KSE climbs 8.46 pts in lackluster trade – NBK gains 10 fils; Zain slips

This news has been read 5407 times!

KUWAIT CITY, Feb 7: Kuwait stocks nudged higher on Sunday after charting a strong rebound in the previous week amid strong earnings and uptick in oil prices. The main index climbed 8.46 pts in lackluster trade to 5,206.83 pts even as the investors turned cautious.

The KSX 15 benchmark rose 1.08 pts to 841.63 points while weighted index inched 0.06 pts to 357.28 points. The volume turnover meanwhile shrank below the 200 million mark following a surge in the last session. 180.47 million shares changed hands — a 22.4 pct drop from Thursday.

The sectors closed mostly in the green. Technology outshone the rest with 0.63 pct gain whereas oil and gas shed 0.78 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 40.6 percent while real estate and banks followed with 29.7 percent and 14.35 pct contributions respectively.

In the individual shares, National Bank of Kuwait climbed 10 fils on back of 6.4 million shares extending the strong gains in the last session and Al Ahli Bank was up by same measure to end at KD 0.365. Jazeera Airways jumped 20 fils trimming the year’s losses to 50 fils.

Telecom major Zain eased 5 fils to KD 0.360 and Wataniya Telecom (Ooredoo) shed 20 fils to settle at KD 1.120. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.920 and Agility held the ground unchanged at KD 0.435.

Boubyan Petrochemical Co climbed 5 fils and Qurain Petrochemical Industries Co took in 2 fils to end at KD 0.166. The company has posted a nine-month net profit of KD 11.34 million and earnings per share of 10.84 fils as compared to net profit of KD 14.91 million and earnings per share of 14.17 fils in the year before period.

The market opened flat and inched up in early trade. The price index retreated thereafter as sentiment turned soggy and bottomed at 5,181.81 points almost half way into the session. It edged higher and moved sideways before closing in the green territory.

Top gainer of the day, Kuwait Syrian Holding Co jumped 10.2 pct to 27 fils and Ras Ak Khaimah White Cement Co stood close behind with 10 percent upswing. Burgan Well Drilling Co slid 8.62 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 31.77 million shares.

Despite the day’s uptick, the losers slightly outnumbered the winners. 43 stocks advanced whereas 46 closed lower. Of the 125 counters active on Sunday, 36 closed flat. 4,100 deals worth KD 15.7 million were transacted – a 24 pct drop in value from the day before.

National Industries Group fell 2 fils to 118 fils and Kuwait Foundry Co followed suit to end at KD 0.218. Gulf Cable added 5 fils to settle at KD 0.365 whereas Contracting and Marine Services Co stood at KD 0.114. ALAFCO gave up 2 fils to end at KD 0.180.

Kuwait and Gulf Link Transport Co nudged 2.5 fils higher to 41 fils while Kuwait Cable Vision Company closed 2.5 fils in red. Equipment Holding Co and Salbookh Trading Co took in 1 fils each and IFA Hotels and Resorts Co was down 8 fils at 186 fils.

Dropped

Kout Food Group Co dropped 10 fils to KD 0.540 whereas Mezzan Holding Co climbed 20 fils. Osos Holding Group Co rose 4 fils to 88 fils and Zima Holding Co paused at KD 0.102. Mezzan Holding Co gained 20 fils to settle at KD 1.080.

In the banking sector, Kuwait Finance House slipped 5 fils to KD 0.495 and Gulf Bank held steady at KD 0.210 off slight early lows. Kuwait International Bank clipped 2 fils whereas Commercial Bank of Kuwait was not traded during the session.

Ahli United Bank and Burgan Bank were flat at KD 0.450 and KD 0.355 respectively while Boubyan Bank closed 5 fils lower at KD 0.395. Warba Bank was up 4 fils at KD 0.192.

National Investment Co climbed 5 fils to 79 fils on back of 5.7 million shares and investment conglomerate KIPCO paused at KD 0.550. Sokouk Holding Co and Noor Financial Investment Co were unchanged at 34 fils and 48 fils respectively whereas Osoul Investment Co eased 2.5 fils.

Al Mal took in 2.5 fils and Kuwait Finance and Investment Co inched 0.5 fils higher. The company has won the approval of Capital Markets Authority for the company’s request to renew permission to buy back or sell up to 10% of own shares for an additional period of 6 months.

Bayan Investment Co slipped 0.5 fils and Warba Insurance Company closed flat. The company has clocked a net profit of KD 1.63 million and earnings per share of 10.10 fils during 2015. The BOD recommended 10 pct cash dividends.

Mabanee Co rose 3 fils to KD 0.930 while National Real Estate Co and Al Mazaya Holding paused at 92 fils and 106 fils respectively. Real Estate Asset Management Co pulled 8 fils in red.

The market was buoyant during last week. The index closed higher in 3 of the 5 sessions and rallied 188 points week-on-week.  It had shed 83 points from start of the month and is down 7.27 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Aqar Real Estate Investments Co has registered a net profit of KD 2.49 million and earnings per share of 11.07 fils during 2015 as against net profit of KD 2.24 million and earnings per share of 9.81 fils in the year before. Board of Directors recommended 6% cash dividends.

Ajial Real Estate and Enter. Company has logged a net profit of KD 760,291 and earnings per share of 4.33 fils in the year ended Dec 31, 2015 up from net profit of KD 636,393 and earnings per share of 3.63 fils in 2014.

Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 million and earnings per share of 4.5 fils in the same period last year . The BOD has recommended 5 pct cash dividends.

Al-Mowasat Health Care Co has posted a net profit of KD 3.34 million and earnings per share of 32.89 fils in the year ending Dec 31, 2015 as against net profit of KD 2.005 million and earnings per share of 19.73 fils in the same period last year. The Board of Directors has recommended 15% cash dividend.

Al-Enmaa Real Estate Co has posted a net profit of KD 4.38 million and earnings per share of 9.73 fils for the year ending Dec 31, 2015 as compared to net profit of KD 3.36 million earnings per share of 7.47 fils in the year before .

By John Mathews

Arab Times Staff

This news has been read 5407 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights