KUWAIT CITY, Nov 21: Kuwait stocks swung higher on Monday recouping most of the losses in the last session. The price index climbed 10.44 points in volatile trade to 5517.75 points paced by buying in select counters. The sentiment however was largely muted in absence of fresh catalysts.

The KSX 15 gauge eased 1.97 points to 869.85 pts trimming the month’s gains to 43 pts while weighted index inched 0.14 pts into green. The volume turnover meanwhile shrank for the second consecutive day. 136 million shares changed hands – a 9.4 percent drop from Sunday.

The sectors closed mixed. Healthcare outpaced the rest 1.52 pct gain whereas banks slipped 0.59 percent, the worst performer of the day. Volume wise, financial services notched the highest market share of 32.82 pct and real estate stood close behind 32,4 pct contribution

Among the day’s movers, investment conglomerate KIPCO rose 10 fils to 510 fils whereas Mabanee Co dropped 10 fils to 840 fils taking the year’s losses to 100 fils. Burgan Bank gave up 5 fils to settle at 320 fils and Ahli United Bank followed suit.

Zain was unchanged at 410 fils with a volume of 2.8 million shares and Wataniya Telecom (Ooredoo) jumped 40 fils. Kuwait Telecommunications Co (VIVA) was unchanged at 870 fils off slight early gains and Agility slipped 10 fils to 530 fils after trading over 3 million shares.

National Bank of Kuwait paused at 640 fils with a volume of 2.3 million shares and Ahli United Bank followed suit. The bank has registered a nine-month net profit of KD 39.13 mln and earnings per share of 25.1 fils.

The market opened flat and slipped into red in early trade. The main index dipped further to bottom at 5493.02 points almost an hour into the session amid weak sentiment. It clawed back to green thereafter and drifted sideways past the mid-session before revving up in the final minutes to close with modest gains.

Top gainer of the day, Automated Systems Co jumped 8 percent to 270 fils while Yiaco rallied 7.94 pct to stand next. Safat Global slid 6.67 percent, the steepest decliner of the day and Abyaar Real Estate Co topped the volume with over 13 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 33 stocks advanced whereas 52 closed lower. Of the 127 counters active on Monday, 42 closed flat. 3061 deals worth over KD 16 million were transacted – a 2.3 pct drop in value from the day before

National Industries Group, the flagship company of the Kharafi Group, was unchanged at 118 fils whereas Gulf Cable gave up 5 fils to wind up at 375 fils. Gulf Glass Manufacturing Co climbed 10 fils an NICBM was up 6 fils at 196 fils.

Kuwait Foundry Co fell 4 fils to 172 fils and RISCO closed flat. 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.

ACICO Industries Co rose 5 fils to 265 fils and Alrai Media Group Co stood pat at 140 fils. The company has logged nine- month net profit of KD 2.94 million and earnings per share of 12.701 fils as compared to net profit of KD 4.72 million and EPS of 20.386 fils in the year before period.

Scaled

Kuwait Food Co (Americana) was unchanged at KD 2.620 and Humansoft Holding Co scaled 40 fils to close at KD 1.860. Jazeera Airways gained 10 fils partly recouping Sunday’s fall while ALAFCO clipped 2 fils before settling at 214 fils. AWJ Holding rose 4 fils to 63 fils.

Kuwait National Cinema Co fell 10 fils to KD 0.940 whereas EK Holding and GFH rose 10 fils each to end at 166 fils and 160 fils each. Zimah Holding Co was unchanged at 41 fils and Mezzan Holding Co was up 10 fils at KD 0.990.

Equipment Holding Co paused at 42.5 fils and Boubyan Petrochemical Co too did not budge from its earlier close of 465 fils. Kuwait and Gulf Link Transport Co eased 1 fil to 51 fils and KGL Logistics followed suit to end at 51 fils.

In the banking sector, Commercial Bank of Kuwait and Gulf Bank were flat at 420 fils and 236 fils respectively while Kuwait International Bank clipped 2 fils after trading 2.4 million shares. Burgan Bank gave up 5 fil and Warba Bank took in 2 fils before closing at 216 fils.

Kuwait Investment Co eased 2 fils to 84 fils while Commercial Facilities Co and Kuwait Financial Centre (Markaz) were down 4 fils each to end ay 156 fils and 80 fils respectively. National Investment Co stood pat at 104 fils with a volume of 1.3 million.

Bayan Investment Co and Al Mal Investment Co clipped 0.5 fil each whereas KFIC paused at 34 fils. Noor Financial Investment Co inched 1.5 fils into red and Tamdeen Investment Co was flat at 290 fils. Osoul Investment added 1.5 fils and Al Imitiaz slipped 3 fils to 83 fils.

United Real Estate Co and National Real Estate Co dialed up 1 fils each whereas Kuwait Real Estate Co closed 1 fil lower. Mazaya Holding Co took in 2 fils and Remal gave up 1 fil.

The market has been mixed so far during the week and is up 6 points in last two sessions. The price index has climbed 116 points from start of the month but is down 1.73 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