Kuwait bourse little changed; volume up – Zain slips 5 fils; KIPCO unchanged

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KUWAIT CITY, May 3: Kuwait stock was little changed on Tuesday after see sawing earlier in the week. The price index edged 2.87 points higher in a lackluster trade to 5,375.36 pts with a mixed board. The banks were subdued while other heavyweights diverged in a tight range.

The KSX 15 benchmark eased 1.76 points to 852.82 pts and is down 11 points so far during the month while weighted index clipped 0.49 points. The volume turnover meanwhile rebounded to hit the week’s highest after receding in the last two sessions. 152.62 million shares changed hands — a 29.8 pct jump from Monday.

The sectors closed mixed. Industrials outpaced the rest with 1.16 pct gain whereas healthcare shed 3.47 percent, the worst performer of the day. In terms of volume, financial services notched the highest market share of 42.1 pct while real estate and telecommunications followed with 19.7 percent and 10.3 pct contributions respectively.

In the individual shares, National Bank of Kuwait was unchanged at KD 0.660 off early lows with a volume of 2.49 million while Kuwait Finance House gave up 5 fils taking the year’s losses to 60 fils. Kuwait Food Co (Americana) climbed 20 fils to KD 2.440.

Zain fell 5 fils to KD 0.345 whereas Wataniya Telecom (Ooredoo) held the ground steady at KD 1.100 with thin volume. Kuwait Telecommunications Co (VIVA) too was flat at KD 1.00 and Agility rallied 10 fils on back of 2.5 million shares.

National Investment Co dialed up 2 fils with a volume of over 2 million whereas KIPCO stood pat at KD 0.540. The company has recorded a first quarter net profit of KD 13.5 million and earnings per share of 7.45 fils.

The market opened slightly weak and moved sideways in early trade. The price index rose briefly up to hit the day’s highest level of 5,376.93 points before slipping back to trough at 5,351.88 pts past the mid-session. It ticked up in the final minutes and managed to close in the green territory.

Top gainer of the day, Amar For Finance and Investment vaulted 10 pct to 432 fils while UPAC jumped 7.81 percent to stand next. Yiaco tumbled 21.8 percent, the steepest decliner of the day and Hits Telecommunications Co topped the volume with 15.44 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 34 stocks advanced whereas 42 closed lower. Of the 123 counters active on Tuesday, 47 closed flat. 3,482 deals worth KD 12.7 million were transacted — a 42.6 pct surge in value from the day before.

National Industries Group fell 2 fils to 128 fils while Kuwait Cement Co and ACICO Industries Co added 5 fil each to end at KD 0.390 and KD 0.295 respectively. Kuwait Portland Cement Co was unchanged at KD 1.020.

ALAFCO stood pat at 208 fils and Jazeera Airways Co followed suit. The company has reported a net profit of over KD 4 million and earnings per share of 20.05 fils in the quarter ending March 1, 2016  up from KD 3.01 million and earnings per share of 7.18 fils in the same period last year.

Soared

United Projects Group soared 50 fils and Humansoft Holding Co was up by same measure. The company has posted a net profit of KD 6.19 million and earnings per share of 51 fils in the quarter ending March 31, 2016 soaring from net profit of KD 3.07 million and earnings per share of 25 fils in the same period last year.

Gulf Cable slipped 5 fils to KD 0.365 while Boubyan Petrochemical Co dropped 10 fils. Equipment Holding Co inched 1 fil lower to 54 fils after trading over 2 million shares and Qurain Petrochemical Industries Co paused at 54 fils.

Kuwait and Gulf Link Transport Co ticked 0.5 fils up whereas KGL Logistics Co closed 1 fil in red. Mezzan Holding shed 20 fils and Zima Holding Co stagnated at 43 fils. Mashaer Holding Co took in 2 fils to wind up at 84 fils and Burgan Well Drilling Co tripped 2 fils.

In the banking sector, Gulf Bank was flat at KD 0.240 and Kuwait Finance House gave up 5 fils to close at KD 0.480. The company has logged a first quarter net profit of KD 34.10 million and earnings per share of 6.61 fils.

Burgan Bank was unchanged at KD 0.335 and Ahli United Bank too did not budge from its earlier close of KD 0.420 after vacillating in tight range. Kuwait International Bank dialed up 2 fils to 206 fils.

Boubyan Bank gave up early gains to close flat at 405 fils and Warba Bank too did not budge from ite earlier close of 176 fils. Al Ahli Bank was not traded during the session.

Kuwait Investment Co and Aayan Leasing and Investment Co took in 1 fil each whereas KMEFIC gave up 2.5 fils to settle at 24 fils. Bayan Investment Co rose 0.5 fil and Ektittab Holding added 2 fils on back of over 5 million shares.

KAMCO slipped 5 fils and KFIC closed 1.5 fils up at 41 fils. Salhia Real Estate shed 10 fils whereas Mabanee Co closed flat. National Real Estate Co inched 1 fil up on back of 3.8 million shares.

The market has been mixed so far during the week and dropped 16 points in last three sessions. It had rallied 163 points during whole of April but is down 4.27 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news , Future Communications Co Global has clocked a first quarter net profit KD 190,492 and earnings per share of 2.38 fils as compared to net profit of KD 281,641 and earnings per share of 3.48 fils in the Q1 of 2015.

Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 fils in the first quarter of 2016 as compared to net profit of KD 444,921 and earnings per share 5.65 fils in the same period last year. Aqar Real Estate Investments Co as penciled a net profit of KD 278,860 .

Earnings per share 1.30 fils in the first three months of 2016 as against a net profit of KD 506,241 and earnings per share of 2.22 fils in the same period last year.

The Energy House Co has recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year.

Injazzat Real Estate Development Company has chalked a net profit of KD 1.37 million and earnings per share of 4.1 fils in the quarter ending March 31, 2016 as compared to net profit of KD 2.18 million and earnings per share of 6.5 fils in Q1 of 2015.

By John Mathews

Arab Times Staff

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