KSE ‘swings’ 37.99 pts higher; volume ticks up – Americana rallies 80 fils; KFH slips

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KUWAIT CITY, Feb 28: Kuwait stocks headed north on Sunday after eking modest gains during previous week. The price index climbed 37.99 points to 5,212.68 pts helped by moderate buying in select counters. The heavy weights were largely subdued even as investors look for fresh catalysts.

The KSX 15 gauge rose 1.48 points to 839.67 pts taking the month’s gains to 12 points while weighted index inched 0.81 pts higher. The volume turnover meanwhile ticked up after receding in the last session. 137.49 million shares changed hands — a 8.93 percent rise from Thursday.

The sectors closed mostly in the green turf. Technology outshone the rest with 2.27 percent gain whereas healthcare shed 0.71 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 38.4 percent whereas real estate stood next with 31.9 percent contribution.

Among the notable movers, Kuwait Food Co (Americana) rallied 80 fils to KD 2.220 extending the gains from previous session and United Projects Group climbed 50 fils. Sector bellwether, National Bank of Kuwait gave up slight early gains to close flat at KD 0.730.

Telecom services provider Zain rose 5 fils on back of 1.8 million shares whereas Wataniya Telecom (Ooredoo) held the ground steady at KD 1.180. Kuwait Telecommunications Co (VIVA) climbed 10 fils to KD 0.960 and Agility stood pat at KD 0.425.

Jazeera Airways was unchanged at KD 0.830 after vacillating earlier in the session whereas ALAFCO slipped 4 fils. 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 Dec 31, 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.

The market opened firm and edged higher in early trade. The main index continued to rise gradually amid moderate buying in select counters and peaked at 5,216.45 points in the final minutes. It pared back slightly before closing with impressive gains.

Top gainer of the day, Gulf Investment House rallied 11.9 pct to 23.5 fils and Future Communications Co Global climbed 10 percent to stand close behind. Massaleh Real Estate Co slumped 8.47 percent, the steepest decliner of the day and BIIHC topped the volume with 12.7 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the winners. 70 stocks advanced whereas 27 closed lower. Of the 134 counters active on Sunday, 37 closed flat. 3,213 deals worth over KD 8 million were transacted — a 37 pct dip in value from the day before.

National Industries Group, the flagship company of Kharafi Group, rose 2 fils to 116 fils whereas Gulf Cable closed flat at KD 0.340. ACICO Industries Co dropped 15 fils to KD 0.265 and Kuwait Packaging Materials Manufacturing Co followed suit to end at KD 0.325. Boubyan Petrochemical Co eased 5 fils to KD 0.445.

Steady

Kuwait and Gulf Link Transport Co inched 0.5 fils higher to 42 fils and KGL Logistics Co added 3 fils. Humansoft Holding Co was steady at KD 0.750 and Combined Group closed flat. Yiaco Medical Co gave up 10 fils while Zima Holding and Jeeran Holding gained 3 fils each.

Equipment Holding Co took in 1 fils whereas Kuwait Portland Cement Co closed flat. The company has posted a net profit of KD 4.82 million and earnings per share of 50.50 fils during the full year of 2015 as compared to net profit of KD 8.26 million and earnings per share of 86.56 fils. The Board of Directors has recommended 50 percent cash dividends in addition to 5 pct bonus shares.

Mezzan Holding Co climbed 20 fils to KD 1.040 while Salbookh Trading Co added 3 fils. Educational Holding Group gained 10 fils and IFA Hotels and Resorts Co followed suit. Ikarus Petrochemical Industries Co took in 2 fils to settle at 82 fils.

In the banking sector, Gulf Bank was flat at KD 0.204 off slight early lows and Commercial Bank of Kuwait followed suit. Ahli United Bank and Burgan Bank added 5 fils to close at KD 0.450 and KD 0.340 respectively whereas Al Ahli Bank was not traded during the session.

Kuwait Finance House slipped 10 fils to KD 0.500 erasing most of the gains in the last session whereas Kuwait International Bank nudged 2 fils into green. Warba Bank was unchanged at 178 fils.

Boubyan Bank climbed 5 fils to 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.

National Investment Co was flat at 78 fils and KIPCO too stood pat at KD 0.550 off early lows. Securities House Co rose 1.5 fils on back of 4.2 million shares and Securities Group stagnated at 82 fils.  Al Aman Investment Co and Al Deera Holding were up 2 fils each while Tamdeen Investment Co gained 5 fils. Noor Financial Investment Co paused at 48 fils and Sokouk Holding followed suit. Mabanee Co dropped 10 fils to KD 0.850.

The market was largely upbeat during the week. The price index closed higher in three of the four days and climbed 34 points week-on-week It has jumped 97 points from start of the month but is down 7.17 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Credit Rating and Collection Co has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

 INOVEST has incurred a net loss of KD 14.37 million and loss per share of 50.48 fils in 2015 as compared to net loss of KD 1.149 million and loss per share of 4.03 fils in the year before.

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 mln and earnings per share of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends.

Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5,14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.

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 percent cash dividends.

By John Mathews

Arab Times Staff

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