Kuwait index rebounds amid surge in volume – NBK gains 10 fils; KIPCO stagnates

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KUWAIT CITY, Feb 8: Kuwait stocks swung higher on Wednesday partly recouping the losses in previous session. The price index bounced 72.49 points in volatile trade to 6,655.53 pts amid fresh round of buying. The banks were mostly subdued whereas other heavyweights closed mixed.

The KSX 15 benchmark rose 2.56 pts to 979.05 pts taking the year’s gains to 94 pts while weighted index inched 1.19 pts higher. The volume turnover meanwhile surged close to 600 million mark following Tuesday’s dip. 593 million shares changed hands – 23.16 percent increase from the day before.

The sectors closed mostly in green. Healthcare outshone the rest with 2.13 percent gain whereas financial services shed 1.66 pct, the biggest loser of the day. In terms of volume, real estate mustered the highest market share of 37.43 percent while financial services stood close behind with 37.13 percent contribution.

Among notable gainers, National Bank of Kuwait rose 10 fils to 730 fils and National Investment Co took in 2 fils on back of over 1 million shares. National Real Estate Co climbed 10 fils with brisk trading Mabanee Co followed suit to close at 860 fils.

Zain slipped 10 fils to 500 fils extending an identical fall in the last session while Wataniya Telecom (Ooredoo) gained 20 fils with thin volume. Kuwait Telecommunications Co (VIVA) was unchanged at 870 fils and Agility rallied 20 fils to 750 fils.

Burgan Bank was flat at 325 fils off early lows and Kuwait Finance House followed suit. KFH has registered a fourth quarter net profit of KD 42.13 million and KD 165.23 million during the 2016 fiscal year.

The market opened on a shaky note and slipped into red in early trade. The main index plumbed the day’s lowest level of 6,554.08 pts and rebounded thereafter amid bout of buying in select counters. It turned wobbly again and slipped into red before rebounding strongly in the second half to close with hefty gains.

Top gainer of the day, NCCI rallied 17.65 percent to 50 fils while REAM jumped 13.64 percent to stand next. Hayat Communications slid 8.3 percent, the steepest decliner of the day and Abyaar topped the volume with 54.3 million shares.

Mirroring the day’s upswing, the winners vastly outnumbered the losers. 71 stocks advanced whereas 38 closed flat. 10,342 deals worth KD 48.4 million were transacted – a 12.28 percent rise in value from the day before.

National Industries Group took in 2 fils with a volume of 3.5 million while Gulf Cable was up 10 fils at 570 fils. Contracting and Marine Services Co rose 3 fils to 63 fils and Shuaiba Industrial Co gained 20 fils. ACICO Industries Co stood pat at 300 fils.

Budge

Jazeera Airways was unchanged at KD 0.670 and Kuwait Food Co (Americana) too did not budge from its earlier close of KD 2.620 off early lows. Metal and Recycling Co was flat at 76 fils and Boubyan Petrochemical Co climbed 20 fils to 600 fils.

Kuwait Foundry Co dropped 20 fils to 320 fils whereas Kuwait National Cinema Co and NICBM paused at KD 1.180 and 218 fils respectively. Equipment Holding Co inched 1 fils into red after trading 4.9 million shares and Al Qurain Petrochemical Co stalled at 300 fils.

Humansoft Holding shed 20 fils erasing Tuesday’s gains while Automated Systems Co climbed 10 fils to 244 fils. AWJ Holding added 3 fils on back of over 7 millin shares. Kuwait Cement Co rose 5 fils Kuwait Portland Cement closed flat.

Yiaco jumped 25 fils to 280 fils and Al Rai Media Group dialed up 2 fils. The company’s Q4 profits dropped 26.4 percent to KD 1.17 mln and in 2016 fiscal year, the profits dipped 34.9 percent to KD 4.11 million.

Mezzan Holding was down 20 fils at 950 fils and Zimah Holding took in 2 fils. Kuwait and Gulf Link Transport Co was unchanged at 60 fils and KGL Logistics inched 1 fils into green.

In the banking sector, Gulf Bank was unchanged at 250 fils with a volume of 1.9 million whereas Al Ahli Bank and Ahli United Bank gave up 5 fils each before settling at 315 fils and 435 fils respectively.

Commercial Bank was down 10 fils at 500 fils and Kuwait International Bank took in 2 fils. Boubyan Bank paused at 415 fils off slight early lows and Warba Bank rallied 6 fils on back of 7.9 million shares.

Investment major KIPCO was unchanged at 530 fils whereas Bayan Investment Co and Kuwait Investment Co were flat at 47.5 fils and 98 fils respectively. International Financial Advisors eased 1.5 fils after trading over 14 million shares.

Osoul Investment Co and Securities House Co added 3 fils each whereas KFIC stalled at 47 fils. Al Madina rose 5 fils to 62 fils and Al Imtiaz gainrd 10 fils. Wethaq Takaful was up 2 fils at 59 fils.

KAMCO dialed up 2 fils and Al Mal Investment Co inched 1 fils higher. Tamdeen Investment Co was unchanged at 310 fils while Sokouk Holding and Unicap took in 1 fils each.

Kuwait Real Estate Co and United Real Estate Co rose 2 fils and 3 fils respectively whereas Mazaya Holding climbed 10 fils to 128 fils. REAM soared 30 fils to 250 fils.

The market has been mixed so far during the week and has skidded 192 points in last four sessions. It has tanked 177 points from start of the month but has gained 15.7 percent year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Boubyan Bank’s fourth quarter profit rose 13.5 percent year-on-year to KD 11.44 million from KD 10.08 million in Q4- of 2015. For the full year, profit was up 16.6 percent to KD 41.07 mln from KD 35.24 million in 2015.

Al Mowasat Health Care has posted KD 1.8 million profits during the fourth quarter of 2016 and for the fiscal year of 2016, earnings rose 35.3 percent to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20% or 20 fils per share.

Injazzat Real Estate Development has posted a net profit of KD 550,000 in the last quarter of 2016 and during the fiscal year of 2016, the bank earned KD 3.2 million. The board of Injazzat has recommended a cash dividend of 5% or 5 fils per share for FY 2016, with a total value of KD 2.03 million.

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.

By John Mathews

Arab Times Staff

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