KSE swings higher on renewed buying – KFH gains 5 fils; Zain dips

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KUWAIT CITY, March 24: Kuwait stocks swung higher on Thursday to wind up the week on a firm note. The bourse rose 14.73 points in tame session to 5268.45 pts helped by renewed buying in select counters. Most of the banking shares eked modest gains whereas telecom services providers sagged.

The KSX 15 benchmark eased 0.74 pts to 840.79 points trimming the month’s gains to 13 points while weighted index inched 0.35 points lower. The volume turnover meanwhile swelled for the second straight day. 161.02 million shares changed hands — a 21.6 pct jump from the day before

The sectors closed mostly in the green territory. Technology outshone the rest with 2.4 percent gain whereas telecommunication shed 2 pct, the worst performer of the day. In terms of volume financial services dominated with 32.8 percent market share while telecommunications and real estate stood next with 21.8 pct and 18.2 percent contributions respectively.

Among the prime movers Kuwait Finance House rose 5 fils to KD 0.490 while Gulf Bank was up 4 fils at 212 fils extending the slight gains in the last session. Kuwait Food Co (Americana) soared 80 fils to KD 2.500 and has rallied 740 fils during the month.

Zain dived 25 fils to KD 0.355 with a volume of 1.9 million shares and Wataniya Telecom (Ooredoo) shed 20 fils. Kuwait Telecommunications Co (VIVA) added 10 fils whereas logistics major Agility gained 20 fils on back of 4.3 million shares.

KIPCO was unchanged at KD 0.530 and Kuwait Insurance Company climbed 25 fils to KD 0.320. The 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.

The market opened flat and moved sideways in early trade. The price index continued to drift listlessly amid mixed sentiment and revved up in the final minutes to close with modest gains.

Top gainer of the day, Marakez vaulted 10.2 pct to 27 fils and KINS climbed 8.4 percent to stand next. Warba Insurance Co slumped 12 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with over 27 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the winners. 50 stocks advanced whereas 32 closed lower. Of the 125 counters active on Thursday, 32 closed flat. 3650 deals worth KD 13.4 million were transacted – a 8.4 pct rise in value from the day before.\

National Industries Group climbed 4 fils to 118 fils on back of 4.6 million shares while Gulf Cable added 5 fils to settle at KD 0.325. ACICO Industries Co was unchanged at KD 0.290 whereas Boubyan Petrochemical closed 10 fils higher.

ALAFCO took in 2 fils and Kuwait Resorts Co followed suit to end at 85 fils. The Energy House climbed 4 fils to 53 fils and KGL Logistics Co inched 1 fils higher. Mezzan Holding Co shed 20 fils.

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Kuwait Cement Co stood pat at KD 0.375 and Kuwait Portland Cement Co followed suit. 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% cash dividends in addition to 5% bonus shares.

Equipment Holding Co clipped 1 fils to end at 51 fils and Independent Petroleum Group added 10 fils. Hits Telecom was unchanged at 29 fils and IFA Hotels and Resorts Co followed suit. NICBM gained 10 fils and Osos Holding Group was up 6 fils at 114 fils. Zima Holding Co eased 1 fils to 52 fils after trading 3.6 million shares.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.700 off early lows after trading 1.8 million shares and Commercial Bank of Kuwait too did not budge from its earlier close of KD 0.485 . Al Ahli Bank and Ahli United Bank added 5 fils each while Kuwait International Bank closed 4 fils higher.

Burgan bank slipped 5 fils to KD 0.335 taking the month’s losses to 20 fils and Boubyan Bank added 5 fils. Warba Bank took in 2 fils to settle at KD 0.172.

National Investment Co rose 3 fils to 88 fils on back of 1.3 million shares whereas Bayan Investment Co and Sokouk Holding Co stood pat at 33 fils at 34 fils respectively. Al Deera Holding Co inched 1 fils up whereas Noor Financial Investment Co slipped 1.5 fils to 45 fils.

Kuwait Investment Co gave up 1 fils and Al Ahleia Insurance Co climbed 5 fils to 475 fils. Ekttitab Holding Co stagnated at 29 fils

Al Mazaya Holding was steady at 108 fils and Mabanee Company followed suit. The comany has posted a net profit KD 48.51 million  earnings per share of 57.42 fils in the year ending Dec 31, 2015 and the BOD has recommended 10 pct cash dividends and 5 percent bonus shares.

The market was mixed the during. The key index closed lower in three of the five sessions and added 6 points week-on-week. It has gained 61 points so far during the month and is trading 6.17 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news , Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.

KAMCO Investment Company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before

Abyaar Real Estate Development Co has recorded a net loss of KD 21,700 and loss per share of 0.02 fils in 2015 after posting net profit of KD 755,088 and earnings per share of 0.69 fils in the year before.

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.

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.

By John Mathews – Arab Times Staff

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