KSE indices gain amid upbeat earnings – Market cap rises by 4.4 pct to KD 23.63 billion
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KUWAIT CITY, Jan 29: The KSE indices all witnessed a close in positive, after a long interval of a negative closings, amid many counters reporting positive earnings throughout the week. The KSE Price Index saw a marginal increase of 1.30% to close at 5,010.39, as well the KSX-15 closed at 809.68 up by 5.46%. The MUDX Islamic Index closed an increase if 2.62% to close at 492.87. Notable banks reported earnings like Kuwait Finance House, Boubyan Bank, and Gulf Bank of Kuwait.
The Weekly volumes reported 832.90 million shares compared to 718.42 million shares in previous week. Among the major contributors the Real Estate Sector (contributing 31.70%) witnessed 263.99 million shares of trading compared to 273.16 million shares in the previous week, while Financial Services Sector (contributing 31.07%) witnessed 258.77 million shares of trading compared to 212.91 million shares in the previous week.
Sectors with notable volumes included the Technology sector, with a gain of 363.67% during the week. Counters like Hayat Communications Co (Mcap – KD 3.70 million) witnessed 2.51 million shares in trading compared with 0.52 million shares the previous week, after disclosing a deal with National Mobile Telecommunication Co – Ooredoo (Mcap – KD 534.27 million) the company announced two contracts worth a total of KD 1.29 billion and signed another a two year contract with Huawei company to design and implement the infrastructure of the Ministry of Communication phase 2, worth KD 5.65 billion.
The overall Market Cap was up by an 4.4% as it stood at KD 23.63 billion as the market saw an upward trend in the blue chips that were the main factor. National Bank of Kuwait – NBK (Mcap – KD 3.52 billion) saw its market cap increase by 7.69%. While Mobile Telecommunication Co – Zain (Mcap – KD 1.48 billion) also saw its market cap go up by 6.15% during the week. Gulf Bank of Kuwait (Mcap – KD 642.20 million) saw it market increase by 1.92% after reporting KD 39.00 million in FY earnings a gain of 9.9% from the previous year.
On the total market breadth, Of the 56 Islamic Companies, 27 advanced while 17 declined during the week.
The Islamic universe market cap witnessed a positive week to close at KD 5.96 billion an increase of 4.66%.
The universe heavyweights like Kuwait Finance House – KFH (Mcap – KD 2.26 billion) saw increase of 7.95% in its market cap, after reporting a net profit of KD 145.8 million FY earnings a gain of 15.2% from the previous year. While Boubyan Bank (Mcap – KD 814.98 million) witnessed an increase of 5.33% in its market cap, also after reporting a 24% gain its FY earnings of KWD 35.23 million. Kuwait International Bank (Mcap – KD 203.32 million) saw its market cap go up by 3.16% after reporting KD 16.00 million in FY earnings a growth of 16.9% from the previous year.
By KFH Capital
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