Kuwait ends month with strong gains; volume up – Boubyan Bank climbs 16 fils; Americana flat

This news has been read 7672 times!

KUWAIT CITY, May 31: Kuwait stocks rallied on Wednesday to wind up the month on a solid note. The price index climbed 58.5 points to 6,785.35 pts extending the gains to third straight session. Some of the counters saw renewed buying even as the heavyweights closed mixed.

The KSX 15 gauge rose 1.9 pts to 915.82 points while weighted index was up 2.36 pts at 404.46 points. The volume turnover meanwhile rebounded from the multi-month lows plumbed in the previous session. 81.16 million shares changed hands — a 242.8 pct surge from the day before.

The sectors closed mostly in green. Consumer goods outperformed the rest with 4.74 pct gain whereas telecommunications shed 1.35 pct, the biggest loser of the day. In terms of volume, real estate mustered the highest market share of 27 percent while financial services followed with 25.3 pct contribution.

Among notable movers, Commercial Bank of Kuwait rose 4 fils to 345 fils while Boubyan Bank gained 16 fils to end at 420 fils. National Investment Co added 3 fils and Humansoft Holding, the highest priced stock in the bourse, soared 260 fils to KD 4.180.

Zain fell 3 fils to 426 fils after trading 1.7 million shares and Ooredoo jumped 40 fils to KD 1.260. Logistics major Agility climbed 19 fils to 725 fils and Kuwait Telecommunications Co (VIVA) dipped 14 fils to 835 fils

National Bank of Kuwait was flat at 880 fils and Gulf Bank ticked 1 fils into red. The bank has posted a 6.7 pct increase in first quarter profit in to KD 9.36 million from KD 8.77 million in Q1 of 2016. The net operating profit rose by 6.8% to KD 9.8 million.

The market opened firm and moved higher in early trade. The main index seesawed before heading further north half way into the session to peaked at 6808.5 pts. It retreated thereafter and traded flat in the final hour before closing with strong gains.

Top gainer of the day, Eyas scaled 19.97 pct to close at 721 fils while Madar Finance rallied 16.6 percent to stand next. Educational Holding Co slumped 17 pct, the steepest decliner of the day and Ahli United Bank topped the volume with 8.9 million shares.

Mirroring the day’s upswing, the winners outnumbered the losers. 53 stocks advanced whereas 35 closed flat. Of the 113 counters active on Wednesday, 25 closed flat. 2,806 deals worth KD 16.6 million were transacted — a 225 percent surge in value from the day before.

National Industries Group fell 2 fils to 111 fils taking month’s losses to 9 fils and Gulf Cable followed suit. Heavy Engineering Industries and Shipbuilding Co slipped 7 fils to 217 fils while Marine and Contracting Shipbuilding Co inched 1 fils into red.

Kuwait Food Co (Americana) paused at KD 2.670 and has rallied 270 fils during the month while Kuwait Foundry Co was up 3 fils at 295 fils. Boubyan Petrochemical Co stood pat at 579 fils and Al Qurain Petrochemical gained 4 fils.


Jazeera Airways was unchanged at 474 fils and ALAFCO clipped 2 fils. The company has posted a 83.3% surge in profits to KD 5.59 million for the quarter ending 31 March 2017 from year before period .

Combined Group Contracting Co was flat at 595 fils and Equipment Holding inched 0.5 fils lower. The company’s first quarter losses narrowed by 12.4 percent to KD 354,460 from KD 404,490 in Q1 of 2016.

KGL Logistics Co took in 0.5 fils to close at 54.5 fils while Metal and Recycling Co held ground at 85 fils. NICBM jumped 24 fils to 226 fils. Al Rai Media Group Co took in 2 fils .

Automated Systems Co climbed 10 fils to 290 fils and Yiaco Medical followed suit to wind up a 240 fils. Zimah Holding dialed up 0.7 pts whereas Mezzan Holding dipped 10 fils to 980 fils.

In the banking sector, Kuwait Finance House seesawed narrowly before closing flat at 488 fils with a volume of over 5 million while Kuwait International Bank and Ahli United Bank rose 4 fils each to 249 fils and 439 fils respectively.

Burgan Bank eased 1 fils to 327 fils and Warba Bank eased 1 fils to 246 fils. Al Ahli Bank of Kuwait was not traded during the session.

KIPCO fell 1 fils to 350 fils with a volume of over 2 million and International Financial Advisors inched 0.1 fils into green. Coast Investment Co dialed up 1.3 fils and Securities House Co inched 0.1 fils into red.

Bayan Investment Co dialed up 0.6 fils on back of over 3 million shares while Ektittab Holding and Arzan Investment paused at 35.1 fils and 35 fils respectively.

Noor Financial Investment Co inched 0.1 fils higher to 53 fils and Al Imtiaz stagnated at 158 fils. Al Salam took in 2 fils before settling at 52 fils.

National Real Estate Co climbed 5 fils to 115 fils whereas Mabanee Co and Tamdeen Real Estate Co paused at 780 fils and 410 fils respectively. Kuwait Real Estate Co added 0.8 fils and Mazaya Holding dialed up 2 fils to close at 114 fils.

The market has been largely upbeat so far during the week and has gained 96 points pts in last four sessions. It has slid 60 points from start of the month and is trading 18 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Finance and Investment (KFIC) rebounded to post a net profit of KD 146,350 in the first three months of 2017, from KD 255,510 loss in first quarter of 2016. Operating income grew 76% year-on-year to reach KD 1.65 million.

Aayan Real Estate has recorded a 164.7 percent jump in its profits to KD 536,890 for the first quarter of 2017 from same period in the year before. During 2016, the profit saw a 1.5% uptick to KD 2.75 million in 2016 from the previous year.

Ooredoo Kuwait has posted 26.6 pct jump in profits during the first quarter of 2017 to KD 12.93 million from KD 10.21 million in same period last year. It had recorded a growth of 75% in profits to KD 46.67 million during 2016.

Mowasat Healthcare has registered a 40.2% increase in net profits in the first quarter of 2017, to reach KD 1.92 million as compared to KD 1.37 million in the year before period.

Al Ahleia Insurance ‘s first quarter net profit dropped by 14.5% in the first to KD 2.88 million from KD 3.37 million in Q1 of 2016. Operational income dipped 39.6 pct to KD 1.58 million National Ranges Company’s (Mayadeen) losses shrank by 18.2 pct in the first quarter of 2017 to KD 642,620 from about KD 785,610 in same period of 2016.

By John Mathews

Arab Times Staff

This news has been read 7672 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights