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KSE climbs 19.63 pts amid drop in volume – Humansoft Holding jumps 60 fils; Zain slips

KUWAIT CITY, Oct 11: Kuwait stocks pulled higher on Sunday after charting a mixed course in the previous week. The price index, after a tame start, climbed 19.63 pts to 5,728.38 points helped by moderate buying in select counters. The market mood was cautiously positive even as oil held on to its gains. The KSX 15 gauge rose 1.52 points to 927.06 points trimming the week’s losses to 8 points while weighted index edged 1.15 points higher. The volume turnover meanwhile ebbed after surging in the previous session, 125.55 million shares changed hands — a 29 pct drop from Thursday. The sectors closed mostly in the green turf. Telecommunications outpaced the rest with 2.36 percent jump whereas insurance slid 2.25 pct, the biggest loser of the day. In terms of volume, real estate clocked the highest market share of 39.80 pct while financial services and telecommunication trailed with 20.6 percent and 12 pct contributions respectively.

Among the standout performers, National Bank of Kuwait rose 10 fils to KD 0.800 partly recouping the losses on Thursday and Mabanee Co was up by same measure to end at KD 0.880. Humansoft Holding Co spiked 60 fils to KD 1.100. Telecom major Zain eased 5 fils to KD 0.390 after trading 3.4 million shares while Wataniya Telecom (Ooredoo) soared 40 fils to KD 1.040. Kuwait Telecommunications Co (VIVA) climbed 30 fils on back of over 1 million shares and Agility paused at KD 0.530. Burgan Bank was flat at KD 0.430 off early lows and Kuwait Finance House followed suit. The bank has logged a net profit of KD 62.3 million in the first half of 2015, a 14.1 percent increase from KD 54.6 million over the same period of the previous year.

The market opened on tepid note and moved sideways in early trade. The key index slipped briefly to plumb the day’s lowest level of 5,688.75 pts before clawing back into green. It ticked higher in the second half and closed with modest gains. Top gainers of the day, Kuwait Business Town Real Estate Co and Al Safat Energy Co rallied 7.14 pct each while Kuwait Medical Services Co plunged 25 pct, the steepest decliner of the day. Investors Holding Group topped the volume with 23.29 million shares. Mirroring the day’s upswing, the market spread was skewed towards the winners. 63 stocks advanced whereas 34 closed lower.

Of the 128 counters active on Sunday, 31 closed flat. 2,803 deals worth KD 9.8 million were transacted — a 10.9 pct drop in volume from Thursday. National Industries Group eased 2 fils to KD 0.140 and RISCO gave up 5 fils to end at KD 0.320. Kuwait Portland Cement gained 20 fils whereas ACICO Industries held steady at KD 0.295. Boubyan Petrochemicals Co was down 10 fils to KD 0.510. Educational Holding Group gained 10 fils and Equipment Holding Co inched 1 fils up to close at 63 fils. The company Equipment Holding Co has incurred a net loss of KD 494,362 and loss per share of 3.62 fils as compared to net profit of KD 496,880 and earnings per share of 3.64 fils in 2014, H1.


United Projects Co tumbled 40 fils and Al-Nawadi Holding Co closed 5 fils in red .The company has posted a profit of KD 1,007,657 in the sixmonth period ending June 30, 2015 and profit per share of 5.54 fils as compared to a profit of KD 974,925 and EPS of 5.36 fils in the same period in 2014. Kuwait and Gulf Link Transport Co took in 2 fils and KGL Logistics Company was flat at 52 fils. The company has won the approval of Capital Markets Authority approved for its request to buy back or sell up to 10% of own issued shares over the period of 6 months. Burgan Well Drilling Co fell 5 fils and Jeeran Holding Co paused at 55 fils. Mashaer Holding Co slipped 4 fils and Zima Holding dialed down 2 fils.

Al Rai Media Group Co added 6 fils and Mezzan Holding Co climbed 20 fils. Jazeera Airways rose 5 fils to KD 0.480 and ALAFCO gave up 2 fils to close at KD 0.222. Kout Food Group dropped 20 fils and United Foodstuff Industries Group pulled 10 fils lower. In the banking sector, Gulf Bank fell 5 fils to KD 0.270 while Al Ahli Bank and Ahli United Bank were unchanged at KD 0.350 and KD 0.540 respectively. Kuwait International Bank added 4 fils to settle at KD 0.234 and Boubyan Bank closed 5 fils in red. Ithmaar Bank dialed down 3 fils and Warba Bank eased 2 fils. The bank’s net profit surged 633% to reach KD 315,000 in the first half of 2015 as compared to KD 43,000 for the first six months of 2014.Total income grew by 37% to KD 11.17 million. Ahleia Insurance Co sank 50 fils.

Kuwait Investment Co took in 2 fils and National Investment Co was flat at KD 0.110. KIPCO paused at KD 0.580 off early lows and Securities House Co followed suit. Gulf Investment Co and Bayan Investment Co inched 1 fils each and Sokouk Holding closed 0.5 fils higher. The bourse was mixed during last week. The price index closed higher in 3 of the 5 sessions and shed 12 points week-on-week. It has added 2 points from start of the month and is trading 12.35 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, 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 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 sixmonth 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. Metal and Recycling Co has incurred a net loss of KD 126,449 and losses per share of 2.48 fils in the January-June period of 2015 as compared to net profit of KD 615,409 and earnings per share of 6.76 fils in 2014, H1. 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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