 11.5 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Independent Petroleum Group Co has posted a net profit of KD 1.599 million in the nine-month period ended Sept 30, 2015 while earnings per share came in at 11.05 fils. This compares with net profit of KD 3.627 million and earnings per share of last 25.08 fils in the same period last year.

Kuwait Real Estate Company  has registered  a net profit of  KD 2.39 million and earnings per share of 2.64 fils in the  first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year.

Gulf Cement Company has posted a net profit of KD 2.45 million and earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.

Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.

Aayan Leasing and Investment Company  has clocked a net profit of KD 5.42 million and earnings per share of  6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014.

By John Mathews

Arab Times Staff

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