KUWAIT CITY, Jan 28: Kuwait stocks swung above the 5,000 pts mark on Thursday to end week on a positive note as oil prices edged up.. The bourse climbed 41.14 points to 5,010.39 pts in a tame session extending the gains to second straight session. The market sentiment was cautiously positive even as investors chased positions on value buying after the recent sell-offs.
The KSX 15 gauge jumped 21.4 pts to 809.68 points paring the month’s losses to 75 points while weighted index rose 7.36 pts. The volume turnover meanwhile swelled past the 200 million mark for the third time during the month. 201.76 million shares changed hands — a 18.46 pct increase from Wednesday.
The sectors closed mostly in the green turf. Basic materials outperformed the rest with 3.55 percent gain whereas consumer goods shed 0.60 pct, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 34.23 pct while financial services stood next with 32.4 percent. Banking sector was a distant third with 18 pct contribution,
Among the prime movers, sector bellwether National Bank of Kuwait rallied 20 fils to KD 0.700 on back of 1.9 million shares while Kuwait Finance House climbed 25 fils with a volume of 14.8 million. KIPCO was up 10 fils at KD 0.520 but is down 60 fils from start of the month.
Telecom major Zain rose 10 fils to KD 0.345 whereas Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.060. Kuwait Telecommunications Co (VIVA) slipped 10 fils. The company has posted a net profit of KD 42.95 million and earnings per share of 86 fils in 2015. Agility was up 5 fils at KD 0.420 extending an identical rise in the day before.
The market opened flat and nudged higher in early trade amid buying interest at low levels. The price index moved sideways in the second half as investors toed caution and nudged up in the final minutes. It peaked at 5015.68 points before slight trimming the gains at close.
Top gainers of the day, Coast Investment and Development Company and Housing Finance Co (Iskan) rallied 8.7 percent each whereas Burgan Well Drilling Co dived 8.33 pct, the steepest decliner of the day. Al Dar National Real Estate Co topped the volume with 33.9 million shares.
Mirroring the day’s gains, the market spread was heavily skewed towards the winners. 89 stocks advanced whereas 26 closed lower. Of the 137 counters active on Thursday, 22 closed flat. 4828 deals worth KD 18.9 million were transacted — a 73 pct surge in value from the day before.
National Industries Group rose 2 fils to KD 0.110 on back of over 1 million shares while Kuwait Cement Co climbed 20 fils to KD 0.380. Gulf Glass Manufacturing Co slid 40 fils and Kuwait Packing Materials Manufacturing Co shed 25 fils to end at KD 0.315.
Kuwait Food Co (Americana) was unchanged at KD 1.760 whereas Humansoft Holding Co slumped 40 fils to KD 0.780. Kuwait Foundry Co rose 6 fils to KD 0.218 whereas Gulf Cable gave up 5 fils to settle at KD 0.320. Mezzan Holding Co climbed 20 fils to KD 0.960.
Jazeera Airways shed 20 fils to close KD 0.760 whereas ALAFCO closed flat. The company has posted net profit of KD 3.014 million and earnings per share of 3.68 fils in the first quarter ended on 31 Dec 2015 as compared to net profit of KD 4.32 mln and earnings per share of 5.28 fils in the same period last year.
Kuwait and Gulf Link Transport Co inched 1 fils up whereas KGL Logistics held steady at 50 fils. United Projects Group added 10 fils while Jeeran Holding and Mashaer Holding Co paused at 64 fils and 95 fils respectively.
Combined Group Contracting Co rose 10 fils to 110 fils and Al Mowasat Health Centre Co closed 10 fils higher. Boubyan Petrochemical Company was up 5 fils at KD 0.445 after trading 1.6 million shares.
In the banking sector, Gulf Bank rose 4 fils to KD 0.212 and Commercial Bank gained 10 fils. Al Ahli Bank of Kuwait stagnated at KD 0.345 whereas Ahli United Bank added 5 fils to close at KD 0.435. Kuwait International Bank closed 6 fils in green and Warba Bank climbed 4 fils to 164 fils extending the modest rise in the day before
Burgan Bank rallied 20 fils and Boubyan Bank was up 5 fils at KD 0.395. The bank has recorded a net profit KD 35.23 million and earnings per share of 17.09 fils in the year ending Dec 31, 2015 and the Board of Directors has recommended 5 pct cash dividends and 5 percent bonus shares Kuwait Investment Co eased 1 fils while International Financial Advisors and National Investment Co were up 1 fils each to end at 24 fils and 67 fils respectively. Securities House Co inched 1 fils up with a volume of 5.5 million shares.
Bayan Investment Co and Sokouk Holding Co added 1.5 fils each and Osoul Investment Co closed 2.5 fils in red. Noor Financial Investment Co inched 1 fils up and Warba Insurance Co clipped 2 fils.
Mabnee Co climbed 20 fils to KD 0.880 while National Real Estate Co and Salhia Real Estate Co held steady at 85 fils and 330 fils respectively. Al Mazaya Holding nudged 2 fils higher.
The market was volatile during the week. The price index closed higher in three of the five sessions and gained 64 points week-on-week. It has slid 602 points so far during the month and has slumped 10.7 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, 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 Developement 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 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.
Gulf Insurance Group has been granted the approval by Capital Markets Authority on Jan 7, 2016 to buy back or sell a maximum of 10% of its shares for 6 months from date of the approval.
By John Mathews
Arab Times Staff