publish time

16/05/2017

author name Arab Times

publish time

16/05/2017

KUWAIT CITY, May 15 : Kuwait stocks swung higher on Monday after hitting a shallow trough in the previous session. The price index bounced 47.41 pts in choppy trade to 6706.25 points helped by renewed buying in select counters even as the heavyweights remained largely subdued.The KSX 15 benchmark rose 4.49 pts to 918.74 points taking the year’s gains to 33 points while weighted index edged 2.1 pts higher. The volume turnover meanwhile rebounded after receding in last two sessions. 166.46 million shares changed hands - a 60 pct surge from the day before.The sectors closed mostly in green turf. Healthcare outled the peers with 1.59 percent gain whereas technology shed 0.50 pct, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 47.87 percent while real estate stood next with 26.25 pct contribution.  Among the notable movers, Kuwait Finance House rallied 5 fils on back of 7.5 million shares and Burgan Bank followed suit. NAPESCO soared 60 fils to KD 1.640 extending and Kuwait National Cinema Co soared 80 fils.Zain rose 10 fils to 450 fils with a volume of 5.9 million while Ooredoo stood pat at KD 1.220. Kuwait Telecommunications Co (VIVA) climbed 10 fils and Agility was not traded during the session.National Bank of Kuwait was flat at 680 fils off early highs and Ahli United Bank too did not budge from its earlier close of 400 fils. The bank’s first quarter profit rose 2.6% to KD 16.003 million as against KD 15.59 million in for Q1 of 2016.The market opened on flattish note and moved sideways in early trade. The main index slipped briefly to plumb the day’s lowest level of 6655.77 pts and clawed back close to the opening mark. It picked up momentum in the final minutes to close at the day’s highest level.Top gainer of the day, Bayan Investment Co rallied 9 pct to 54 fils and the counter also saw the highest volume of 16.3 million. Yiaco Medical climbed 8.8 pct, the second best performer of the day whereas Al Mal, the steepest decliner, slid 8.33 pct.Mirroring the day’s gains, the market spread was skewed towards the winners, 57 stocks advanced whereas 35 closed lower. Of the 130 counters active on Monday, 38 closed flat. 4284 deals worth KD 18.12 million were transacted - a 54.57 pct surge in value from Sunday National Industries Group rose 4 fils to 118 fils and Gulf Cable gained 20 fils. Heavy Engineering Industries and Shipbuilding Co clipped 2 fils while Contracting and Marine Services Co inched 1 fil into green.Jazeera Airways was unchanged at 485 fils with razor thin trading volume and ALAFCO fell 5 fils. The company has posted a 83.3% surge in profits to KD 5.59 million for the quarter ending 31 March 2017Kuwait Portland Cement Co shed 20 fils and Kuwait Cement Co jumped 15 fils to 485 fils. Boubyan Petrochemical Co climbed 10 fils to 570 fils and Al Qurain Petrochemical Co added 5 fils.SlippedShuaiba Industrial dropped 10 fils and ACICO Industries slipped 5 fils to 275 fils. Metal and Recycling Co took in 4 fils before settling at 86 filsIndependent Petroleum Group slid 30 fils to 295 fils and Educational Holding Group rose 10 fils to 295 fils. Humansoft Holding shed 20 fils and KCPC gave up 6 fils to wind up at 150 fils. NICBM paused at 212 fils.Burgan Well Drilling Co and Combined Group Contracting Co were flat at 88 fils and 560 fils respectively whereas AWJ Holding inched 1 fil up. Al Rai Media Group dialed up 2 fils to end at 77 fils.Kuwait and Gulf Link Transport Co rose 3 fils to 62 fils while KGLLogistics gave up 3 fils Zimah Holding was unchanged at 54 fils while Mezzan Holding erased Sunday’s gains with a 10 fils drop to 990 fils.  Gulf Bank and Commercial Bank were flat at 244 fils and 365 fils respectively whereas Kuwait International Bank dialed up 2 fils. Al Ahli Bank stood pat at 310 fils. Boubyan Bank held ground at 410 fils with thin volume and Warba Bank took in 2 fils before winding up 246 fils.KIPCO fell 5 fils to 385 fils and National Investment Co was up 4 fils at 108 fils. International Financial Advisors took in 0.5 fil. Kuwait Investment Co inched 1 fil into red and Coast Investment Co followed suit.KFIC and KAMCO stood pat at 40 fils and 79 fils respectively whereas Osoul Investment dialed up 2 fils . Securities House Co eased 0.5 fil to 43.5 fils whereas Securities Group Co paused at 98 fils. Tamdeen Investment Co climbed 15 fils to 310 fils.Noor Financial Investment Co rose 2 fils to 52 fils and Sokouk Holding Co closed 2.5 fils higher at 47.5 fils. Amwal Investment Co added 3 fils and Warba Insurance Co clipped 2 fils.Kuwait Real Estate Co and United Real Estate Co were unchanged at 56 fils and 86 fils respectively whereas National Real Estate Co rallied 8 fils on back of over 11 million shares. Mazaya Holding was up 4 fils at 114 fils and REAM jumped 25 fils. Mabanee  dropped 10 fils.The market has been mixed so far during the week and has gained 36 points in last two sessions. It has slumped 136 points from start of the month and is trading 16.67 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.In the bourse related news, Ooredoo Kuwait has posted 26.6 pct jump in profits during the first quarter of 2017 to KWD 12.93 million from KD 10.21 million) in same period last year. It had recorded a growth of 75% in profits to KWD 46.67 million during 2016.Injazzat Real Estate Development has recorded a 71.5% surge in the firstquarter of 2017 to KD 2.35 million from KD 1.37 million in Q1 of 2016, The earnings were boosted by the sale of one of the company’s assets at a profit of KD 1.97 million. In 2016 the profit was up 2.9% at KD 3.2 mln.National Petroleum Services (Napesco) first quarter profit surged 62.7% year-on-year to KD 2.31 million as to compared to KWD 1.42 million in same period last year. It company had earned KD 7.71 million in 2016, up 35.6% from 2015.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.  Kuwait National has registered a 26.17 pct jump in profits to KD 3.23 million during the first quarter of 2017 from same period in 2016. The net operating profit surged 61.3% to KD 1.3 million.By John MathewsArab Times Staff