Kuwait bourse extends gains in choppy trade – Ooredoo climbs 40 fils; KIPCO flat

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KUWAIT CITY, Nov 23: Kuwait stocks headed north on Monday extending the gains to third straight session. The bourse climbed 17.54 pts in choppy trade to 5,773.68 points helped by buying in select counters. The heavyweights closed mixed even as investors remained largely cautious.

The KSX 15 benchmark rose 4.41 points to 950.15 pts taking the month’s gains to 26 points while weighted index edged 1.97 points higher. The volume turnover meanwhile fell marginally after rebounding in the last session. Over 138 million shares changed hands — a 3.39 pct fall from Sunday.

The sectors closed mostly in the green zone. Healthcare outshone the rest with 1.07 pct gain whereas basic materials dropped 0.73 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 27.9 percent and telecommunications stood next with 23.16 pct contribution.

In the individual shares, National Bank of Kuwait rallied 10 fils on back of 5.3 million shares and Mabanee Co climbed 30 fils taking the month’s gains to 100 fils. Kuwait Food Co (Americana) soared 40 fils and Humansoft Holding vaulted 50 fils to KD 0.840.  Bourse heavyweight Zain eased 5 fils to KD 0.375 after trading 1.6 million shares and Wataniya Telecom (Ooredoo) scaled 40 fils to wind up at KD 1.060. Kuwait Telecommunications Co (VIVA) rose 20 fils to KD 1.060 on back of 6.4 million shares whereas logistics major Agility was down 10 fils at KD 0.510.

National Industries Group fell 2 fils to KD 0.140 and City Group Company closed flat. The company has logged a net profit of KD 5.26 million and earnings per share of 46.56 fils in the nine-month period ending September 31, 2015 up from net profit of KD 4.15 million and earnings per share of 36.75 fils in the first nine-months of 2014

The market opened flat and moved sideways in early trade. The main index slipped below the red almost half way into the session to plumb the day’s lowest level of 5749.79 points before heading north. It peaked at 5775.04 pts and managed to close with modest gains.

Top gainer of the day, Qurain Holding spiked 15.38 pct to 7.5 fils and Massaleh Real Estate Co climbed 7.84 pct to stand next. Kout Food Group sank 8 percent, the steepest decliner of the day and Hits Telecommunications Co topped the volume with 23.86 million shares.

Mirroring the day’s upswing, the winner slightly outnumbered the losers. 48 stocks advanced whereas 46 closed lower. Of the 138 counters active on Monday, 44 closed flat. 3685 deals worth KD 24.40 million were transacted — a 30.8 pct surge in value from the day before.

Gulf Cable gained 15 fils and Kuwait Portland Cement Co was flat at KD 1.140. Boubyan Petrochemicals Co and ACICO Industries were steady at KD 0.560 and KD 0.295 respectively while Metal and Recyling Co added 5 fils.

Down

Jazeera Airways rose 5 fils to KD 0.470 whereas ALAFCO was down 4 fils at KD 0.220. Kuwait and Gulf Links Transport Co inched 0.5 fils up and KGL Logistics Co took in 2 fils on back of 5.4 million shares. Yiaco Medical Co climbed 10 fils to KD 0.164.  Burgan Well Drilling Co dialed up 2 fils and Combined Group Contracting Co. closed flat. The company has penciled a net profit of KD 2.69 million and earnings per share of 22.03 fils in the first nine months of 2015 as compared to net profit of KD 3.55 million and earnings per share of 29 fils in the year before period.

Zima Holding rose 4 fils on back of 1.33 million shares and Mezzan Holding climbed 20 fils to KD 1.100. The company has clocked a net profit of KD 16.15 million earnings per share 54.49 fils in the January-September period up from net profit of KD 11.68 million and earnings per share of 39.42 fils in the same period last year.

In the banking sector, Gulf Bank and Commercial Bank were unchanged at KD 0.275 and KD 0.500 respectively and Ahl United Bank too did not budge from its earlier close of KD 0.540. Kuwait International Bank closed flat and Al Ahli Bank was not traded during the session.

Burgan Bank rose 5 fils to KD 0.395 whereas Kuwait Finance House paused at KD 0.590 off early lows with volume of 4.2 million shares. Boubyan Bank stagnated at KD 0.440 and Warba Bank followed suit to end at KD 0.206.  Investment major KIPCO and National Investment Co were unchanged at KD 0.610 and 106 fils respectively while KMEFIC inched 1 fils up. Bayan Investment Co paused at 38 fils whereas Al Deera Holding and Al Qurain Holding took in1 fils each. Tamdeen Investment Co climbed 10 fils.

Kuwait Investment Co clipped 2 fils to settle at KD 0.102 whereas International Financial Advisors was flat at 34 fils after trading 5.3 mllion shares. Sokouk Holding paused at 48 fils.  National Real Estate Co was up 3 fils at 86 fils and Salhia Real Estate held steady at KD 0.340. Tamdeen Real Estate Co gained 20 fils and Al Mazaya Holding Co was flat at KD 0.108.

The bourse has been upbeat so far during the week and has gained 31 points in last two sessions. It has dropped 20 pts from start of the month and is trading 11.66 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Glass Manufacturing Company has posted a net profit of KD 59,392 and earnings per share of 0.22 fils in the nine-month period ending September 30, 2015 rebounding from a net loss of KD 1.15 million and losses per share of 4.37 fils in the 9M of 2014.

United Real Estate Co. has clocked a net profit of KD 4.87 million and earnings per share 4.54 fils in the first nine-months of 2015 as against net profit of KD 4.44 million and earnings per share of 4.15 fils in the same period last year.

Abyaar Real Estate Development Co has registered a net profit of KD 6,103 and earnings per share 0.01 fils for the nine-month period ended September 31, 2015 down sharply from net profit of KD 487,234 and earnings per share of 0.44 fils in the same period of 2014.

Tamdeen Real Estate Company as clocked a net profit of over KD 9 million and earnings per share of 22.6 fils in the nine-month period ending September 30, 2015 , climbing from net profit of KD 6.61 million and earnings per share of 16.4 fils in the year before period.

Securities Group Company has recorded a net profit of KD 2.47 million and earnings per share of 9.69 fils in the six-month period ending September 31, 2015 as compared to net profit of KD 2.57 million and earnings per share of 10.09 fils in the year before period.

By John Mathews

Arab Times Staff

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