Kuwait index extends advance to fourth day – KFH gains 10 fils; KIPCO flat

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KUWAIT CITY, Dec 12: Kuwait stocks headed north on Monday as it extended the gains to fourth consecutive session. The bourse climbed 25.21 points in volatile session to 5,636.99 pts as sentiment remained buoyant over the output cut deal by the oil producers during the weekend.

The KSX 15 benchmark rose 6.49 pts to 891.08 points while weighted index edged 1.73 pts higher. The volume turnover meanwhile surged past the 200 million mark to hit a fresh multi-month high. 246.5 million shares changed hands — a 34.48 pct jump from Sunday.

The sectors closed mostly in the green turf. Technology outpaced the rest with 2.33 pct gain whereas oil and gas slipped 0.31 percent, the biggest loser of the day. In terms of volume, technology garnered the highest market share of 42 percent while real estate trailed with 30.4 pct contribution.

In the individual shares, Kuwait Finance House rose 10 fils on back of over 8 million shares to 530 fils whereas Commercial Bank of Kuwait was down 10 fils at 415 fils. Kuwait Food Co (Americana) pulled up from early lows to close at KD 2.620 and National Bank of Kuwait ended flat.

Zain was up 5 fils at 430 fils with a volume of 6.3 million whereas Kuwait Telecommunications Co ( VIVA) gained 10 fils. Logistics major Agility jumped 20 fils extending Sunday’s strong gains and Wataniya Telecom (Ooredoo) was not traded during the session .

Investment conglomerate Co KIPCO was flat at 510 fils and Sokouk Holding Co inched 1 fil into red. The company has incurred a net loss of KD 2.26 million and loss per share of 3.96 fils in the first nine months of 2016.

The market opened on tame note and edged lower in early trade. The price index plumbed the day’s lowest level of 5,611.18 points and bounced sharply amid brisk buying in select counters. It peaked at 5,644.85 points almost half way into the session and traded sideways briefly before heading south as profit taking kicked in. However it revved up in the final minutes and closed with modest gains.

Top gainer of the day, Boubyan International Industries Holding Co rallied 11.9 pct to 23.5 fils while MENA climbed 10.5 percent to stand next. Jeeran Holding Co slid 8.9 pct, the steepest decliner of the day and International Investors Holding Co topped the volume with 29.8 million shares.

Mirroring the day’s gains, the winner outnumbered the losers. 55 stocks advanced whereas 34 closed lower. Of the 129 counters active on Monday, 40 closed flat. 129 deals worth KD 25.6 million were transacted — a 50.5 pct surge in value from the day before.

National Industries Group held steady at 128 fils after trading 4.4 million shares and Gulf Cable was up 5 fils to end at 385 fils. Contracting and Marine Services Co fell 5 fils while Heavy Engineering Industries and Shipbuilding Co took in 2 fils.

Jumped

Jazeera Airways climbed 10 fils to 780 fils and UPAC jumped 20 fils to settle at 660 fils. ACICO Industries Co was flat at 270 fils and Boubyan Petrochemical Co followed suit. Equipment Holding Co eased 0.5 fil and Automated Systems Co paused at 242 fils.

Zimah Holding Co added a marginal 0.5 fil whereas Mezzan Holding Co swung 10 fils into red. Jeeran Holding slipped 5 fils and Inovest Holding closed 3 fils lower at 72 fils. KCPC dialed up 2 fils and IFA Hotels and Resorts gave up 2 fils to end at 152 fils.

Kuwait Cinema Co gained 10 fils and Qurain Petrochemical Industries Co stood pat at 228 fils. OSOS Holding added 6 fils and Alrai Media Group Co took in 2 fils.

Salbookh Trading Co rose 4 fils to 58 fils and KCPC dialed up 2 fils before settling at 172 fils. Kuwait and Gulf Link Transport Co added 2 fils and KGL Logistics Co followed suit. AWJ Holding Co stalled at 66 fils.

In the banking sector, Gulf Bank dialed up 2 fils on back of over 3 million shares and Ahli United Bank rose 5 fils to 400 fils. Kuwait International Bank was unchanged at 206 fils and Burgan Bank followed suit.

Boubyan Bank was unchanged at 400 fils whereas Warba Bank took in2 fils to wind up at 218 fils. Al Ahli Bank was not traded during the session.

Kuwait Investment Co and Coast Investment Co were flat at 81 fils and 38.5 fils respectively whereas Securities House Co nudged 0.5 fil into green. KMEFC inched 1 fil into green and National Investment Co eased 1 fil to 98 fils.

Kuwait Financial Centre ( Markaz) was flat at 83 fils while Unicap and Al Deera Holding Co fell 0.5 fil each. KFIC stagnated at KD 36.5 fils and Al Madina For Finance and Investment Co too did not budge from its earlier close of 41.5 fils.

Kuwait Insurance Co rose 4 fils to 61 fils whereas Kuwait Reinsurance Co dialed down 2 fils to settle at 182 fils. Bayan Investment Co inched 0.5 fil higher t0 34.5 fils.

United Real Estate Co and National Real Estate Co took in 2 fils each whereas Kuwait Real Estate Co clipped 2 fils to close at 61 fils. Salhiya Real Estate Co added 5 fils and Mabanee Co stalled at 830 fils.

The market has been upbeat so far during the week and has gained 47 points in last two sessions. It has climbed 82 points from the start of the month and is up 0.39 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.

Aqar Real Estate Investments Co. has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

Jeeran Holding Co. has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg. has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fils in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.

By John Mathews

Arab Times Staff

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