KSE climbs 7.62 pts in lacklustre trade – Americana gains 20 fils; NBK flat

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KUWAIT CITY, Nov 25: Kuwait stocks pulled higher on Wednesday after the moderate pullback in the last session. The key index rose 7.62 pts in lackluster trading to 5,772.66 points even as board remained mixed. Some of the mid and small caps sagged on selling pressure while blue chips remained largely muted.

The KSX 15 benchmark was nearly unchanged at 938.68 points and has gained 14 points from start of the month while weighted index inched 0.36 pts lower. The volume turnover meanwhile saw modest bounce after receding in the last session. 131.74 million shares changed hands – a 14.18 pct rise from Tuesday.

The sectors closed mostly in the green turf. Consumer goods outshone the rest with over 1 percent gain whereas telecommunications slid 2.25 pct, the biggest loser of the day. In terms of volume, financial services topped with 31.34 pct market share and real estate followed with over 29 pct. Oil and gas was a distant third with 14.6 percent contribution.

Among the notable movers, Kout Food Group spiked 100 fils to KD 0.670 and HumanSoft Holding Co climbed 50 fils. Kuwait Food Co (Americana) rose 20 fils to KD 2.280 and Mabanee Co was up 10 fils to KD 0.950 taking the month’s gains to 90 fils.

Bourse heavyweight Zain gyrated in a tight range before closing flat at KD 0.370 with a volume of 1.8 million and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.040. Kuwait Telecommunications (VIVA) dived 40 fils to KD 1.060 and Agility held the ground unchanged at KD 0.520.

National Investment Co clipped 2 fils and KIPCO held steady at KD 0.590 off early highs.The company has recorded a nine-month net profit of KD 37.24 million and earnings per share of  22.33 fils in the first nine-months of 2015 as compared to net profit of KD 31.82 million and earnings per share of 22.63 fils in the same period last year.

The market opened on a tame note rose briefly in early trade. The main index flipped to slip below the red and moved sideways well past the mid-session as sentiment turned brittle. It dipped again to plumb the day’s lowest level of 5,756.89 points before clawing back into the positive terrain at close.

Top gainer of the day, Kout Food Co vaulted 17.54 pct to KD 0.670 and Burgan Well Drilling Co climbed 9.62 pct to stand next. Zimah Holding slid 6.78 percent, the steepest decliner of the day and Gulf Petroleum Investment Co topped the volume with over 18 million shares.

Despite the day’s gains, the losers outnumbered the winners. 41 stocks advanced whereas 45 closed lower. Of the 131 counters active on Wednesday, 45 closed flat. 3,433 deals worth KD 11.47 million were transacted – a 13.14 pct drop in value from the day before.

Jazeera Airways was flat at KD 0.470 while ALAFCO pulled 6 fils lower to KD 0.218. Kuwait and Gulf Link Transport Co dialed up 1 fil and KGL Logistics Co eased 1 fil to 62 fils. Automated Systems Co scaled 10 fils to 330 fils.

Unchanged

National Industries Group, was unchanged at KD 0.140 and Gulf Cable rose 10 fils to KD 0.390. NIG has posted a nine-month net profit of KD 9.851 million and earnings per share of 7.4 fils as against net profit of KD 9.61 mln and earnings per share of  7.3 fils in the same period of 2014.

Kuwait Cement Co held steady at KD 0.395 and ACICO Industries Co followed suit. Shuaiba Industrial Co added 5 fils to settle at KD 0.400. Boubyan Petrochemicals Co gained 10 fils whereas Hilal Cement paused at KD 0.132. Equipment Holding Co inched 1 fil higher to 62 fils.

Mashaer Holding Co added 8 fils and NAPESCO slid 30 fils. The company has posted a net profit of KD 4.65 million and earnings per share of 83.20 fils in the first nine-months of 2015. Mezzan Holding Co was unchanged at KD 1.080 and Qurain Petrochemical Industries Co followed suit. The company has posted a net profit of KD 6.61 million and earnings per share  of 6.31 fils in the nine-month period ending Sept 30, 2015 as against net profit of KD 14.76 and earnings per share of  14.03 fils in the year before period.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.820 off early highs and Commercial Bank too did not budge from its earlier close of KD 0.500. Gulf Bank rose 5 fils to KD 0.275 whereas Al Ahli Bank gave up 5 fils.

Ahli United Bank stagnated at KD 0.550 and Kuwait International Bank too paused at KD 0.228. Burgan Bank fell 5 fils while Kuwait Finance House and Boubyan Bank closed flat at KD 0.580 and KD 0.440 respectively. Warba Bank held steady at 206 fils after trading over 1 million shares.

Bayan Investment Co and Osoul Investment Co were flat at 38 fils and 35 fils respectively while Tamdeen Investment Co climbed 10 fils to KD 0.355. Tamdeen Real Estate Co too added 10 fils whereas Al Mazaya Holding paused at KD 0.108.

The bourse has been largely positive so far during the week and has climbed 30 points in last four sessions. It has dropped 21 pts from start of the month and is trading 11.68 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Glass Manufacturing Company has posted a net profit of KD 59,392 and earnings per share of 0.22 fils in the nine-month period ending September 30, 2015 rebounding from a net loss of KD 1.15 million and losses per share of 4.37 fils in the 9M of 2014.

United Real Estate Co. has clocked a net profit of KD 4.87 million and earnings per share 4.54 fils in the first nine-months of 2015 as against net profit of KD 4.44 million and earnings per share of 4.15 fils in the same period last year.

Abyaar Real Estate Development Co has registered a net profit of KD 6,103 and earnings per share 0.01 fils for the nine-month period ended Sept 31, 2015 down sharply from net profit of KD 487,234  and earnings per share of 0.44 fils in the same period of 2014.

Tamdeen Real Estate Company as clocked a net profit of over KD 9 million and earnings per share of 22.6 fils in the nine-month period ending Sept 30, 2015, climbing from net profit of KD 6.61 million and earnings per share of 16.4 fils in the year before period.

Securities Group Company has recorded a net profit of KD 2.47 million and earnings per share of  9.69 fils in the six-month period ending September 31, 2015 as compared to net profit of KD 2.57 million and earnings per share of  10.09 fils in the year before period.

By John Mathews

Arab Times Staff

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