Kuwait bourse bounces 29.82 pts; volume soars – NBK gains 10 fils; Americana flat

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KUWAIT CITY, Nov 6: Kuwait stocks swung higher on Sunday after eking modest gains in the previous week. The price index climbed 29.82 pts in choppy trade to 5,439.2 points helped by renewed by in select counters led by banks and financial shares.

The KSX 15 benchmark rallied 8.35 pts to 839.32 points taking the month’s gains to 13 points while weighted index added 3.35 pts. The volume turnover meanwhile bounced past the 100 million mark again to hit a 10-day high. 15.2 million shares changed hands — a 57 pct surge from Thursday.

The sectors closed mostly in green. Telecommunications outshone the rest with 1.9 percent gain whereas parallel market shed 0.94 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 27.3 pct while real estate followed closely with 23.2 percent contribution.

Among the prime movers, National Bank of Kuwait rose 10 fils on back of 1.48 million shares and Kuwait Finance House followed suit to settle at 495 fils. Investment major KIPCO was up 5 fils at 500 fils and is trading 80 fils year-to-date.

Zain rose 5 fils to 395 fils with a volume of 2.7 million and Wataniya Telecom (Ooredoo) jumped 40 fils recouping the fall in last session. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.850 and Agility was up 5 fils at 485 fils.

Kuwait Food Co (Americana) stood pat at KD 2.620 off early lows and Jazeera Airways Co shed 20 fils. The company has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016.

The market opened flat and headed north in early trade. The main index continued to climb well past the mid-session amid positive sentiment before pulling back briefly. It rose again in the final minutes and closed with modest gains.

Top gainer of the day, Gulf Finance House rallied 9.43 pct to 116 fils and Hits Telecom climbed 6.76 percent to stand next. Hilal Cement Co slid 4.81 percent, the steepest decliner of the day and Hits Telecom also topped the volume with over 24 million shares.

Mirroring the day’s upswing, the market spread was skewed towards the winners. 56 stocks advanced whereas 29 closed lower. Of the 118 counters active on Sunday, 33 closed flat. 3,566 deals worth KD 18.3 million were transacted — a 123 pct surge in value from the day before.

National Industries Group fell 2 fils to 112 fils extending an identical drop in the last session and RISCO was unchanged at 320 fils. Gulf Cable gained 5 fils and Heavy Shipbuilding Industries and Engineering Co added 6 fils before settling and 158 fils.

Kuwait Foundry Co rose 4 fils and Gulf Glass Manufacturing Co closed flat. The company has registered a net profit KD 1.20 mln and earnings per share of 23.46 fils in the 9-month period ending Sept 30, 2016.

Gained

Kuwait Portland Cement Co gained 20 fils and Qurain Petrochemical Industries Co took in 2 fils. The company has registered a net profit of KD 10.48 million and earnings per share of 10.08 fils in the Jan-Sept period as compared to net profit of KD 6.61 million and EPS of 6.31 fils in 2015, 9M.

Humansoft Holding Co vaulted 100 fils to KD 1.780 whereas Independent Petroleum Group dropped 10 fils. Kuwait Gulf Links Co eased 0.5 fil to 47.5 fils while ALAFCO and AWJ Holding Co dialed up 2 fils each to close at 216 fils and 49.5 fils respectively.

ACICO Industries Co dipped 10 fils to 280 fils and IFA Hotels and Resorts Co was down 8 fils at 160 fils. Mezzan Holding Co stood pat at KD 1.040 and Zimah Holding Co took in 2 fils to close at 46.5 fils. Equipment Holding Co paused at 44 fils.

Gulf Bank was unchanged at 232 fils whereas Commercial Bank of Kuwait and Al Ahli Bank of Kuwait were up 5 fils each to close at 395 fils and 320 fils respectively.

Burgan Bank was flat at 192 fils and Ahli United Bank gave up 5 fils to wind up at 390 fils. Boubyan Bank added 5 fils on back of over1 million shares and Kuwait International Bank dialed up 2 fils. Warba Bank rallied 6 fils on back of 9.8 million shares.

National Investment Co was unchanged at 108 fils off slight early lows and International Financial Advisors inched 0.5 fil into red. Coast Investment and Securities Investment House clipped 0.5 fil each while Commercial Facilities Co climbed 4 fils.

Kuwait Financial Centre ( Markaz) fell 2 fils to 79 fils whereas Bayan Investment Co and Osoul Investment Co were up 0.5 fil each. Al Madina Finance Co added 2.5 fils on back of 2.9 million shares and Tamdeen Investment Co dropped 10 fils.

KFIC eased 2 fils to 33 fils while Al Aman and Aayan Investment Co closed 1 fil in green. Gulf Insurance Co dipped 10 fils to 620 fils and Ahleia Insurance Co gained 10 fils.

Kuwait Real Estate Co and United Real Estate Co clipped 1 fil each whereas National Real Estate Co took in 1 fil before settling at 82 fils. Mabanee Co stood pat at KD 0.810 and Mazaya Holding slipped 4 fils to 110 fils.

The market was mixed during last week. The main index closed higher in 3 of the 5 sessions and was up 12 points week-on-week. The price index has gained 38 points so during the month but is down 3.13 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.

By John Mathews

Arab Times Staff

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