Kuwait bourse edges higher; volume climbs – NBK gains 10 fils; Americana drops

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KUWAIT CITY, Sept 19: Kuwait stocks ticked up on Monday recouping the slight losses in the last session. The price index rose 4.11 pts to 5,430.47 points helped by modest gains in some of the banking shares even as the board remained broadly mixed.

The KSX 15 measure climbed 4.08 pts to 814.56 points taking the month’s gains to 13 points while weighted index added 1.53 pts. The volume turnover meanwhile saw a modest bounce after shrinking on Sunday. 49 million shares changed hands — a 12 pct rise from the day before.

The sectors closed mixed. Industrials outpaced the rest with 1.06 pct gain while insurance shed 0.76 percent, the biggest loser of the day. In terms of volume, real estate notched the highest market share of 41 percent while financial services followed with 37 pct contribution.

Among the notable gainers, sector bellwether National Bank of Kuwait rose 10 fils to KD 0.590 on back of 1.7 million shares and Commercial Bank of Kuwait climbed 20 fils to KD 0.340.  Humansoft Holding Co soared 100 fils with thin trading volume.

Zain rose 5 fils to 335 fils with a volume of 1.48 million and Wataniya Telecom (Ooredoo) jumped 40 fils. Kuwait Telecommunications (VIVA) was unchanged at KD 0.900 and logistics major Agility gained 10 fils.

Kuwait Food Co (Americana) dropped 20 fils to KD 2.460 and Jazeera Airways Co gave up 10 fils. The airline has clocked a net profit of KD 5.99 million and earnings per share of 29.96 fils in the first half of 2016.

The market opened on tame note and moved sideways in early trade. The main index slipped slightly into red amid selling in select counters and plumbed the day’s lowest level of 5410.98 pts almost half way into the session. It clawed back thereafter and managed to wind up in green zone.

Top gainer of the day, Al Mudon rallied 9.43 pct to 29 fils and AGHC climbed 9.26 pct to stand close behind. Tahsillat dipped 6.85 percent, the steepest decliner of the day and Al Mudon also topped the volume with 9.8 million shares.

Despite the day’s uptick, the losers outnumbered the winners, 30 stocks advanced whereas 38 closed lower. Of the 113 counters active on Monday, 45 closed flat. 1682 deals worth KD 4.6 million were transacted — a 5.4 pct fall inn value from the day before.

National Industries Group rose 2.5 fils to 114 fils while Kuwait Foundry Co and Gulf Cable were unchanged at 166 fils and 390 fils respectively. ACICO added 5 fils while Al Qurain Petrochemical Industries stood pat at 194 fils.

Equipment Holding Co took in 1.5 fils and Refrigeration Ind. and Storage Company fell 5 fils. The company has registered a net profit of KD 2.99 million and earnings per share of 30.50 fils in the first half of 2016 up from net profit of KD 2.12 million and earnings per share of 22.38 fils in the same period last year.

Kuwait National Cinema Co dropped 10 fils and Independent Petroleum Group Co paused at KD 0.350. The company has clocked a net profit of KD 2.53 million and earnings per share of 17.53 fils in the first half of 2016.

Gained

NICBM shed 10 fils and YIACO Medical was up 10 fils at 198 fils. Zimah Holding Co was unchanged at 40.5 fils and Mezzan Holding Co gained 10 fils. PAPCO was up 4 fils at 99 fils while Kuwait Cable Vision Co dialed up 1.5 fils.

Kuwait and Gulf Link Transport Co stalled at 42 fils and KGL Logistics Company followed suit. The company has posted a net profit of 30, 2016 KD 3.76 million and earnings per share of 6.36 fils in the first half of 2016 up from net profit of KD 3.49 million and earnings per share of 5.82 fils in the same period last year.

In the banking sector, Kuwait Finance House was flat at KD 0.465 off slight early lows and Gulf Bank clipped 2 fils. Ahli United Bank gave up 5 fils whereas Al Ahli Bank and Kuwait International Bank were not traded during the session.

Burgan Bank stagnated at 320 fils and Boubyan Bank was up 5 fils at KD 0.390 recouping the loss in the last session. Warba Bank dialed up 2 fils to settle at 168 fils.

Kuwait Investment Co was flat at 86 fils with thin trading while International Financial Advisors inched 0.5 fil lower. KIPCO stood pat at 550 fils and National Investment Co followed suit after trading 1,7 million shares.

Securities House Co took in 0.5 fil and Securities Group Co was unchanged at 85 fils. Al Mal Investment Co and Bayan Investment Co eased 0.5 fil each while Ektittab Holding Co closed 1 fil in green.

 Noor Financial Investment Co and Al Madina paused at 40 fils and 47 fils respectively. Sokouk Holding Co was unchanged at 31.5 fils.

United Real Estate Co dialed up 1 fil whereas National Real Estate Co held ground at 77 fils. Mabanee Co shed 10 fils and Mazaya Holding Co stood pat at 114 fils. Remal added 2.5 fils to settle at 37.5 fils on back of 1.39 million shares.

The market has been mixed so far during the week and is almost unchanged from start of the week. It had added 11 pts from start of the month but is down 3.29 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has posted a net profit of KD 20,659 and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year.

Metal and Recycling Co. clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.

Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.

Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.

Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.

By John Mathews

Arab Times Staff

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