Kuwait index ends week on firm note; volume up – Ooredoo jumps 40 fils; Napesco slides

This news has been read 9374 times!

KUWAIT CITY, April 26: Kuwait stocks headed north on Wednesday to wind up the holiday shortened week on a firm note. The bourse climbed 23.42 pts in volatile session to 6,854.27 points led by some of the heavyweights even as profit taking weighed on select positions after recent gains.

The KSX 15 measure eased 1.42 pts to 910.69 points while weighted index inched 0.8 pts higher to 405.85 points. The volume turnover meanwhile swelled further following Tuesday’s swell. 275.28 million shares changed hands — a 58.5 pct surge from the last session.

The sectors closed mixed. Basic materials outshone the rest with 1.42 pct gain whereas oil and gas has shed 1.41 percent, the biggest loser of the day. In terms of volume, real estate logged the highest market share of 41.7 pct whereas financial services stood next with 37.59 percent contribution.

Among the prime movers, National Bank of Kuwait recouped last session’s losses with a 10 fils rise on back of 3.2 million shares while Commercial Bank of Kuwait climbed 20 fils. Mabanee Co however was down 20 fils at 800 fils.

Zain fell 5 fils to 440 fils and Kuwait Telecommunications Co shed 20 fils before settling at 820 fils. Logistics major Agility stood pat at 620 fils and Ooredoo jumped 40 fils to KD 1.260 extending an identical gain in the day before.

The market opened firm and edged up in early trade. The main index scaled the day’s highest level of 6,857.22 pts and fell sharply as sentiment dampened. It charted a volatile course thereafter and bottomed at 6,819.9 pts in the second half before clawing back to close with modest gains.

Top gainer of the day, UPAC spiked 7.25 pct to 740 fils while Bayan Investment Co rallied 6.25 pct to stand next. Shuaiba Paper Industries slid 10 percent, the steepest decliner of the day and Manazel topped the volume with over 32 million shares changing hands.

Mirroring the day’s gains, the winners outled the losers 2 to 1. 64 stocks advanced whereas 32 closed lower. Of the 129 counters active on Wednesday, 33 closed flat. 4,818 deals worth KD 24.59 million were transacted — a 39.3 pct surge in value from the day before.

National Industries Group extended Tuesday’s gains with a 2 fils rise to 122 fils while Gulf Cable added 5 fils to wind up at 440 fils. Heavy Industries and Shipbuilding Co to bottom at 6819.9 points while Contracting and Marine Services Co paused at 60 fils.

Jazeera Airways was unchanged at 560 fils off early lows and ALAFCO too did not budge from its earlier close of 250 fils. Boubyan Petrochemical Co climbed 10 fils and Al Qurain Petrochemical Co followed suit.

Humansoft Holding erased Tuesday’s gains with a 100 fils slide to KD 3.780 and Napesco dived 40 fils. The company’s 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.

Kuwait Cement Co closed flat at 490 fils and ACICO Industries climbed 10 fils to 290 fils. Educational Holding Group gained 10 fils and Burgan Well Drilling Co gave up 5 fils. PAPCO rose 6 fils to 110 fils with thin trading and OSOS added 4 fils.


Combined Group Co slipped 10 fils to 540 fils and Yiaco was down 16 fils at 200 fils. AWJ Holding inched 1 fil higher and Al Rai Media Group took in 2 fils before closing at 176 fils.

Kuwait and Gulf Link Transport Co eased 1 fil to 60 fils and KGL Logistics Co inched 1 fil into green. Zimah Holding Co dialed up 1 fil to 58 fils and Mezzan Holding held ground at 990 fils.

In the banking sector, Kuwait Finance House fell 5 fils to 495 fils and Burgan Bank followed suit to wind up at 305 fils. Boubyan Bank gave up 2 fils and Warba Bank paused at 246 fils.

Ahli United Bank rose 5 fils to 430 fils. The bank’s first quarter profit rose 2.6% to KD 16.003 million as against KD 15.59 million in Q1 of 2016. The operating stood at KD 19.67 million.

Gulf Bank and Kuwait International Bank both stood pat at 248 fils each. Al Ahli Bank was not traded during the session.

KIPCO and National Investment Co were unchanged at 415 fils and 104 fils respectively while International Financial Advisors edged 1.5 fils higher. Coast Investment Co inched 0.5 fil up and Kuwait Investment Co clipped 2 fils.

KAMCO and Al Mal eased 1 fil each whereas Bayan Investment Co rose 3 fils to 51 fils. Securities House Co tripped 1.5 fils and Securities Group Co stagnate at 99 fils. KMEFIC dialed up 1.5 fils to end at 31.5 fils.

KFIC rose 2.5 fils to 51 fils while Osoul Investment Co and Al Deera Holding took in 1 fil each. Al Imtiaz slipped 4 fils to 168 fils and Al Madina closed 2.5 fils higher at 49.5 fils.

Noor Financial Investment Co inched 1 fil into green and Warba Insurance Co gained 5 fils. Wethaq Takaful Insurance Co added 3 fils and Al Salam was up 2.5 fils.

Kuwait Real Estate and Tamdeen Real Estate Co were unchanged at 58 fils and 425 fils respectively whereas United Real Estate Co fell 5 fils to 90 fils. National Real Estate Co climbed 4 fils and Mazaya Holding followed suit.

The market was largely positive during the week. The price index closed higher in three of the four sessions and gained 42 pts week-on-week. It has dipped 177 points from start of the month and is trading 19.24 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Injazzat Real Estate Development has recorded a 71.5% surge in the first quarter 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.

Al Mazaya Holding net profits soared 31.7 pct to KD 2.59 million in last quarter of 2016 while profits rose 10 pct to KD 10.25 million during the fiscal year of 2016. The board has recommended an annual cash dividend of 8% or 8 fils per share.

Gulf Glass Manufacturing Co’s fourth quarter net profit dipped to 64% in KD 14,000 from KD 39,000 in same period last year. During the fiscal year of 2016, profits was down 48 percent to KD 1.21 million from KD 2.34 mln in the previous year.

Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 pct to KD 888,620 from KD 1.15 million in Q4 of 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.

By John Mathews

Arab Times Staff

This news has been read 9374 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights