Kuwait bourse edges up in volatile trading – KFH slips 5 fils; Humansoft Holding jumps

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KUWAIT CITY, Nov 7: Kuwait stocks nudged higher on Monday extending the gains to third straight session. The bourse rose 4.06 pts in volatile trade to 5,443.24 pts as investors kept a wary eye on the retreating oil prices. The banks were mostly subdued while the board remained broadly mixed.

The KSX 15 benchmark added 2.39 points to settle at 841.71 points and weighted index inched 0.2 pts up to 359.06 points. The volume turnover meanwhile rose further helped by speculative trading in select counters. 152 million shares changed hands — a 57 pct surge from the day before.

The sectors closed mostly in the green turf. Telecommunications outshone the rest with 1.90 percent gain whereas parallel market shed 0.94 percent, the weakest performer of the day. In terms of volume, financial services clocked the highest market share of 27.3 pct and real estate stood next with 23 percent contribution.

In the individual shares, Kuwait Finance House fell 5 fils to 490 fils after trading over 5 million shares and Commercial Bank of Kuwait was down by same measure to settle at 390 fils. Mabanee Co climbed 10 fils to 820 fils and has shed 40 fils so far during the month.

Zain climbed 10 fils on back of 9.6 million shares to 410 fils and Wataniya Telecom (Ooredoo) dropped 20 fils to KD 1.080 partly reversing the gains in the day before. Kuwait Telecommunications Co (VIVA) gained 10 fils and logistics major Agility was up 5 fils at KD 0.480.

Kuwait Food Co (Americana) was unchanged at KD 2.620 and Jazeera Airways too did not budge from its earlier close of KD 0.820. The carrier 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 on strong footing and rose further in early trade. The price index charted a volatile course before slipping into red and plumbed the day’s lowest level of 5,433.39 pts past the mid-session. It clawed back thereafter and managed to close in the green territory.

Top gainer of the day, Yiaco jumped 9 pct to 216 fils and Masaken climbed 6.4 percent to stand next. Yiaco has logged a nine-month net loss of KD 2,40 million and loss per share of 13.24 fils as compared to net profit of KD 751,920and earnings per of 4.13 fils in 9M of 2015.

Ithmaar Bank slid 6.7 pct, the steepest decliner of the day and Hits Telecom topped the volume with 18.2 million shares.

Despite the day’s uptick the losers outnumbered the winners. 34 stocks advanced whereas 39 closed lower. Of the 119 counters active on Monday, 46 closed flat. 3,556 deals worth KD18.3 million were transacted — a 123 pct surge in value from the day before.

National Industries Group was unchanged at 112 fils off slight early lows whereas Gulf Cable gave up 5 fils to close at 380 fils. Marine Contracting and Services Co too fell 5 fils whereas Shuaiba Paper Industries Co closed 5 fils higher at 255 fils.

Kuwait Portland Cement Co stood pat at 82 fils and RISCO followed suit. The company has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016 as against a net profit of KD 3.22 million and earnings per share of 32.39 fils in the same period of 2015.

Budge

Kuwait Foundry Co was unchanged at 174 fils and Equipment Holding Co too did not budge from its earlier close of 44 fils. Kuwait and Gulf Links Transport Co paused at 47.5 fils and KGL Logistics eased 1 fil to 74 fils.

IFA Hotels and Resorts and Burgan Well Drilling Co stalled at 160 fils and 85 fils respectively while AWJ Holding closed 1.5 fils in red. Mezzan Holding was unchanged at KD 1.040 and Zimah Holding clipped 0.5 fil.

In the banking sector, National Bank of Kuwait was flat at KD 0.600 and Gulf Bank followed suit. Ahli United Bank and Kuwait International Bank stagnated at 390 fils and 192 fils again.

Burgan Bank held steady at 320 fils off slight early lows and Boubyan Bank followed suit. Al Ahli Bank fell 5 fils to 315 fils and Warba Bank gained 4 fils.

KIPCO and Kuwait Investment Co were unchanged at 500 fils and 84 fils respectively while Securities House Co took in 2 fils. Kuwait Financial Centre ( Markaz) inched 1 fil into green whereas National Investment Co clipped 2 fils.

Bayan Investment Co and Osoul Investment Co stalled at 31 fils and 41.5 fils respectively whereas Housing Finance Co (Iskan) edged 2.5 fils higher. Al Deera Holding and Sokouk Holding stood pat at 35 fils and 31.5 fils respectively.

KFIC was flat at 33 fils and Coast Investment and Finance Co too did not budge from its earlier close. Noor Financial and Investment Co took in 0.5 fil and Al Madina closed 0.5 fil lower. Al Ahleia Insurance Co slipped 5 fils to 445 fils.

Kuwait Real Estate Co and United Real Estate Co were flat at 50 fils and 95 fils respectively whereas National Real Estate Co dialed up 1 fil to settle at 81 fils. Tamdeen Real Estate too held ground at 500 fils.

The market has been upbeat so far during the week and has added 34 points in last two sessions. The price index has climbed 42 points so far during the month but is down 3.06 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.

Aqar Real Estate Investments Co. has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

Jeeran Holding Co has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg. has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fil in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.

By John Mathews

Arab Times Staff

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