KUWAIT CITY, June 16: Kuwait stocks nudged higher on Thursday to wind up the week on a firm note. The price index rose 4.48 pct in a lackluster trade to 5,394.84 pts helped by Kharafi Group controlled Americana’s fresh stake sale talks. Banks and other blue chips closed mixed even as investors eye fresh cues.
The KSX 15 benchmark dropped 3.86 pts to 806.94 points to taking the month’s losses to 20 points while weighted index eased 1.52 pts. The volume turnover meanwhile rose for the second day in row. 94.34 million shares changed hands — a 6 percent rise from Wednesday.
The sectors diverged during the session. Technology outpaced the rest with 2.72 percent gain while basic materials shed 2.72 pct, the worst performer of the day. In terms of volume, financial services notched the highest market share of 56.24 pct while real estate and industrials trailed far behind with 10.16 percent and 7.99 pct contributions respectively.
Among the day’s prominent movers, Gulf Bank rose 4 fils to 226 fils while Commercial Bank climbed 5 fils to KD 0.420 paring the year’s losses to 80 fils. Humansoft Holding vaulted 100 fils to KD 1.440 and Automated Systems Co gained 25 fils.
Zain added 5 fils on back of 2.28 million shares to 345 fils while Kuwait Telecommunications Co (VIVA) stood pat at KD 0.930. Agility slipped 10 fils to KD 0.475 and Wataniya Telecom (Ooredoo) was not traded during the session.
KIPCO dropped 10 fils to KD 0.500 after trading 1.2 million shares and and National Investments Company dialed up 2 fils on back of over 8 million shares. The company has logged a first quarter net profit of KD 1.11 million and earnings per share of 1.3 fils.
The market opened on tame note and moved sideways in early trade. The price index slipped slightly below the red and troughed at 5375. 74 pts well past the mid-session before clawing back into green zone at close.
Top gainer of the day, Madar Financing and Investment Co scaled 7.6 pct to 14 fils and Humansoft stood next with 7.46 pct rise. Marakez slid 11.9 pct, the steepest decliner of the day and Al Mal topped the volume with 8.7 million shares.
The market spread was almost even. 41 stocks advanced whereas 42 closed lower. Of the 116 counters active on Thursday, 33 closed flat. 2347 deals worth KD 10.5 million were transacted — a 25.25 pct jump in value from the day before.
National Industries Group eased 2 fils to 112 fils while Gulf Cable was up 5 fils at 405 fils. Boubyan Petrochemical Co shed 20 fils and Gulf Glass Manufacturing Co rose 10 fils to KD 0.800. NICBM took in 2 fils and Qurain Petrochemical Industries Co gave up 4 fils to settle at 206 fils.
Jazeera Airways dropped 20 fils to KD 0.900 and ALAFCO tripped 4 fils to close at 206 fils. Kuwait Food Co ( Americana) was not traded during the session as it was suspended following the resumption of stake sale talks.
United Projects Group was unchanged at KD 0.690 and Kuwait Foundry Company dialed up 2 fils. The company has penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January- March period.
Burgan Well Drilling Co rose 5 fils and ACICO Industries Co climbed 10 fils to 305 fils. The company has clocked a net profit of KD 3.85 million and earnings per share of 14.11 fils in the first quarter of 2016.
Kuwait and Gulf Link Transport Co inched 0.5 fils up whereas Independent Petroleum Group Co climbed 15 fils. Zima Holding Co clipped 1 fils to settle at 41 fils.
Mezzan Holding Co paused at KD 1.060 and City Group Company slid 30 fils. The company has registered a net profit of KD 1.84 million and earnings per share of 16.35 fils in the January- March period of 2016.
In the banking sector, National Bank of Kuwait stood pat at KD 0.610 off early highs and Ahli United Bank fell 5 fils to KD 0.400. Kuwait International Bank was unchanged at 194 fils and Al Ahli Bank was not traded during the session.
Burgan Bank dropped 10 fils to KD 0.305 and Kuwait Finance House was down 5 fils at KD 0.460 after trading over 3 million shares. Boubyan Bank was flat at KD 0.395 and Warba Bank followed suit.
International Financial Advisors Co inched 0.5 fils into red with a volume of over 1 million and Kuwait Financial Centre (Markaz) gave up 2 fils. Bayan Investment Co and Al Deera Holding Co took in 0.5 fils each whereas Sokouk Holding stood pat at 37 fils.
KFIC slipped 2.5 fils to 37 fils and Noor Financial Investment Co inched 0.5 fils into red. Al Madina For Finance and Investment Co added 0.5 fils on back of 4.2 million shares. Warba Insurance Co dialed up 2 fils whereas Wethaq Takaful Insurance Co closed flat.
United Real Estate paused at 90 fils whereas National Real Estate Co clipped 2 fils. Tamdeen Real Estate Co slid 50 fils to 500 fils. Mabanee Co dropped 30 fils to KD 0.760 and Al Mazaya Holding Co stagnated at 120 fils.
The market was mixed during the week. The key index closed lower in three of the five sessions and dropped 16 points week-on-week. It has retreated 6 points from the start of the month but is down 3.92 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news, Sanam Real Estate Company has announced a net profit of KD 9,856 and earnings per share of 0.08 fils in the first quarter of 2016 rebounding from net loss of KD 111,398 and losses per share of 0.92 fils in the same period last year.
The Energy House Co haa 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.
Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.
Shuaiba Industrial Co. has posted a net profit of KD 629,557 and earnings per share of 7.93 f ils 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.
Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.
By John Mathews
Arab Times Staff