Kuwait gains in volatile session; volume shrinks – KIPCO climbs 4 fils; Americana tumbles

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KUWAIT CITY, Aug 16 : Kuwait stocks headed north on Wednesday extending its gains to second straight session. The price index rose 10.46 points in volatile session to 6,854.12 points led by select blue chips even as banking shares closed mostly in red.

The KSX 15 benchmark fell 3.97 pts to 968.62 pts paring the month’s losses to 25 points while weighted index edged 0.35 pt lower. The volume turnover meanwhile receded slightly following Tuesday’s surge. 88.9 million shares changed hands — a 9 pct drop from the day before.

The sectors closed mixed. Insurance sector out led the rest with 2.18 pct gain whereas consumer services shed 1.71 percent, the worst performer of the day. Volume vise, financial services notched the highest market share of 33.6 percent and real estate trailed with 24.8 percent contribution.

In the individuals shares, KIPCO rose 4 fils to 365 fils partly recouping last session’s losses and Boubyan Bank climbed 5 fils on back of over 1 million shares. National Bank of Kuwait was down 4 fils at 729 fils extending Tuesday’s losses and Kuwait Food Co (Americana) tumbled 35 fils.

Zain rose 9 fils to 505 fils with heavy trading while Ooredoo gained 15 fils. Kuwait Communications Co (VIVA) trimmed 1 fil and logistics major Agility climbed 8 fils to 849 fils.

Gulf Bank took in 2 fils and Kuwait International Bank closed flat. The bank has posted a 37.1 percent year-on-year drop in second quarter profits to KD 3.32 million. In the January-June period, earnings stood at KD 10.92m.

The market opened firm and fell briefly in early trade. The main index rebounded before sinking into red again as selling kicked in at select counters. It see sawed as it plumbed the day’s lowest level of 6,819.4 points past the mid-session before rebounding sharply in the final minutes to close with modest gains.

Top gainer of the day, Kuwait Financial Centre (Markaz) vaulted 11.22 pct to 109 fils and Gulf Insurance Co jumped 9.7 percent to stand next. Kuwait National Cinema Co slid 10 pct, the steepest decliner of the day and Zain topped the volume with over 11 million shares.

Reflecting the day mixed mood, the market spread was almost even. 52 stocks advanced and 51 closed lower. Of the 122 counters active on Wednesday, 19 closed flat. 3,490 deals worth KD 19.43 million were transacted — a 18.5 percent drop in value from the day before.

National Industries Group eased 1 fil to 143 fils after trading 2.4 million shares and Gulf Cable climbed 488 fils. Heavy Engineering Industries and Shipbuilding Co clipped 1 fil and NICBM paused at 175 fils.

Kuwait Foundry Co rallied 8 fils to 288 fils and ACICO Industries gained 7 fils. Boubyan Petrochemical Co gave up 1 fil and Al Qurain Petrochemical Co was down 4 fils at 341 fils.

Kuwait Portland Cement Co fell 5 fils to 980 fils and Equipment Holding Co took in 1.7 fils. Kuwait Cable Vision Co dialed up 1.9 fils and Educational Holding Co shed 10 fils. Eyas For Higher and Technical Education slipped 5 fils to 845 fils.

Paused

NAPESCO fell 2 fils to 897 fils and Humansoft Holding stood pat at KD 4.300 after vacillating earlier in the session. Kuwait Gulf Link Transport Co paused at 60.8 fils and KGL Logistics Co trimmed 0.5 fil.

Jazeera Airways inched 1 fil into red and Alafco followed suit. The company’s earnings surged 49 pct to KD 5.78 million in third quarter ended 30 June from same period last year. During the nine-month period ended 30 June 2017, the profits soared 66.7 percent to KD 16.57 million.

Automated Systems Co fell 5 fils to 165 fils and OSOS gave up 4 fils. AWJ Holding added 2.1 fils and Equipment Holding Co closed 1.7 fils in green.

Mezzan Holding dived 62 fils to 815 fils and Al Rai Media Group took in 1 fil. The company has recorded a 25.2 percent year-on-year drop fall in profits for the second quarter. In the January- June period, the profits dived 44.2 percent to KD 1.64 million.

In the banking sector, Kuwait Finance House fell 1 fil to 569 fils after trading 3.6 million shares and Commercial Bank was up 3 fils at 359 fils. Al Ahli Bank dialed down 2 fils to close at 316 fils.

Burgan Bank was unchanged at 370 fils and Al Mutahed clipped 2 fils partly reversing Tuesday’s gains. Warba Bank ticked 1 fil into red with a volume of 1.2 million.

National Investment Co rose 2 fils to 115 fils and Kuwait Investment Co edged 1 fil lower. International Financial Advisors edged 0.3 fil up and Coast Investment Co followed suit. Securities House Co closed 0.2 fil in red.

KAMCO and KFIC were flat at 77 fils and 44 fils respectively whereas Osoul Investment Co added 2 fils. Arzan Investment Co slipped 2 fils and Bayan Investment Co inched 0.7 fil into green. Al Mal Investment Co closed flat.

Noor Financial Investment Co trimmed 0.9 fil and Unicap was off 0.6 fil at 45.8 fils. Tamdeen Investment Co gained 10 fils and Sokouk Holding added 3 fils. Amwal Investment Co ticked 0.2 fil up and NIH added 2 fils.

National Real Estate Co and Mazaya Holding dialed down 1 fil each whereas Salhiya Real Estate gave up 3 fils. Mabanee Co took in 1 fil and Tamdeen Real Estate dipped 9 fils.

The market has been mixed so far during the week and has climbed 8 points in last four sessions. It has added 3 points from the start of the month and is trading 19.24 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Insurance Group’s earnings dived 27.6 pct year-on-year during the second quarter to KWD 2.77 million. During the first six months of 2017, the profits dropped 21.6 percent to KD 5.59 million.

Imtiaz Investment Group’s second quarter profits soared by a whopping 1,041 pct to KD 19.97 million from same period in 2016. During the first six months, profits surged 626.3 percent to KD 32.32 million.

Aqar Real Estate Investment’s second quarter profits surged 27 pct to KD 350,410 mln from same period last year helped by increase of rent revenues. The revenues rose 23.4 percent to KD 687,320 in the first half while operating revenues climbed 21.6 percent to KD 987,070.

National Real Estate’s (NREC) ordinary general meeting has approved raising its capital to KD 150 million, by issuing 1.5 billion shares at a nominal value of 100 fils each. The company’s current capital stands at KD 98.97 million.

Educational Holding Group has posted a 13 pct drop in profits in the quarter ended 31 May 2017. The profits totaled KD 1.14 million as against KD 1.31 million in the same period last year.

By John Mathews

Arab Times Staff

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